NEOS Long/Short Equity Income ETF
$56.88−0.49 (−0.85%)
- Expense ratio
- 2.89%
- Fund size
- $5M
- 1Y return
- —
- Yield · Last 12 months
- Data unavailable
- Volume · 30D
- 0M sh
- NAV per share
- $57.93
- 52W range
The ETF.net NLSI Grade
Score 20 of 100 sits in the F band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.FScore 0Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 100Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 33Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 36Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.DScore 35Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.DScore 27Category rank
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
- —
- 74%
- Cash&Other
Geography
NLSI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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 | +16.6% |
| 1 month | +1.7% |
| 3 months | +14.1% |
| 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 | +16.6% | |
| 2025 | +1.9% |
NLSI in the news
ETF.net Research hasn’t filed on NLSI yet — coverage lands here as it’s written.
NLSI Dividends
- $0.25 per share
- Monthly
Distribution data unavailable.
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 26, 2026 | Aug 28, 2026 | $0.25 |
| Jul 29, 2026 | Jul 31, 2026 | $0.24 |
| Jun 24, 2026 | Jun 26, 2026 | $0.23 |
| May 27, 2026 | May 29, 2026 | $0.23 |
| Apr 29, 2026 | May 1, 2026 | $0.21 |
| Mar 25, 2026 | Mar 27, 2026 | $0.21 |
| Feb 25, 2026 | Feb 26, 2026 | $0.20 |
| Jan 28, 2026 | Jan 30, 2026 | $0.22 |
| Dec 24, 2025 | Dec 26, 2025 | $0.24 |
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.
- 0.75
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
- The middle half of US Active Equity funds
- Median 0.70%
122 of the 124 US Active Equity funds charge less.