Data as of .
NLSI vs PCOV: which paid, and which earned it?
NLSI and PCOV both write options for income.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| NLSI | PCOV | NLSI | PCOV | NLSI | PCOV | |
| 3 months | +15.6% | not published | 1.4% | not published | +13.3 pts | not published |
| 6 months | +24.6% | not published | 2.8% | not published | +6.6 pts | not published |
| Since launch | +19.3% | −3.7% | 4.0% | 0.0% | +7.3 pts | −3.0 pts |
| NLSI NEOS Long/Short Equity Income ETF Option income on SPY, paying monthly | PCOV Principal Equity Premium Income ETF Covered call on SPY | |
|---|---|---|
| Issuer | NEOS | Principal |
| Strategy | option income | covered call |
| Benchmark | S&P 500 (SPY), used as a default proxy | S&P 500 (SPY) |
| Pays | monthly | not established |
| Payout rate, annualized | 5.1% | not published |
| Expense ratio | 2.89% | 0.34% |
| Cash paid, 1 year | 4.0% (since launch on Dec 10, 2025) | 0.0% (since launch on Aug 19, 2026) |
| Price change, 1 year | +14.6% | −3.7% |
| Total return, 1 year | +19.3% (since launch on Dec 10, 2025) | −3.7% (since launch on Aug 19, 2026) |
| Benchmark return, 1 year | +12.0% | −0.7% |
| Ahead or behind | +7.3 pts | −3.0 pts |
| Return of capital, latest estimate | 100% | not published |
| Age | 282 days | 30 days |
| Net assets | $5m | not published |
NLSI in plain words
Over the period since launch on Dec 10, 2025 to Sep 18, 2026, NLSI paid 4.0% of its starting value in cash distributions while its price rose 14.6%. With every distribution reinvested, the fund returned +19.3%. S&P 500 (SPY), used as a default proxy returned +12.0% over the same days, so a holder was ahead by 7.3 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 5.1%, paid monthly. NEOS estimates that 100% of the distribution paid Jul 31, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).
PCOV in plain words
Over the period since launch on Aug 19, 2026 to Sep 18, 2026, PCOV paid 0.0% of its starting value in cash distributions while its price fell 3.7%. With every distribution reinvested, the fund returned −3.7%. S&P 500 (SPY) returned −0.7% over the same days, so a holder was behind by 3.0 pts.
Questions people ask
- Which is cheaper, NLSI or PCOV?
- NLSI charges 2.89% a year and PCOV charges 0.34%, so PCOV is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, NLSI against PCOV, data as of Sep 18, 2026. https://etfiq.com/compare/income/nlsi-vs-pcov Free to use with attribution; the underlying files are at Open data.