NEOS Long/Short Equity Income ETF
$59.04+0.35 (+0.60%)
- 2.89%
- $5M
- 0M sh
- $58.98
- low $44.08high $59.27
The ETF.net NLSI Grade
F
Score 19 out of 100
- 122 of 127
Score 19 of 100 falls in the F band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Very small fund, grade capped at C.
The cap holds the Score at 40 or below, so B and A are out of reach.
- The pillars earned
- 20
- This cap took
- −0
- Published Score
- 19
Cost
The fund’s net expense ratio, ranked against its category.F0 out of 100Rank 126 of 127Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 48Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D30 out of 100Rank 105 of 126Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D36 out of 100Rank 92 of 127Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D35 out of 100Rank 103 of 124Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.D26 out of 100Rank 116 of 127
Our read on NLSI
FNEOS built its name selling S&P 500 options for income. NLSI straps that overlay onto an actively run long/short U.S. stock book and pays monthly. An income-first spin on a hedge-fund staple.
The Fund seeks high monthly income with potential equity appreciation. It uses an actively managed long/short U.S. equity strategy and an options overlay.
Why people hold it
- Two engines under one ticker: an actively managed long/short U.S. equity portfolio, plus an SPX put-spread overlay written to generate monthly cash.neosfunds.com
- The overlay uses index options, which qualify as Section 1256 contracts: gains split 60% long-term and 40% short-term no matter how long they were held.neosfunds.comneosfunds.com
- Shorts sit beside longs by design, putting more weight on the manager's stock selection and less on the market's direction.neosfunds.com
- Distributions land monthly, and each one comes with a 19a-1 notice breaking out option premium, dividends, gains and return of capital.neosfunds.com
Worth knowing
- Total expenses run 2.89% a year, far above typical active U.S. equity ETFs. Much of it is dividend and interest cost on the short book, but it hits returns the same way.neosfunds.com
- Launched in December 2025, so a proprietary long/short model is running with very little public track record behind it, in a small fund next to its category's giants.
- Payouts have been classified as return of capital, which reduces your cost basis rather than adding to it. Useful for deferral, not the same thing as pure yield.neosfunds.com
NLSI Holdings
- Stocks
- 34
- 73%
- Cash&Other
Geography
- United States91.66%
- Bermuda4.87%
- Netherlands3.47%
NLSI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
NLSI$11,928
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | NLSI |
|---|---|
| Year to date | +19.3% |
| 1 month | +1.3% |
| 3 months | +11.9% |
| 1 year | — |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | NLSI |
|---|---|---|
| 2026 YTD | +19.3% | |
| 2025 | +1.9% |
NLSI in the news
NLSI Dividends
- $0.26 per share
- Monthly
Distribution data unavailable.
Distribution history
NLSI Risk
- —
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- —
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- —
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.76
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
NLSI Cost
2.89%
NLSI2.89%
- The middle half of US Active Equity funds
- Median 0.70%
121 of the 123 US Active Equity funds charge less.
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