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.

Data as of Nov 4, 2026.

Income ETFs

NLSI vs SCLZ: Dividend Yield & Total Return

NLSI and SCLZ 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 $20m on Jun 30, 2026 for Swan Enhanced Dividend Income ETF.

NLSI on its own →SCLZ on its own →

At a glance

5.0%

NLSI cash paid, since launch, Dec 10, 2025

8.5%

SCLZ cash paid, 1 year

+17.7%

NLSI total return, since launch, Dec 10, 2025

+10.6%

SCLZ 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.

SCLZ · 1 year to Nov 4, 2026 4.2 pts behind SPY

SCLZ

+10.6%

SPY

+14.8%

4.2 pts behind SPY

SCLZ over 1 year: paid 8.5%, price +1.6%, total +10.6%, SPY +14.8%, −4.2 pts. Data to Nov 4, 2026.

SPY

+14.8%

SCLZ

+10.6%

8.5% of it arrived as cash

4.2 pts behind SPY

Total return, distributions reinvested

4.2 pts behind SPY

SCLZ over 1 year: paid 8.5%, price +1.6%, total +10.6%, SPY +14.8%, −4.2 pts. Data to Nov 4, 2026.

SPY

+14.8%

SCLZ

+10.6%

4.2 pts behind SPY

8.5% of it arrived as cash. Both charts share one scale, 0 to +17.7%. SCLZ over 1 year: paid 8.5%, price +1.6%, total +10.6%, SPY +14.8%, −4.2 pts. Data to Nov 4, 2026.

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

Pair scorecard

SCLZ costs 2.10 points a year less.

Points (pts) are percentage points.

NLSI vs SCLZ: Dividend Yield & Total Return
Measure	NLSI	SCLZ
Paid and earned
Measure	NLSI	SCLZ
Total return, 1 year	not published	+10.6%
Price change	rose 12.0% (since Dec 10, 2025)	rose 1.6% (1 year)
Against its benchmark
Measure	NLSI	SCLZ
Benchmark	S&P 500, measured through SPY	S&P 500, measured through SPY
Against its benchmark, same days	ahead by 5.0 pts	behind by 4.2 pts
Cost and size
Measure	NLSI	SCLZ
Expense ratio	2.89%	0.79%
Net assets, NLSI as of Oct 28, 2026 and SCLZ as of Jun 30, 2026	$5.3m	$20m
Holdings
Measure	NLSI	SCLZ
Holdings in common	10%

Method

What they share

10%

By the books each fund has filed, NLSI and SCLZ hold 10% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.

50%

0 half 100%

half

10% in common

Positions both hold · largest shared weight first NLSI SCLZ

Micron Technology Inc 12.00% 7.95%

Uber Technologies Inc 3.74% 1.12%

Chevron Corp 4.51% 0.78%

T-Mobile US Inc 4.14% 0.14%

Caterpillar Inc -1.44% 1.86%

Alphabet Inc -1.47% 5.22%

Walmart Inc -1.47% 1.49%

Equinix Inc -1.60% 0.58%

Cisco Systems Inc -1.68% 3.03%

Amazon.com Inc -1.76% 3.77%

Digital Realty Trust Inc -1.80% 0.36%

Meta Platforms Inc -1.95% 3.36%

Only in one fund ↓

Only in NLSI

Marathon Petroleum Corp 5.94%

Valero Energy Corp 5.14%

Intuit Inc 4.45%

Walt Disney Co 4.42%

Phillips 66 4.39%

Comfort Systems USA Inc 4.30%

PayPal Holdings Inc 4.29%

American International Group Inc 4.28%

Only in SCLZ

APPLE INC 6.20%

NVIDIA CORP 6.03%

ADVANCED MICRO DEVICES INC 5.18%

BROADCOM INC 4.74%

ELI LILLY & COMPANY 3.88%

MICROSOFT CORP 3.74%

JP MORGAN CHASE & COMPANY 3.53%

BERKSHIRE HATHAWAY INC 3.12%

Check overlap with more funds →

Side by side

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 SPY, paying monthly

Issuer NEOS Swan

Strategy option income dividend stocks with call overlay

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

Pays monthly monthly

Payout rate, annualized 5.6% 8.7%

Expense ratio 2.89% 0.79%

Cash paid, 1 year 5.0% (since launch, Dec 10, 2025) 8.5%

Price change, 1 year +12.0% (since launch, Dec 10, 2025) +1.6%

Total return, 1 year +17.7% (since launch, Dec 10, 2025) +10.6%

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

Ahead or behind +5.0 pts (since launch, Dec 10, 2025) −4.2 pts

Return of capital, latest estimate 100% not published

Age 329 days 2.7 years

Net assets, NLSI as of Oct 28, 2026 and SCLZ as of Jun 30, 2026 $5.3m $20m

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 SCLZ: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	NLSI	SCLZ	NLSI	SCLZ	NLSI	SCLZ
3 months	+6.7%	0.0%	1.4%	2.1%	+6.9 pts	+0.2 pts
6 months	+21.4%	+4.4%	3.0%	4.3%	+16.4 pts	−0.6 pts
1 year	–	+10.6%	–	8.5%	–	−4.2 pts
Since launchNot the same days: NLSI Dec 2025 · SCLZ Feb 2024	+17.7%	+35.4%	5.0%	21.2%	+4.9 pts	−20.8 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.

SCLZ

Over the year to Nov 4, 2026, SCLZ paid 8.5% of its starting value in cash distributions while its price rose 1.6%. With every distribution reinvested, the fund returned +10.6%. S&P 500 (SPY) returned +14.8% over the same days, so a holder was behind by 4.2 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 8.7%, 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

NLSI vs QUSA NLSI vs DRKY NLSI vs SPUT NLSI vs OCTH SCLZ vs TPRY SCLZ vs DRKY SCLZ vs APRH SCLZ vs APRJ

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 →SCLZ on its own →NLSI dividend history →NLSI holdings →SCLZ dividend history →SCLZ 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 ↗

SCLZ filings on SEC EDGAR ↗

SCLZ prospectus with the expense ratio (SEC) ↗

Swan website ↗

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

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