Data as of .
NLSI vs QUSA: which paid, and which earned it?
NLSI and QUSA both write options for income.
What they hold in common
By the books each fund has filed, NLSI and QUSA hold 8% of their money in the same securities at the same weight.
| Holding | NLSI | QUSA |
|---|---|---|
| NVIDIA Corp | 3.17% | 5.78% |
| Mastercard Inc | 2.86% | 2.51% |
| Adobe Inc | 3.37% | 2.32% |
| Only in NLSI | Only in QUSA |
|---|---|
| Micron Technology Inc 14.23% | Microsoft Corp 6.08% |
| F5 Inc 3.90% | Apple Inc 5.99% |
| Progressive Corp/The 3.80% | Berkshire Hathaway Inc 5.35% |
| Jack Henry & Associates Inc 3.32% | Caterpillar Inc 4.91% |
| Universal Health Services Inc 3.23% | Broadcom Inc 4.70% |
| Insulet Corp 3.19% | Costco Wholesale Corp 4.40% |
| Veeva Systems Inc 3.19% | Coca-Cola Co/The 4.33% |
| PTC Inc 3.18% | Meta Platforms Inc 4.28% |
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 | QUSA | NLSI | QUSA | NLSI | QUSA | |
| 3 months | +15.6% | −1.9% | 1.4% | 3.6% | +13.3 pts | −3.6 pts |
| 6 months | +24.6% | +10.4% | 2.8% | 7.8% | +6.6 pts | −4.3 pts |
| 1 year | not published | +3.5% | not published | 13.8% | not published | −11.7 pts |
| Since launch | +19.3% | +4.9% | 4.0% | 15.1% | +7.3 pts | −25.8 pts |
| NLSI NEOS Long/Short Equity Income ETF Option income on SPY, paying monthly | QUSA VistaShares Target 15 USA Quality Income ETF Covered call on QUAL, paying monthly | |
|---|---|---|
| Issuer | NEOS | VistaShares |
| Strategy | option income | covered call |
| Benchmark | S&P 500 (SPY), used as a default proxy | USA Quality (QUAL), used as the quality proxy |
| Pays | monthly | monthly |
| Payout rate, annualized | 5.1% | 15.3% |
| Expense ratio | 2.89% | 0.97% |
| Cash paid, 1 year | 4.0% (since launch on Dec 10, 2025) | 13.8% |
| Price change, 1 year | +14.6% | −11.0% |
| Total return, 1 year | +19.3% (since launch on Dec 10, 2025) | +3.5% |
| Benchmark return, 1 year | +12.0% | +15.2% |
| Ahead or behind | +7.3 pts | −11.7 pts |
| Return of capital, latest estimate | 100% | not published |
| Age | 282 days | 500 days |
| Net assets | $5m | $22m |
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).
QUSA in plain words
Over the year to Sep 18, 2026, QUSA paid 13.8% of its starting value in cash distributions while its price fell 11.0%. With every distribution reinvested, the fund returned +3.5%. USA Quality (QUAL), used as the quality proxy returned +15.2% over the same days, so a holder was behind by 11.7 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 15.3%, paid monthly.
Questions people ask
- Which is cheaper, NLSI or QUSA?
- NLSI charges 2.89% a year and QUSA charges 0.97%, so QUSA 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 QUSA, data as of Sep 18, 2026. https://etfiq.com/compare/income/nlsi-vs-qusa Free to use with attribution; the underlying files are at Open data.