Which is cheaper, NLSI or XSPI?

NLSI charges 2.89% a year and XSPI charges 0.98%, so XSPI is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

NLSI vs XSPI: Dividend Yield & Total Return

NLSI and XSPI both write options for income.

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Net assets on Oct 28, 2026: $5.3m for NEOS Long/Short Equity Income ETF and $140m for NEOS Boosted S&P 500 High Income ETF.

NLSI on its own →XSPI on its own →

At a glance

5.0%

NLSI cash paid, since launch, Dec 10, 2025

13.9%

XSPI cash paid, since launch, Feb 3, 2026

+17.7%

NLSI total return, since launch, Dec 10, 2025

+12.4%

XSPI total return, since launch, Feb 3, 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.

XSPI · since launch to Nov 4, 2026 About even with SPY

XSPI

+12.4%

SPY

+12.1%

About even with SPY

XSPI since launch: paid 13.9%, price −2.3%, total +12.4%, SPY +12.1%, +0.3 pts. Data to Nov 4, 2026.

SPY

+12.1%

XSPI

+12.4%

13.9% of it arrived as cash

about even with SPY

Total return, distributions reinvested

About even with SPY

XSPI since launch: paid 13.9%, price −2.3%, total +12.4%, SPY +12.1%, +0.3 pts. Data to Nov 4, 2026.

SPY

+12.1%

XSPI

+12.4%

13.9% as cash

about even with SPY

13.9% of it arrived as cash. Both charts share one scale, with zero at the line. XSPI since launch: paid 13.9%, price −2.3%, total +12.4%, SPY +12.1%, +0.3 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

XSPI costs 1.91 points a year less; XSPI is far larger, $140m against $5.3m.

Points (pts) are percentage points.

NLSI vs XSPI: Dividend Yield & Total Return
Measure	NLSI	XSPI
Paid and earned
Measure	NLSI	XSPI
Price change	rose 12.0% (since Dec 10, 2025)	fell 2.3% (since Feb 3, 2026)
Return of capital, issuer estimate	100% of the Oct 30, 2026 payment	98% of the Oct 9, 2026 payment
Against its benchmark
Measure	NLSI	XSPI
Benchmark	S&P 500, measured through SPY	S&P 500, measured through SPY
Against its benchmark, same days	ahead by 5.0 pts
Cost and size
Measure	NLSI	XSPI
Expense ratio	2.89%	0.98%
Net assets, as of Oct 28, 2026	$5.3m	$140m
Holdings
Measure	NLSI	XSPI
Holdings in common	6%

Method

What they share

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

50%

0 half 100%

half

6% in common

Positions both hold · largest shared weight first NLSI XSPI

Micron Technology Inc 12.00% 1.49%

Chevron Corp 4.51% 0.67%

Goldman Sachs Group Inc 3.27% 0.41%

Walt Disney Co 4.42% 0.30%

Progressive Corp 4.11% 0.21%

Uber Technologies Inc 3.74% 0.21%

Capital One Financial Corp 3.59% 0.20%

Marathon Petroleum Corp 5.94% 0.19%

Seagate Technology Holdings PLC 4.06% 0.18%

Phillips 66 4.39% 0.17%

ServiceNow Inc 4.07% 0.17%

Valero Energy Corp 5.14% 0.17%

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 XSPI

NVIDIA Corp 8.10%

Apple Inc 7.92%

Microsoft Corp 6.26%

Broadcom Inc 2.52%

Alphabet Inc 2.12%

Eli Lilly & Co 1.79%

Tesla Inc 1.78%

Berkshire Hathaway Inc 1.65%

Check overlap with more funds →

Side by side

NLSI NEOS Long/Short Equity Income ETF · Option income on SPY, paying monthly XSPI NEOS Boosted S&P 500 High Income ETF · Option income on SPY, paying monthly

Issuer NEOS NEOS

Strategy option income option income

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

Pays monthly monthly

Payout rate, annualized 5.6% 16.6%

Expense ratio 2.89% 0.98%

Cash paid, 1 year 5.0% (since launch, Dec 10, 2025) 13.9% (since launch, Feb 3, 2026)

Price change, 1 year +12.0% (since launch, Dec 10, 2025) −2.3% (since launch, Feb 3, 2026)

Total return, 1 year +17.7% (since launch, Dec 10, 2025) +12.4% (since launch, Feb 3, 2026)

Benchmark return, 1 year +12.7% (since launch, Dec 10, 2025) +12.1% (since launch, Feb 3, 2026)

Ahead or behind +5.0 pts (since launch, Dec 10, 2025) +0.3 pts (since launch, Feb 3, 2026)

Return of capital, latest estimate 100% 98%

Age 329 days 274 days

Net assets, as of Oct 28, 2026 $5.3m $140m

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 XSPI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	NLSI	XSPI	NLSI	XSPI	NLSI	XSPI
3 months	+6.7%	+1.1%	1.4%	4.2%	+6.9 pts	+1.2 pts
6 months	+21.4%	+7.0%	3.0%	8.5%	+16.4 pts	+2.0 pts
Since launchNot the same days: NLSI Dec 2025 · XSPI Feb 2026	+17.7%	+12.4%	5.0%	13.9%	+4.9 pts	+0.3 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.

XSPI

Over the period from its first trade on Feb 3, 2026 to Nov 4, 2026, XSPI paid 13.9% of its starting value in cash distributions while its price fell 2.3%. With every distribution reinvested, the fund returned +12.4%. S&P 500 (SPY) returned +12.1% over the same days, so a holder was about even. At its price on Nov 4, 2026 the latest distribution annualizes to 16.6%, paid monthly. NEOS estimates that 98% of the distribution paid Oct 9, 2026 was a return of capital (its 19a-1 notice).

Questions people ask

Which is cheaper, NLSI or XSPI?: NLSI charges 2.89% a year and XSPI charges 0.98%, so XSPI is cheaper. Fees come from each fund's prospectus.

Other comparisons

NLSI vs SEPI NLSI vs EGGY NLSI vs JOYT NLSI vs XYLG XSPI vs TPRY XSPI vs DRKY XSPI vs APRH XSPI vs APRJ

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 →XSPI on its own →NLSI dividend history →NLSI holdings →XSPI dividend history →XSPI holdings →Method →Standards and sources →

Sources and dates

NLSI and XSPI filings on SEC EDGAR ↗

NLSI prospectus with the expense ratio (SEC) ↗

NLSI 19a-1 distribution notice ↗

NEOS page for NLSI ↗

XSPI prospectus with the expense ratio (SEC) ↗

XSPI 19a-1 distribution notice ↗

NEOS page for XSPI ↗

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

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