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Launched · SEC filings

NEOS Long/Short Equity Income ETF

NLSICboeNeosF

$58.25−0.51 (−0.87%)

As of Nov 2, 2026, 3:58 PM ET

F21/ 100

Rank 121 of 126 in US Active Equity

F21/100Rank 121 of 126inUS Active Equity
Intraday session: down, 73 prints from 58.76 to 58.25. Range 58.25 to 59.10. Use the arrow keys to read each point.58.4058.6059.0010 AM12 PM2 PM4 PM
Expense ratio
2.89%
Fund size
$5M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
34
Avg volume · 30D
1.88K sh
52W range
low $44.08high $59.96
Launched
Filings
SEC EDGAR

The ETF.net NLSI Grade

F

Score 21 out of 100

Category
US Active Equity⁠
Rank
121 of 126
Six-pillar profile for NLSI. Scores out of 100: Cost 0, Risk 40, Mission 100, Tradability 33, Holdings 39, Durability 25. Strongest: Mission (100). Weakest: Cost (0). Leans toward Mission.

Score 21 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
22
This cap took
0
Published Score
21 Grade F

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F0 out of 100
    Rank 125 of 126

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 49

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C40 out of 100
    Rank 89 of 126

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D33 out of 100
    Rank 97 of 126

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D39 out of 100
    Rank 94 of 124

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D25 out of 100
    Rank 118 of 126

Our read on NLSI

ETF.net Research

In short

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.

Stated mandate

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 2
  • 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 Performance

Launched Dec 9, 2025

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$12,003
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,169
Dec 31, 2025 to Oct 30, 2026. NLSI $12,003. SPY $11,169. Use the arrow keys to read each point.$9,000$10,000$11,000$12,000Dec 2025Jun 2026Oct 2026

Dec 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for NLSI. Periods over one year show the average yearly return.
PeriodNLSI
Year to date+20.0%
1 month+3.9%
3 months+12.2%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for NLSI
YearReturn barNLSI
2026 YTD+20.0%
2025+1.9%

History from Dec 10, 2025

NLSI in the news

NLSI Dividends

Last payment
$0.26 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 11 payments from 2025 to 2026 YTD. Dec 24, 2025 $0.24; Jan 28, 2026 $0.22; Feb 25, 2026 $0.20; Mar 25, 2026 $0.21; Apr 29, 2026 $0.21; May 27, 2026 $0.23; Jun 24, 2026 $0.23; Jul 29, 2026 $0.24; Aug 26, 2026 $0.25; Sep 23, 2026 $0.26; Oct 28, 2026 $0.26. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Oct 28, 2026Oct 30, 2026$0.26
Sep 23, 2026Sep 25, 2026$0.26
Aug 26, 2026Aug 28, 2026$0.25
Jul 29, 2026Jul 31, 2026$0.24
Jun 24, 2026Jun 26, 2026$0.23
May 27, 2026May 29, 2026$0.23
Apr 29, 2026May 1, 2026$0.21
Mar 25, 2026Mar 27, 2026$0.21
Feb 25, 2026Feb 26, 2026$0.20
Jan 28, 2026Jan 30, 2026$0.22
Dec 24, 2025Dec 26, 2025$0.24

NLSI Risk

Risk pillarC40 out of 100Rank 89 of 126 in US Active Equity
How much the fund’s monthly returns vary, scaled to a year.
Launched Dec 2025; fills in after 12 months
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.

Return above 3-month US Treasury bills per unit of volatility.
Launched Dec 2025; fills in after 12 months
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.

The largest fall from a peak to the low that followed.
Launched Dec 2025; fills in after 12 months
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.

How strongly the fund’s returns move with its asset-class index.
0.76
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

NLSI Cost

Compare NLSI and TACU

Overpaying vs TACU, cheapest in US Active Equity

$42,643

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • NLSI 2.89%

    $42,643

  • TACU 0.00% Cheapest

    $0

$10,000
30 years

Cost over time

  • NLSI 2.89%
  • TACU 0.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K$50K051015202530NLSI $42,643TACU $0

Year by year

YearNLSITACUOverpaying
10$4,712$0$4,712
20$16,317$0$16,317
30$42,643$0$42,643

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