Which is cheaper, NLSI or TPAY?

NLSI charges 2.89% a year and TPAY charges 0.49%, so TPAY is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

NLSI vs TPAY: Dividend Yield & Total Return

NLSI and TPAY 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 $2.1m on Nov 4, 2026 for Roundhill S&P 500 Target 10 Managed Distribution ETF.

NLSI on its own →TPAY on its own →

At a glance

5.0%

NLSI cash paid, since launch, Dec 10, 2025

6.6%

TPAY cash paid, since launch, Feb 18, 2026

+17.7%

NLSI total return, since launch, Dec 10, 2025

+11.6%

TPAY total return, since launch, Feb 18, 2026

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.

TPAY · since launch to Nov 4, 2026 1 pt behind VOO

TPAY

+11.6%

VOO

+12.6%

1 pt behind VOO

TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.

VOO

+12.6%

TPAY

+11.6%

6.6% of it arrived as cash

1 pt behind VOO

Total return, distributions reinvested

1 pt behind VOO

TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.

VOO

+12.6%

TPAY

+11.6%

1 pt behind VOO

6.6% of it arrived as cash. Both charts share one scale, 0 to +17.7%. TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.

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

Pair scorecard

TPAY costs 2.40 points a year less; NLSI is 2.5 times larger.

Points (pts) are percentage points.

NLSI vs TPAY: Dividend Yield & Total Return
Measure	NLSI	TPAY
Paid and earned
Measure	NLSI	TPAY
Price change	rose 12.0% (since Dec 10, 2025)	rose 4.6% (since Feb 18, 2026)
Return of capital, issuer estimate	100% of the Oct 30, 2026 payment	100% of the Oct 15, 2026 payment
Against its benchmark
Measure	NLSI	TPAY
Benchmark	S&P 500, measured through SPY	Vanguard S&P 500 ETF, measured through VOO
Against its benchmark, same days	ahead by 5.0 pts	behind by 1.0 pts
Cost and size
Measure	NLSI	TPAY
Expense ratio	2.89%	0.49%
Net assets, as of Oct 28, 2026	$5.3m	$2.1m
Holdings
Measure	NLSI	TPAY
Holdings in common	0%

Method

What they share

By the books each fund has filed, NLSI and TPAY hold 0% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026 and Nov 4, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first NLSI TPAY

Only in one fund ↓

Only in NLSI

Micron Technology Inc 12.00%

Marathon Petroleum Corp 5.94%

Valero Energy Corp 5.14%

Chevron Corp 4.51%

Intuit Inc 4.45%

Walt Disney Co 4.42%

Phillips 66 4.39%

Comfort Systems USA Inc 4.30%

Only in TPAY

SPY 03/12/2027 33.67 C 44.68%

SPY 04/16/2027 33.18 C 44.62%

SPYM 03/12/2027 3.33 C 6.11%

Check overlap with more funds →

Side by side

NLSI NEOS Long/Short Equity Income ETF · Option income on SPY, paying monthly TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF · Option income on VOO, paying monthly

Issuer NEOS Roundhill

Strategy option income option income

Benchmark S&P 500 (SPY) Vanguard S&P 500 ETF (VOO)

Pays monthly monthly

Payout rate, annualized 5.6% 9.5%

Expense ratio 2.89% 0.49%

Cash paid, 1 year 5.0% (since launch, Dec 10, 2025) 6.6% (since launch, Feb 18, 2026)

Price change, 1 year +12.0% (since launch, Dec 10, 2025) +4.6% (since launch, Feb 18, 2026)

Total return, 1 year +17.7% (since launch, Dec 10, 2025) +11.6% (since launch, Feb 18, 2026)

Benchmark return, 1 year +12.7% (since launch, Dec 10, 2025) +12.6% (since launch, Feb 18, 2026)

Ahead or behind +5.0 pts (since launch, Dec 10, 2025) −1.0 pts (since launch, Feb 18, 2026)

Return of capital, latest estimate 100% 100%

Age 329 days 259 days

Net assets, NLSI as of Oct 28, 2026 and TPAY as of Nov 4, 2026 $5.3m $2.1m

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 TPAY: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	NLSI	TPAY	NLSI	TPAY	NLSI	TPAY
3 months	+6.7%	−0.8%	1.4%	2.3%	+6.9 pts	−0.7 pts
6 months	+21.4%	+4.2%	3.0%	4.7%	+16.4 pts	−0.8 pts
Since launchNot the same days: NLSI Dec 2025 · TPAY Feb 2026	+17.7%	+11.6%	5.0%	6.6%	+4.9 pts	−1.1 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.

TPAY

Over the period from its first trade on Feb 18, 2026 to Nov 4, 2026, TPAY paid 6.6% of its starting value in cash distributions while its price rose 4.6%. With every distribution reinvested, the fund returned +11.6%. Vanguard S&P 500 ETF (VOO) returned +12.6% over the same days, so a holder was behind by 1.0 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 9.5%, paid monthly. Roundhill estimates that 100% of the distribution paid Oct 15, 2026 was a return of capital (its 19a-1 notice).

Questions people ask

Which is cheaper, NLSI or TPAY?: NLSI charges 2.89% a year and TPAY charges 0.49%, so TPAY is cheaper. Fees come from each fund's prospectus.

Other comparisons

NLSI vs SDTY NLSI vs TSPY NLSI vs OVL NLSI vs LAPR TPAY vs ACKY TPAY vs TPRY TPAY vs OCTJ TPAY vs OCTH

Where to next

S&P 500 (SPY) →Vanguard S&P 500 ETF (VOO) →All income ETFs ranked by the Distribution Coverage Score →How the scores are computed →NLSI on its own →TPAY on its own →NLSI dividend history →NLSI holdings →TPAY dividend history →TPAY 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 ↗

TPAY filings on SEC EDGAR ↗

TPAY prospectus with the expense ratio (SEC) ↗

TPAY 19a-1 distribution notice ↗

Roundhill page for TPAY ↗

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

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