Which is cheaper, NLSI or PAPI?

NLSI charges 2.89% a year and PAPI charges 0.29%, so PAPI is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

NLSI vs PAPI: Dividend Yield & Total Return

NLSI and PAPI both write options for income.

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Net assets: $5.3m on Oct 28, 2026 for NEOS Long/Short Equity Income ETF, and $400m on Jun 30, 2026 for Parametric Equity Premium Income ETF.

NLSI on its own →PAPI on its own →

At a glance

5.0%

NLSI cash paid, since launch, Dec 10, 2025

8.2%

PAPI cash paid, 1 year

+17.7%

NLSI total return, since launch, Dec 10, 2025

+23.4%

PAPI total return, 1 year

NLSI · since launch to Nov 4, 2026 5 pts ahead of SPY

NLSI

+17.7%

SPY

+12.7%

5 pts ahead of SPY

NLSI since launch: paid 5.0%, price +12.0%, total +17.7%, SPY +12.7%, +5.0 pts. Data to Nov 4, 2026.

SPY

+12.7%

NLSI

+17.7%

5.0% as cash

5 pts ahead of SPY

Total return, distributions reinvested

5 pts ahead of SPY

NLSI since launch: paid 5.0%, price +12.0%, total +17.7%, SPY +12.7%, +5.0 pts. Data to Nov 4, 2026.

SPY

+12.7%

NLSI

+17.7%

5 pts ahead of SPY

5.0% of it arrived as cash. Total return, distributions reinvested. NLSI since launch: paid 5.0%, price +12.0%, total +17.7%, SPY +12.7%, +5.0 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

PAPI · 1 year to Nov 4, 2026 9.4 pts behind IWD

PAPI

+23.4%

IWD

+32.8%

9.4 pts behind IWD

PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

IWD

+32.8%

PAPI

+23.4%

8.2% as cash

9.4 pts behind IWD

Total return, distributions reinvested

9.4 pts behind IWD

PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

IWD

+32.8%

PAPI

+23.4%

9.4 pts behind IWD

8.2% of it arrived as cash. Both charts share one scale, 0 to +32.8%. PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

Both charts share one scale, 0 to +32.8%. Data to Nov 4, 2026.

Pair scorecard

PAPI costs 2.60 points a year less.

Points (pts) are percentage points.

NLSI vs PAPI: Dividend Yield & Total Return
Measure	NLSI	PAPI
Paid and earned
Measure	NLSI	PAPI
Total return, 1 year	not published	+23.4%
Price change	rose 12.0% (since Dec 10, 2025)	rose 14.3% (1 year)
Against its benchmark
Measure	NLSI	PAPI
Benchmark	S&P 500, measured through SPY	iShares Russell 1000 Value ETF, measured through IWD
Against its benchmark, same days	ahead by 5.0 pts	behind by 9.4 pts
Cost and size
Measure	NLSI	PAPI
Expense ratio	2.89%	0.29%
Net assets, NLSI as of Oct 28, 2026 and PAPI as of Jun 30, 2026	$5.3m	$400m
Holdings
Measure	NLSI	PAPI
Holdings in common	2%

Method

What they share

By the books each fund has filed, NLSI and PAPI hold 2% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.

