Data as of .
NLSI vs ULTY: which paid, and which earned it?
NLSI and ULTY both write options for income.
What they hold in common
By the books each fund has filed, NLSI and ULTY hold 5% of their money in the same securities at the same weight.
| Holding | NLSI | ULTY |
|---|---|---|
| Marathon Petroleum Corp | 3.13% | 2.38% |
| NVIDIA Corp | 3.17% | 2.36% |
| Only in NLSI | Only in ULTY |
|---|---|
| Micron Technology Inc 14.23% | Advanced Micro Devices Inc 5.23% |
| F5 Inc 3.90% | MercadoLibre Inc 4.99% |
| Progressive Corp/The 3.80% | Lumentum Holdings Inc 4.75% |
| Adobe Inc 3.37% | Strategy Inc 4.66% |
| Jack Henry & Associates Inc 3.32% | Comfort Systems USA Inc 4.61% |
| Universal Health Services Inc 3.23% | Alphabet Inc 4.39% |
| Insulet Corp 3.19% | Lam Research Corp 4.34% |
| Veeva Systems Inc 3.19% | Coherent Corp 4.30% |
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 and Sep 21, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| NLSI | ULTY | NLSI | ULTY | NLSI | ULTY | |
| 3 months | +15.6% | −1.1% | 1.4% | 13.7% | +13.3 pts | −3.3 pts |
| 6 months | +24.6% | +14.0% | 2.8% | 30.1% | +6.6 pts | −4.0 pts |
| 1 year | not published | −7.8% | not published | 44.9% | not published | −24.3 pts |
| Since launch | +19.3% | +10.7% | 4.0% | 86.9% | +7.3 pts | −44.1 pts |
| NLSI NEOS Long/Short Equity Income ETF Option income on SPY, paying monthly | ULTY YieldMax(R) Ultra Option Income Strategy ETF Synthetic covered call on SPY, paying weekly | |
|---|---|---|
| Issuer | NEOS | YieldMax |
| Strategy | option income | synthetic covered call |
| Benchmark | S&P 500 (SPY), used as a default proxy | S&P 500 (SPY), used as a default proxy |
| Pays | monthly | weekly |
| Payout rate, annualized | 5.1% | 59.8% |
| Expense ratio | 2.89% | 1.30% |
| Cash paid, 1 year | 4.0% (since launch on Dec 10, 2025) | 44.9% |
| Price change, 1 year | +14.6% | −54.1% |
| Total return, 1 year | +19.3% (since launch on Dec 10, 2025) | −7.8% |
| Benchmark return, 1 year | +12.0% | +16.6% |
| Ahead or behind | +7.3 pts | −24.3 pts |
| Return of capital, latest estimate | 100% | 100% |
| Age | 282 days | 932 days |
| Net assets | $5m | $721m |
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).
ULTY in plain words
Over the year to Sep 18, 2026, ULTY paid 44.9% of its starting value in cash distributions while its price fell 54.1%. With every distribution reinvested, the fund returned −7.8%. S&P 500 (SPY), used as a default proxy returned +16.6% over the same days, so a holder was behind by 24.3 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 59.8%, paid weekly. YieldMax estimates that 100% of the distribution paid Sep 17, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).
Questions people ask
- Which is cheaper, NLSI or ULTY?
- NLSI charges 2.89% a year and ULTY charges 1.30%, so ULTY 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 ULTY, data as of Sep 18, 2026. https://etfiq.com/compare/income/nlsi-vs-ulty Free to use with attribution; the underlying files are at Open data.