Data as of .
NLSI vs SCLZ: which paid, and which earned it?
NLSI and SCLZ both write options for income.
What they hold in common
By the books each fund has filed, NLSI and SCLZ hold 13% of their money in the same securities at the same weight.
| Holding | NLSI | SCLZ |
|---|---|---|
| Micron Technology Inc | 14.23% | 7.89% |
| NVIDIA Corp | 3.17% | 5.99% |
| Mastercard Inc | 2.86% | 1.74% |
| Only in NLSI | Only in SCLZ |
|---|---|
| F5 Inc 3.90% | APPLE INC 6.15% |
| Progressive Corp/The 3.80% | ALPHABET INC 5.18% |
| Adobe Inc 3.37% | ADVANCED MICRO DEVICES INC 5.14% |
| Jack Henry & Associates Inc 3.32% | BROADCOM INC 4.71% |
| Universal Health Services Inc 3.23% | ELI LILLY & COMPANY 3.86% |
| Insulet Corp 3.19% | AMAZON.COM INC 3.75% |
| Veeva Systems Inc 3.19% | MICROSOFT CORP 3.71% |
| PTC Inc 3.18% | JP MORGAN CHASE & COMPANY 3.50% |
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.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| NLSI | SCLZ | NLSI | SCLZ | NLSI | SCLZ | |
| 3 months | +15.6% | +2.9% | 1.4% | 2.1% | +13.3 pts | −3.6 pts |
| 6 months | +24.6% | +14.2% | 2.8% | 3.8% | +6.6 pts | +1.6 pts |
| 1 year | not published | +13.2% | not published | 8.4% | not published | −14.0 pts |
| Since launch | +19.3% | +36.5% | 4.0% | 19.6% | +7.3 pts | −6.3 pts |
| NLSI NEOS Long/Short Equity Income ETF Option income on SPY, paying monthly | SCLZ Swan Enhanced Dividend Income ETF Dividend stocks with call overlay on SCHD, paying monthly | |
|---|---|---|
| Issuer | NEOS | Swan |
| Strategy | option income | dividend stocks with call overlay |
| Benchmark | S&P 500 (SPY), used as a default proxy | US dividend stocks (SCHD), used as the dividend proxy |
| Pays | monthly | monthly |
| Payout rate, annualized | 5.1% | 8.5% |
| Expense ratio | 2.89% | 0.79% |
| Cash paid, 1 year | 4.0% (since launch on Dec 10, 2025) | 8.4% |
| Price change, 1 year | +14.6% | +4.1% |
| Total return, 1 year | +19.3% (since launch on Dec 10, 2025) | +13.2% |
| Benchmark return, 1 year | +12.0% | +27.2% |
| Ahead or behind | +7.3 pts | −14.0 pts |
| Return of capital, latest estimate | 100% | not published |
| Age | 282 days | 934 days |
| Net assets | $5m | $20m |
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).
SCLZ in plain words
Over the year to Sep 18, 2026, SCLZ paid 8.4% of its starting value in cash distributions while its price rose 4.1%. With every distribution reinvested, the fund returned +13.2%. US dividend stocks (SCHD), used as the dividend proxy returned +27.2% over the same days, so a holder was behind by 14.0 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 8.5%, paid monthly.
Questions people ask
- Which is cheaper, NLSI or SCLZ?
- NLSI charges 2.89% a year and SCLZ charges 0.79%, so SCLZ 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 SCLZ, data as of Sep 18, 2026. https://etfiq.com/compare/income/nlsi-vs-sclz Free to use with attribution; the underlying files are at Open data.