50%

0 half 100%

half

2% in common

Positions both hold · largest shared weight first NLSI PAPI

Valero Energy Corp 5.14% 0.64%

Phillips 66 4.39% 0.55%

Chevron Corp 4.51% 0.45%

Intuit Inc 4.45% 0.35%

Lennar Corp -1.33% 0.40%

International Paper Co -1.36% 0.60%

Alphabet Inc -1.47% 0.59%

Cisco Systems Inc -1.68% 0.76%

Williams Cos Inc -1.79% 0.53%

Air Products and Chemicals Inc -1.88% 0.51%

Aflac Inc -1.89% 0.54%

Fastenal Co -1.90% 0.55%

Only in one fund ↓

Only in NLSI

Micron Technology Inc 12.00%

Marathon Petroleum Corp 5.94%

Walt Disney Co 4.42%

Comfort Systems USA Inc 4.30%

PayPal Holdings Inc 4.29%

American International Group Inc 4.28%

KKR & Co Inc 4.25%

Diamondback Energy Inc 4.22%

Only in PAPI

Corning, Inc. 1.00%

TD SYNNEX Corp. 0.80%

Power Integrations, Inc. 0.73%

Royalty Pharma plc 0.72%

Millicom International Cellular SA 0.72%

Avnet, Inc. 0.70%

Texas Instruments, Inc. 0.70%

Cummins, Inc. 0.70%

Check overlap with more funds →

Side by side

NLSI NEOS Long/Short Equity Income ETF · Option income on SPY, paying monthly PAPI Parametric Equity Premium Income ETF · Writes options on the S&P 500, measured against the Russell 1000 Value Index, paying monthly

Issuer NEOS Parametric

Strategy option income covered call

Benchmark S&P 500 (SPY) iShares Russell 1000 Value ETF (IWD)

Pays monthly monthly

Payout rate, annualized 5.6% 6.8%

Expense ratio 2.89% 0.29%

Cash paid, 1 year 5.0% (since launch, Dec 10, 2025) 8.2%

Price change, 1 year +12.0% (since launch, Dec 10, 2025) +14.3%

Total return, 1 year +17.7% (since launch, Dec 10, 2025) +23.4%

Benchmark return, 1 year +12.7% (since launch, Dec 10, 2025) +32.8%

Ahead or behind +5.0 pts (since launch, Dec 10, 2025) −9.4 pts

Return of capital, latest estimate 100% not published

Age 329 days 3.0 years

Net assets, NLSI as of Oct 28, 2026 and PAPI as of Jun 30, 2026 $5.3m $400m

As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: NLSI vs PAPI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	NLSI	PAPI	NLSI	PAPI	NLSI	PAPI
3 months	+6.7%	+6.6%	1.4%	1.8%	+6.9 pts	+2.6 pts
6 months	+21.4%	+13.2%	3.0%	3.9%	+16.4 pts	−0.7 pts
1 year	–	+23.4%	–	8.2%	–	−9.4 pts
3 years	–	+44.5%	–	23.7%	–	−39.8 pts
Since launchNot the same days: NLSI Dec 2025 · PAPI Oct 2023	+17.7%	+45.5%	5.0%	23.9%	+4.9 pts	−42.4 pts

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Alert

About each fund

NLSI

Over the period from its first trade on Dec 10, 2025 to Nov 4, 2026, NLSI paid 5.0% of its starting value in cash distributions while its price rose 12.0%. With every distribution reinvested, the fund returned +17.7%. S&P 500 (SPY) returned +12.7% over the same days, so a holder was ahead by 5.0 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 5.6%, paid monthly. NEOS estimates that 100% of the distribution paid Oct 30, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.

PAPI

Over the year to Nov 4, 2026, PAPI paid 8.2% of its starting value in cash distributions while its price rose 14.3%. With every distribution reinvested, the fund returned +23.4%. iShares Russell 1000 Value ETF (IWD) returned +32.8% over the same days, so a holder was behind by 9.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 6.8%, paid monthly.

Questions people ask

Which is cheaper, NLSI or PAPI?: NLSI charges 2.89% a year and PAPI charges 0.29%, so PAPI is cheaper. Fees come from each fund's prospectus.

Other comparisons

NLSI vs YLDE NLSI vs SDVD NLSI vs RDVI NLSI vs OARK PAPI vs ACKY PAPI vs TPRY PAPI vs SPUT PAPI vs SCLZ

Where to next

S&P 500 (SPY) →iShares Russell 1000 Value ETF (IWD) →All income ETFs ranked by the Distribution Coverage Score →How the scores are computed →NLSI on its own →PAPI on its own →NLSI dividend history →NLSI holdings →PAPI dividend history →PAPI holdings →Method →Standards and sources →

Sources and dates

NLSI filings on SEC EDGAR ↗

NLSI prospectus with the expense ratio (SEC) ↗

NLSI 19a-1 distribution notice ↗

NEOS page for NLSI ↗

PAPI filings on SEC EDGAR ↗

PAPI prospectus with the expense ratio (SEC) ↗

Parametric website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, NLSI against PAPI, data as of Nov 4, 2026. https://etfiq.com/compare/income/nlsi-vs-papi

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.