Data as of .
NLSI vs TCAL: which paid, and which earned it?
NLSI and TCAL both write options for income.
What they hold in common
By the books each fund has filed, NLSI and TCAL hold 3% of their money in the same securities at the same weight.
| Holding | NLSI | TCAL |
|---|---|---|
| Intercontinental Exchange Inc | 2.83% | 1.01% |
| Dexcom Inc | 2.98% | 0.74% |
| PTC Inc | 3.18% | 0.72% |
| CME Group Inc | 2.28% | 0.60% |
| Only in NLSI | Only in TCAL |
|---|---|
| Micron Technology Inc 14.23% | DANAHER CORP 2.01% |
| F5 Inc 3.90% | WATERS CORP 1.97% |
| Progressive Corp/The 3.80% | VERALTO CORP 1.87% |
| Adobe Inc 3.37% | WASTE CONNECTIONS INC 1.80% |
| Jack Henry & Associates Inc 3.32% | YUM BRANDS INC 1.72% |
| Universal Health Services Inc 3.23% | MCDONALD S CORP 1.70% |
| Insulet Corp 3.19% | VISA INC-CLASS A SHARES 1.69% |
| Veeva Systems Inc 3.19% | LINDE PLC 1.63% |
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 | TCAL | NLSI | TCAL | NLSI | TCAL | |
| 3 months | +15.6% | +4.2% | 1.4% | 3.5% | +13.3 pts | +1.9 pts |
| 6 months | +24.6% | +5.3% | 2.8% | 6.3% | +6.6 pts | −12.7 pts |
| 1 year | not published | +3.0% | not published | 11.4% | not published | −13.5 pts |
| Since launch | +19.3% | +3.9% | 4.0% | 15.2% | +7.3 pts | −32.7 pts |
| NLSI NEOS Long/Short Equity Income ETF Option income on SPY, paying monthly | TCAL T. Rowe Price Capital Appreciation Premium Income ETF Covered call on SPY, paying monthly | |
|---|---|---|
| Issuer | NEOS | T. Rowe Price |
| Strategy | option income | covered call |
| Benchmark | S&P 500 (SPY), used as a default proxy | S&P 500 (SPY), used as a default proxy |
| Pays | monthly | monthly |
| Payout rate, annualized | 5.1% | 9.4% |
| Expense ratio | 2.89% | 0.34% |
| Cash paid, 1 year | 4.0% (since launch on Dec 10, 2025) | 11.4% |
| Price change, 1 year | +14.6% | −8.6% |
| Total return, 1 year | +19.3% (since launch on Dec 10, 2025) | +3.0% |
| Benchmark return, 1 year | +12.0% | +16.6% |
| Ahead or behind | +7.3 pts | −13.5 pts |
| Return of capital, latest estimate | 100% | not published |
| Age | 282 days | 540 days |
| Net assets | $5m | $276m |
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).
TCAL in plain words
Over the year to Sep 18, 2026, TCAL paid 11.4% of its starting value in cash distributions while its price fell 8.6%. With every distribution reinvested, the fund returned +3.0%. S&P 500 (SPY), used as a default proxy returned +16.6% over the same days, so a holder was behind by 13.5 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 9.4%, paid monthly.
Questions people ask
- Which is cheaper, NLSI or TCAL?
- NLSI charges 2.89% a year and TCAL charges 0.34%, so TCAL 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 TCAL, data as of Sep 18, 2026. https://etfiq.com/compare/income/nlsi-vs-tcal Free to use with attribution; the underlying files are at Open data.