Data as of .
NLSI vs QLDY: which paid, and which earned it?
NLSI and QLDY both write options for income.
What they hold in common
By the books each fund has filed, NLSI and QLDY hold 0% of their money in the same securities at the same weight.
| Only in NLSI | Only in QLDY |
|---|---|
| Micron Technology Inc 14.23% | Ndx 12/18/2026 2001.44 C 94.80% |
| F5 Inc 3.90% | First American Government Obligations Fund 12/01/2031 4.77% |
| Progressive Corp/The 3.80% | United States Treasury Note/bond 2.375% 05/15/2027 0.53% |
| Adobe Inc 3.37% | Ndxp Us 09/21/26 P29500 0.08% |
| Jack Henry & Associates Inc 3.32% | Xnd 12/18/2026 10.44 C 0.05% |
| Universal Health Services Inc 3.23% | Cash & Other -0.06% |
| Insulet Corp 3.19% | Nasdaq-1 Put Opt 09/26 29650 -0.16% |
| Veeva Systems Inc 3.19% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and Sep 21, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| NLSI | QLDY | NLSI | QLDY | NLSI | QLDY | |
| 3 months | +15.6% | −6.6% | 1.4% | 8.3% | +13.3 pts | −4.1 pts |
| 6 months | +24.6% | +20.1% | 2.8% | 18.7% | +6.6 pts | −4.2 pts |
| 1 year | not published | +10.6% | not published | 29.2% | not published | −11.2 pts |
| Since launch | +19.3% | +10.6% | 4.0% | 29.2% | +7.3 pts | −11.2 pts |
| NLSI NEOS Long/Short Equity Income ETF Option income on SPY, paying monthly | QLDY Defiance Nasdaq 100 LightningSpread(TM) Income ETF Option income on QQQ, paying weekly | |
|---|---|---|
| Issuer | NEOS | Defiance |
| Strategy | option income | option income |
| Benchmark | S&P 500 (SPY), used as a default proxy | Nasdaq-100 (QQQ) |
| Pays | monthly | weekly |
| Payout rate, annualized | 5.1% | 19.6% |
| Expense ratio | 2.89% | 1.04% |
| Cash paid, 1 year | 4.0% (since launch on Dec 10, 2025) | 29.2% |
| Price change, 1 year | +14.6% | −20.3% |
| Total return, 1 year | +19.3% (since launch on Dec 10, 2025) | +10.6% |
| Benchmark return, 1 year | +12.0% | +21.8% |
| Ahead or behind | +7.3 pts | −11.2 pts |
| Return of capital, latest estimate | 100% | 100% |
| Age | 282 days | 365 days |
| Net assets | $5m | $52m |
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).
QLDY in plain words
Over the year to Sep 18, 2026, QLDY paid 29.2% of its starting value in cash distributions while its price fell 20.3%. With every distribution reinvested, the fund returned +10.6%. Nasdaq-100 (QQQ) returned +21.8% over the same days, so a holder was behind by 11.2 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 19.6%, paid weekly. Defiance estimates that 100% of the distribution paid Sep 17, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).
Questions people ask
- Which is cheaper, NLSI or QLDY?
- NLSI charges 2.89% a year and QLDY charges 1.04%, so QLDY 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 QLDY, data as of Sep 18, 2026. https://etfiq.com/compare/income/nlsi-vs-qldy Free to use with attribution; the underlying files are at Open data.