Data as of .
NLSI vs XPAY: which paid, and which earned it?
NLSI and XPAY both write options for income.
What they hold in common
By the books each fund has filed, NLSI and XPAY hold 0% of their money in the same securities at the same weight.
| Only in NLSI | Only in XPAY |
|---|---|
| Micron Technology Inc 14.23% | SPY 02/12/2027 33.47 C 13.75% |
| F5 Inc 3.90% | SPY 07/16/2027 36.7 C 11.79% |
| Progressive Corp/The 3.80% | SPY 03/12/2027 33.67 C 11.51% |
| Adobe Inc 3.37% | SPY 04/16/2027 33.87 C 11.49% |
| Jack Henry & Associates Inc 3.32% | SPY 06/11/2027 37.11 C 10.07% |
| Universal Health Services Inc 3.23% | SPY 01/15/2027 33.21 C 6.96% |
| Insulet Corp 3.19% | SPY 12/11/2026 33.1 C 6.40% |
| Veeva Systems Inc 3.19% | SPY 09/10/2027 37.99 C 5.57% |
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 18, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| NLSI | XPAY | NLSI | XPAY | NLSI | XPAY | |
| 3 months | +15.6% | +2.0% | 1.4% | 5.0% | +13.3 pts | −0.3 pts |
| 6 months | +24.6% | +17.8% | 2.8% | 11.1% | +6.6 pts | −0.2 pts |
| 1 year | not published | +15.7% | not published | 19.9% | not published | −0.9 pts |
| Since launch | +19.3% | +34.7% | 4.0% | 37.5% | +7.3 pts | −2.3 pts |
| NLSI NEOS Long/Short Equity Income ETF Option income on SPY, paying monthly | XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF Option income on SPY, paying monthly | |
|---|---|---|
| Issuer | NEOS | Roundhill |
| Strategy | option income | option income |
| Benchmark | S&P 500 (SPY), used as a default proxy | S&P 500 (SPY) |
| Pays | monthly | monthly |
| Payout rate, annualized | 5.1% | 20.8% |
| Expense ratio | 2.89% | 0.49% |
| Cash paid, 1 year | 4.0% (since launch on Dec 10, 2025) | 19.9% |
| Price change, 1 year | +14.6% | −5.8% |
| Total return, 1 year | +19.3% (since launch on Dec 10, 2025) | +15.7% |
| Benchmark return, 1 year | +12.0% | +16.6% |
| Ahead or behind | +7.3 pts | −0.9 pts |
| Return of capital, latest estimate | 100% | not published |
| Age | 282 days | 687 days |
| Net assets | $5m | $179m |
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).
XPAY in plain words
Over the year to Sep 18, 2026, XPAY paid 19.9% of its starting value in cash distributions while its price fell 5.8%. With every distribution reinvested, the fund returned +15.7%. S&P 500 (SPY) returned +16.6% over the same days, so a holder was behind by 0.9 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 20.8%, paid monthly.
Questions people ask
- Which is cheaper, NLSI or XPAY?
- NLSI charges 2.89% a year and XPAY charges 0.49%, so XPAY 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 XPAY, data as of Sep 18, 2026. https://etfiq.com/compare/income/nlsi-vs-xpay Free to use with attribution; the underlying files are at Open data.