Which is cheaper, NLSI or XRMI?

NLSI charges 2.89% a year and XRMI charges 0.60%, so XRMI is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

NLSI vs XRMI: Dividend Yield & Total Return

NLSI and XRMI 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 $62m on Oct 12, 2026 for Global X S&P 500 Risk Managed Income ETF.

NLSI on its own →XRMI on its own →

At a glance

5.0%

NLSI cash paid, since launch, Dec 10, 2025

11.9%

XRMI cash paid, 1 year

+17.7%

NLSI total return, since launch, Dec 10, 2025

+8.7%

XRMI total return, 1 year

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.

XRMI · 1 year to Nov 4, 2026 6.1 pts behind SPY

XRMI

+8.7%

SPY

+14.8%

6.1 pts behind SPY

XRMI over 1 year: paid 11.9%, price −3.8%, total +8.7%, SPY +14.8%, −6.1 pts. Data to Nov 4, 2026.

SPY

+14.8%

XRMI

+8.7%

11.9% of it arrived as cash

6.1 pts behind SPY

Total return, distributions reinvested

6.1 pts behind SPY

XRMI over 1 year: paid 11.9%, price −3.8%, total +8.7%, SPY +14.8%, −6.1 pts. Data to Nov 4, 2026.

SPY

+14.8%

XRMI

+8.7%

6.1 pts behind SPY

11.9% of it arrived as cash. Both charts share one scale, with zero at the line. XRMI over 1 year: paid 11.9%, price −3.8%, total +8.7%, SPY +14.8%, −6.1 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

XRMI costs 2.29 points a year less; XRMI is 13.2 times larger.

Points (pts) are percentage points.

NLSI vs XRMI: Dividend Yield & Total Return
Measure	NLSI	XRMI
Paid and earned
Measure	NLSI	XRMI
Total return, 1 year	not published	+8.7%
Price change	rose 12.0% (since Dec 10, 2025)	fell 3.8% (1 year)
Return of capital, issuer estimate	100% of the Oct 30, 2026 payment	95% of the Sep 24, 2026 payment
Against its benchmark
Measure	NLSI	XRMI
Benchmark	S&P 500, measured through SPY	S&P 500, measured through SPY
Against its benchmark, same days	ahead by 5.0 pts	behind by 6.1 pts
Cost and size
Measure	NLSI	XRMI
Expense ratio	2.89%	0.60%
Net assets, as of Oct 12, 2026	$4.7m	$62m
Holdings
Measure	NLSI	XRMI
Holdings in common	6%

Method

What they share

By the books each fund has filed, NLSI and XRMI hold 6% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Nov 3, 2026.

50%

0 half 100%

half

6% in common

Positions both hold · largest shared weight first NLSI XRMI

Micron Technology Inc 12.00% 1.46%

Chevron Corp 4.51% 0.58%

Goldman Sachs Group Inc 3.27% 0.47%

Seagate Technology Holdings PLC 4.06% 0.30%

Western Digital Corp 2.46% 0.29%

Walt Disney Co 4.42% 0.26%

Uber Technologies Inc 3.74% 0.23%

Capital One Financial Corp 3.59% 0.20%

Progressive Corp 4.11% 0.19%

ServiceNow Inc 4.07% 0.18%

AppLovin Corp 2.75% 0.17%

Valero Energy Corp 5.14% 0.14%

Only in one fund ↓

Only in NLSI

SPXW US 11/12/26 P7000 0.03%

SPXW US 11/12/26 P6850 0.02%

SPXW US 11/12/26 P6950 0.02%

SPXW US 11/12/26 P7175 -0.05%

SPXW US 11/12/26 P7250 -0.07%

SPXW US 11/12/26 P7310 -0.09%

Only in XRMI

NVIDIA CORPORATION 7.63%

APPLE INC. 7.12%

MICROSOFT CORPORATION 5.42%

BROADCOM INC. 2.89%

ALPHABET INC. 2.64%

JPMORGAN CHASE & CO. 1.48%

BERKSHIRE HATHAWAY INC. 1.47%

ELI LILLY AND COMPANY 1.42%

Check overlap with more funds →

Side by side

NLSI NEOS Long/Short Equity Income ETF · Option income on SPY, paying monthly XRMI Global X S&P 500 Risk Managed Income ETF · Option income on SPY, paying monthly

Issuer NEOS Global X

Strategy option income option income

Benchmark S&P 500 (SPY) S&P 500 (SPY)

Pays monthly monthly

Payout rate, annualized 5.6% 10.6%

Expense ratio 2.89% 0.60%

Cash paid, 1 year 5.0% (since launch, Dec 10, 2025) 11.9%

Price change, 1 year +12.0% (since launch, Dec 10, 2025) −3.8%

Total return, 1 year +17.7% (since launch, Dec 10, 2025) +8.7%

Benchmark return, 1 year +12.7% (since launch, Dec 10, 2025) +14.8%

Ahead or behind +5.0 pts (since launch, Dec 10, 2025) −6.1 pts

Return of capital, latest estimate 100% 95%

Age 329 days 5.2 years

Net assets, NLSI as of Oct 28, 2026 and XRMI as of Oct 12, 2026 $5.3m $62m

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 XRMI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	NLSI	XRMI	NLSI	XRMI	NLSI	XRMI
3 months	+6.7%	+1.6%	1.4%	2.9%	+6.9 pts	+1.8 pts
6 months	+21.4%	+5.4%	3.0%	6.0%	+16.4 pts	+0.4 pts
1 year	–	+8.7%	–	11.9%	–	−6.1 pts
3 years	–	+30.8%	–	35.1%	–	−52.2 pts
Since launchNot the same days: NLSI Dec 2025 · XRMI Aug 2021	+17.7%	+17.6%	5.0%	45.0%	+4.9 pts	−66.7 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.

XRMI

Over the year to Nov 4, 2026, XRMI paid 11.9% of its starting value in cash distributions while its price fell 3.8%. With every distribution reinvested, the fund returned +8.7%. S&P 500 (SPY) returned +14.8% over the same days, so a holder was behind by 6.1 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 10.6%, paid monthly. Global X estimates that 95% of the distribution paid Sep 24, 2026 was a return of capital (its 19a-1 notice).

Questions people ask

Which is cheaper, NLSI or XRMI?: NLSI charges 2.89% a year and XRMI charges 0.60%, so XRMI is cheaper. Fees come from each fund's prospectus.

Other comparisons

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Where to next

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

XRMI filings on SEC EDGAR ↗

XRMI prospectus with the expense ratio (SEC) ↗

XRMI 19a-1 distribution notice ↗

Global X page for XRMI ↗

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

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