DYNF vs NLSI

DYNFAiShares U.S. Equity Factor Rotation Active ETF

NLSIFNEOS Long/Short Equity Income ETF

In short

DYNF Most factor funds make you pick a lane: value, momentum, quality. DYNF rotates across five styles instead, letting a factor model decide which one leads, and charges an index-fund-ish 0.26% to do it.

NLSI NEOS 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

DYNF The Fund seeks to outperform the U.S. equity market through diversified, tactical exposure to style factors using a factor rotation model.

NLSI 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

• DYNF Five style factors in one ticket (value, quality, momentum, growth, low volatility), reweighted by a rotation model rather than locked to a single tilt.
• 0.26% is well under half the median fee in its active US equity peer group, which is unusual pricing for a strategy with a human-supervised model behind it.
• A multi-billion-dollar fund and one of the more actively traded names in its category, so getting in and out rarely becomes the hard part. Pays quarterly.
• Running since 2019 under one of the biggest ETF shops, and it stands among the strongest overall implementations in the active US equity group we track.

• NLSI 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

• DYNF The yardstick isn't the S&P 500: it's a custom blend of 80% MSCI USA and 20% MSCI USA Minimum Volatility, so a low-vol tilt is baked into the benchmark itself.
• Active by design. The factor mix shifts, the book runs to a couple hundred stocks, and a rotation call can leave it out of step with a plain US market index fund.
• Cheap for active, not the cheapest shelf: systematic peers DFAU (0.12%), AVLC (0.15%), DFAC (0.17%) and FELC (0.18%) all undercut it on fee.

• NLSI 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

Full DYNF profile⁠

Full NLSI profile⁠