Which is cheaper, NLSI or PBP?

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

Data as of Nov 4, 2026.

Income ETFs

NLSI vs PBP: Dividend Yield & Total Return

NLSI and PBP 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 $389m on Nov 3, 2026 for Invesco S&P 500 BuyWrite ETF.

NLSI on its own →PBP on its own →

At a glance

5.0%

NLSI cash paid, since launch, Dec 10, 2025

11.7%

PBP cash paid, 1 year

+17.7%

NLSI total return, since launch, Dec 10, 2025

+16.2%

PBP 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.

PBP · 1 year to Nov 4, 2026 1.4 pts ahead of SPY

PBP

+16.2%

SPY

+14.8%

1.4 pts ahead of SPY

PBP over 1 year: paid 11.7%, price +3.6%, total +16.2%, SPY +14.8%, +1.4 pts. Data to Nov 4, 2026.

SPY

+14.8%

PBP

+16.2%

11.7% of it arrived as cash

1.4 pts ahead of SPY

Total return, distributions reinvested

1.4 pts ahead of SPY

PBP over 1 year: paid 11.7%, price +3.6%, total +16.2%, SPY +14.8%, +1.4 pts. Data to Nov 4, 2026.

SPY

+14.8%

PBP

+16.2%

11.7% cash

1.4 pts ahead of SPY

11.7% of it arrived as cash. Both charts share one scale, 0 to +17.7%. PBP over 1 year: paid 11.7%, price +3.6%, total +16.2%, SPY +14.8%, +1.4 pts. Data to Nov 4, 2026.

Both charts share one scale, 0 to +17.7%. Data to Nov 4, 2026.

Pair scorecard

PBP costs 2.60 points a year less; PBP is far larger, $394m against $5.3m.

Points (pts) are percentage points.

NLSI vs PBP: Dividend Yield & Total Return
Measure	NLSI	PBP
Paid and earned
Measure	NLSI	PBP
Total return, 1 year	not published	+16.2%
Price change	rose 12.0% (since Dec 10, 2025)	rose 3.6% (1 year)
Return of capital, issuer estimate	100% of the Oct 30, 2026 payment	95% of the Oct 23, 2026 payment
Against its benchmark
Measure	NLSI	PBP
Benchmark	S&P 500, measured through SPY	S&P 500, measured through SPY
Against its benchmark, same days	ahead by 5.0 pts	ahead by 1.4 pts
Cost and size
Measure	NLSI	PBP
Expense ratio	2.89%	0.29%
Net assets, as of Oct 28, 2026	$5.3m	$394m
Holdings
Measure	NLSI	PBP
Holdings in common	6%

Method

What they share

By the books each fund has filed, NLSI and PBP hold 6% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

6% in common

Positions both hold · largest shared weight first NLSI PBP

Micron Technology Inc 12.00% 1.49%

Chevron Corp 4.51% 0.69%

Goldman Sachs Group Inc 3.27% 0.40%

Walt Disney Co 4.42% 0.30%

Seagate Technology Holdings PLC 4.06% 0.21%

Uber Technologies Inc 3.74% 0.21%

Progressive Corp 4.11% 0.20%

Capital One Financial Corp 3.59% 0.20%

Western Digital Corp 2.46% 0.19%

Marathon Petroleum Corp 5.94% 0.18%

ServiceNow Inc 4.07% 0.17%

Valero Energy Corp 5.14% 0.17%

Only in one fund ↓

Only in NLSI

SPXW US 11/12/26 P7000 0.03%

SPXW US 11/12/26 P6850 0.02%

SPXW US 11/12/26 P6950 0.02%

SPXW US 11/12/26 P7175 -0.05%

SPXW US 11/12/26 P7250 -0.07%

SPXW US 11/12/26 P7310 -0.09%

Only in PBP

NVIDIA Corp 7.71%

Apple Inc 7.47%

Microsoft Corp 5.96%

Broadcom Inc 2.44%

Alphabet Inc 2.04%

Eli Lilly & Co 1.74%

Tesla Inc 1.73%

Berkshire Hathaway Inc 1.60%

Check overlap with more funds →

Side by side

NLSI NEOS Long/Short Equity Income ETF · Option income on SPY, paying monthly PBP Invesco S&P 500 BuyWrite ETF · Covered call on SPY, paying monthly

Issuer NEOS Invesco

Strategy option income covered call

Benchmark S&P 500 (SPY) S&P 500 (SPY)

Pays monthly monthly

Payout rate, annualized 5.6% 8.5%

Expense ratio 2.89% 0.29%

Cash paid, 1 year 5.0% (since launch, Dec 10, 2025) 11.7%

Price change, 1 year +12.0% (since launch, Dec 10, 2025) +3.6%

Total return, 1 year +17.7% (since launch, Dec 10, 2025) +16.2%

Benchmark return, 1 year +12.7% (since launch, Dec 10, 2025) +14.8%

Ahead or behind +5.0 pts (since launch, Dec 10, 2025) +1.4 pts

Return of capital, latest estimate 100% 95%

Age 329 days 18.9 years

Net assets, NLSI as of Oct 28, 2026 and PBP as of Nov 3, 2026 $5.3m $389m

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 PBP: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	NLSI	PBP	NLSI	PBP	NLSI	PBP
3 months	+6.7%	+2.5%	1.4%	2.5%	+6.9 pts	+2.6 pts
6 months	+21.4%	+8.1%	3.0%	5.3%	+16.4 pts	+3.1 pts
1 year	–	+16.2%	–	11.7%	–	+1.4 pts
3 years	–	+49.6%	–	33.4%	–	−33.3 pts
Since launchNot the same days: NLSI Dec 2025 · PBP Dec 2007	+17.7%	+172.0%	5.0%	92.4%	+4.9 pts	−467.6 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.

PBP

Over the year to Nov 4, 2026, PBP paid 11.7% of its starting value in cash distributions while its price rose 3.6%. With every distribution reinvested, the fund returned +16.2%. S&P 500 (SPY) returned +14.8% over the same days, so a holder was ahead by 1.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 8.5%, paid monthly. Invesco estimates that 95% of the distribution paid Oct 23, 2026 was a return of capital (its 19a-1 notice).

Questions people ask

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

Other comparisons

NLSI vs SEPI NLSI vs XSPI NLSI vs OMAH NLSI vs XYLG PBP vs DRKY PBP vs APRH PBP vs APRJ PBP vs BIGY

Where to next

S&P 500 (SPY) →All income ETFs ranked by the Distribution Coverage Score →How the scores are computed →NLSI on its own →PBP on its own →NLSI dividend history →NLSI holdings →PBP dividend history →PBP 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 ↗

PBP filings on SEC EDGAR ↗

PBP prospectus with the expense ratio (SEC) ↗

PBP 19a-1 distribution notice ↗

Invesco page for PBP ↗

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 PBP, data as of Nov 4, 2026. https://etfiq.com/compare/income/nlsi-vs-pbp

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