Data as of Nov 4, 2026.
NLSI vs ULTY: Dividend Yield & Total Return
NLSI and ULTY 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 $576m on Nov 3, 2026 for YieldMax Ultra Option Income Strategy ETF.
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% 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, 2026.4.4 pts ahead of its own holdings
ULTY over 1 year: paid 46.0%, price −55.5%, total −12.4%, its own holdings −16.8%, +4.4 pts. Data to Nov 4, 2026.
its own holdings
−16.8%
ULTY
−12.4%
4.4 pts ahead of its own holdings
Total return, distributions reinvested
4.4 pts ahead of its own holdings
ULTY over 1 year: paid 46.0%, price −55.5%, total −12.4%, its own holdings −16.8%, +4.4 pts. Data to Nov 4, 2026.
its own holdings
−16.8%
ULTY
−12.4%
46.0% of it arrived as cash. Both charts share one scale, with zero at the line. ULTY over 1 year: paid 46.0%, price −55.5%, total −12.4%, its own holdings −16.8%, +4.4 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
ULTY costs 1.59 points a year less; ULTY is far larger, $617m against $5.3m.
Points (pts) are percentage points.
| Measure | NLSI | ULTY |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | not published | −12.4% |
| Price change | rose 12.0% (since Dec 10, 2025) | fell 55.5% (1 year) |
| Return of capital, issuer estimate | 100% of the Oct 30, 2026 payment | 100% of the Nov 5, 2026 payment |
| Against its benchmark | ||
| Benchmark | S&P 500, measured through SPY | its own holdings |
| Against its benchmark, same days | ahead by 5.0 pts | ahead by 4.4 pts |
| Cost and size | ||
| Expense ratio | 2.89% | 1.30% |
| Net assets, as of Oct 28, 2026 | $5.3m | $617m |
| Holdings | ||
| Holdings in common | 5% | |
What they share
By the books each fund has filed, NLSI and ULTY hold 5% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026 and Nov 4, 2026.
half
5% in common
Only in one fund ↓
Side by side
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
| Total return | Cash paid | Against the benchmark | ||||
|---|---|---|---|---|---|---|
| Window | NLSI | ULTY | NLSI | ULTY | NLSI | ULTY |
| 3 months | +6.7% | −8.3% | 1.4% | 14.3% | +6.9 pts | +3.4 pts |
| 6 months | +21.4% | −9.9% | 3.0% | 26.6% | +16.4 pts | +1.6 pts |
| 1 year | – | −12.4% | – | 46.0% | – | +4.4 pts |
| Since launchNot the same days: NLSI Dec 2025 · ULTY Feb 2024 | +17.7% | −1.9% | 5.0% | 87.9% | +4.9 pts | not measured |
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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.
ULTY
Over the year to Nov 4, 2026, ULTY paid 46.0% of its starting value in cash distributions while its price fell 55.5%. With every distribution reinvested, the fund returned −12.4%. ULTY's own holdings, without the options (from its filed holdings, rebalanced at each filing; latest Nov 2, 2026) returned −16.8% over the same days, so a holder was ahead by 4.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 60.9%, paid weekly. YieldMax estimates that 100% of the distribution paid Nov 5, 2026 was a return of capital (its 19a-1 notice).
Questions people ask
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 ULTY, data as of Nov 4, 2026. https://etfiq.com/compare/income/nlsi-vs-ulty
ETFIQ. (Nov 4, 2026). NLSI against ULTY. Retrieved from https://etfiq.com/compare/income/nlsi-vs-ulty
[NLSI against ULTY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/nlsi-vs-ulty)
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