Which is cheaper, NLSI or SPUT?

NLSI charges 2.89% a year and SPUT charges 0.79%, so SPUT is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

NLSI vs SPUT: Dividend Yield & Total Return

NLSI and SPUT 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 $17m on Nov 4, 2026 for Innovator Equity Premium Income - Daily PutWrite ETF.

NLSI on its own →SPUT on its own →

At a glance

5.0%

NLSI cash paid, since launch, Dec 10, 2025

4.8%

SPUT cash paid, 1 year

+17.7%

NLSI total return, since launch, Dec 10, 2025

+10.7%

SPUT 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.

SPUT · 1 year to Nov 4, 2026 4.1 pts behind SPY

SPUT

+10.7%

SPY

+14.8%

4.1 pts behind SPY

SPUT over 1 year: paid 4.8%, price +5.7%, total +10.7%, SPY +14.8%, −4.1 pts. Data to Nov 4, 2026.

SPY

+14.8%

SPUT

+10.7%

4.8% as cash

4.1 pts behind SPY

Total return, distributions reinvested

4.1 pts behind SPY

SPUT over 1 year: paid 4.8%, price +5.7%, total +10.7%, SPY +14.8%, −4.1 pts. Data to Nov 4, 2026.

SPY

+14.8%

SPUT

+10.7%

4.1 pts behind SPY

4.8% of it arrived as cash. Both charts share one scale, 0 to +17.7%. SPUT over 1 year: paid 4.8%, price +5.7%, total +10.7%, SPY +14.8%, −4.1 pts. Data to Nov 4, 2026.

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

Pair scorecard

SPUT costs 2.10 points a year less; SPUT is 3.2 times larger.

Points (pts) are percentage points.

NLSI vs SPUT: Dividend Yield & Total Return
Measure	NLSI	SPUT
Paid and earned
Measure	NLSI	SPUT
Total return, 1 year	not published	+10.7%
Price change	rose 12.0% (since Dec 10, 2025)	rose 5.7% (1 year)
Return of capital, issuer estimate	100% of the Oct 30, 2026 payment	58% of the Nov 2, 2026 payment
Against its benchmark
Measure	NLSI	SPUT
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 4.1 pts
Cost and size
Measure	NLSI	SPUT
Expense ratio	2.89%	0.79%
Net assets, as of Oct 28, 2026	$5.3m	$17m
Holdings
Measure	NLSI	SPUT
Holdings in common	3%

Method

What they share

By the books each fund has filed, NLSI and SPUT hold 3% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Nov 3, 2026.

50%

0 half 100%

half

3% in common

Positions both hold · largest shared weight first NLSI SPUT

Micron Technology Inc 12.00% 0.74%

Chevron Corp 4.51% 0.29%

Seagate Technology Holdings PLC 4.06% 0.15%

Western Digital Corp 2.46% 0.14%

Walt Disney Co 4.42% 0.14%

Uber Technologies Inc 3.74% 0.11%

Capital One Financial Corp 3.59% 0.10%

Progressive Corp 4.11% 0.10%

ServiceNow Inc 4.07% 0.09%

AppLovin Corp 2.75% 0.08%

Valero Energy Corp 5.14% 0.07%

Marathon Petroleum Corp 5.94% 0.07%

Only in one fund ↓

Only in NLSI

UDR Inc 3.84%

Goldman Sachs Group Inc 3.27%

SPXW US 11/12/26 P7000 0.03%

SPXW US 11/12/26 P6850 0.02%

SPXW US 11/12/26 P6950 0.02%

SPXW US 11/12/26 P7175 -0.05%

SPXW US 11/12/26 P7250 -0.07%

SPXW US 11/12/26 P7310 -0.09%

Only in SPUT

NVIDIA Corp 3.71%

Apple Inc 3.50%

Microsoft Corp 2.70%

Broadcom Inc 1.43%

Alphabet Inc 1.43%

Tesla Inc 0.82%

Eli Lilly & Co 0.77%

JPMorgan Chase & Co 0.75%

Check overlap with more funds →

Side by side

NLSI NEOS Long/Short Equity Income ETF · Option income on SPY, paying monthly SPUT Innovator Equity Premium Income - Daily PutWrite ETF · Sells puts on the S&P 500, paying monthly

Issuer NEOS Innovator

Strategy option income put-selling overlay

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

Pays monthly monthly

Payout rate, annualized 5.6% 3.6%

Expense ratio 2.89% 0.79%

Cash paid, 1 year 5.0% (since launch, Dec 10, 2025) 4.8%

Price change, 1 year +12.0% (since launch, Dec 10, 2025) +5.7%

Total return, 1 year +17.7% (since launch, Dec 10, 2025) +10.7%

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

Ahead or behind +5.0 pts (since launch, Dec 10, 2025) −4.1 pts

Return of capital, latest estimate 100% 58%

Age 329 days 1.6 years

Net assets, NLSI as of Oct 28, 2026 and SPUT as of Nov 4, 2026 $5.3m $17m

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 SPUT: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	NLSI	SPUT	NLSI	SPUT	NLSI	SPUT
3 months	+6.7%	+0.9%	1.4%	1.0%	+6.9 pts	+1.0 pts
6 months	+21.4%	+3.4%	3.0%	1.9%	+16.4 pts	−1.6 pts
1 year	–	+10.7%	–	4.8%	–	−4.0 pts
Since launchNot the same days: NLSI Dec 2025 · SPUT Mar 2025	+17.7%	+23.3%	5.0%	9.1%	+4.9 pts	−15.6 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.

SPUT

Over the year to Nov 4, 2026, SPUT paid 4.8% of its starting value in cash distributions while its price rose 5.7%. With every distribution reinvested, the fund returned +10.7%. S&P 500 (SPY) returned +14.8% over the same days, so a holder was behind by 4.1 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 3.6%, paid monthly. Innovator estimates that 58% of the distribution paid Nov 2, 2026 was a return of capital (its 19a-1 notice).

Questions people ask

Which is cheaper, NLSI or SPUT?: NLSI charges 2.89% a year and SPUT charges 0.79%, so SPUT is cheaper. Fees come from each fund's prospectus.

Other comparisons

NLSI vs SPIN NLSI vs ROCY NLSI vs BALI NLSI vs FTHI SPUT vs TPRY SPUT vs APRJ SPUT vs BIGY SPUT vs ACKY

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

SPUT filings on SEC EDGAR ↗

SPUT prospectus with the expense ratio (SEC) ↗

SPUT 19a-1 distribution notice ↗

Innovator page for SPUT ↗

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

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