NLSI · Streamfolio

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BATS · Active · options-income

NLSI

NEOS Long/Short Equity Income ETF

NEOS Investment Management, LLC

Verdict

PASS

Weighted score · 2.60 / 5

AUM

$3M

assets under mgmt

Avg Volume

shares · daily

Distribution

2.6%

Monthly · 99% ROC

Expense Ratio

2.89%

2.89% gross

1Y Return

—

vs underlying

Sharpe

0.22

Max DD -13.8%

Fund Identity

What it is, who runs it, where it lives.

The NEOS Long/Short Equity Income ETF (the "Fund") seeks to generate high monthly income with the potential for equity appreciation..

The Fund is an actively managed ETF that takes both long and short positions in approximately 30 mid- and large-cap U.S. equity securities each, targeting 120% long and 55% short exposure under normal circumstances. The adviser uses a proprietary bottom-up process to select long positions with the best expected returns and short positions with the weakest fundamentals, rebalancing weekly. Overlaying the long/short equity strategy, the Fund employs an SPX put spread options strategy (selling short puts and buying long puts with notional value up to 100% of net assets) designed to generate high monthly income in a tax-efficient manner via Section 1256 Contracts.

Ticker

NLSI

Issuer

NEOS Investment Management, LLC

Exchange

BATS

Inception

2025-12-10 · 0.5 yrs

Mgmt style

Active

Replication

Physical (long/short equity positions) + Derivatives (SPX put spread options)

Index-based

—

Leverage

120% long / 55% short (gross exposure typically 175%)

Strategy & Options Mechanics

How the portfolio is built and where the income comes from.

PORTFOLIO

Hybrid

actively managed

OPTIONS OVERLAY

Strategy

Put spread: short (written) SPX put options + long (purchased) SPX put options

generates income

Underlying

SPX (S&P 500 Index)

income exposure

MONTHLY

2.6%

DIST. RATE

99% ROC
Section 1256 (60/40)

Underlying

SPX (S&P 500 Index)

Strategy

Put spread: short (written) SPX put options + long (purchased) SPX put options

Tax

Section 1256 (60/40)

The Fund sells SPX put options with notional value up to 100% of net assets and purchases an identical number of long SPX put options, forming a put spread. The strategy is intended to generate monthly income and seeks positive returns in rising, flat, or modestly declining equity markets. SPX options qualify as Section 1256 Contracts, providing favorable 60/40 long-term/short-term capital gains tax treatment.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · DEC '25 – JUN '26

DEC '25JUN '26

Max DD

-13.8%

Volatility

20.0%

Sharpe

0.22

Sortino

0.30

Calmar

—

Beta

—

Flat-NAV reinvestment hurdle

0.0%

Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.

1Y vs Underlying

—

Tracking err.

—

Yield on cost

2.6%

Distribution & Tax

Where the yield comes from — and how it’s taxed.

Composition · Recent Distribution

99%

ROC

Return of Capital — constructive99%

Net Investment Income1%

Frequency

Monthly

Dist. rate

2.56%

ROC %

99%

30-day SEC

not reported

Consistency

4 w/o cut

YOC · 1yr-ago buyer

2.6%

Tax Treatment — Section 1256 (60/40)

SECTION 1256 (60/40)

Distribution Composition (Recent)

99% Return of Capital

ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.

Composition · Narrative

The May 2026 distribution of $0.2256 per share is composed almost entirely of return of capital (99%, or $0.2226) with only 1% ($0.0030) from estimated net investment income. On a fiscal year-to-date basis, 72% of cumulative distributions represent return of capital and 28% represent net investment income.

Distribution & Return of Capital

Per-month payout split and the running return-of-capital share · last 6 months.

DIST ($/sh)ROC %

Return of capital ($/sh)

Net investment income ($/sh)

Monthly ROC %

Calendar-year ROC (YTD est.)

Distribution Growth & Schedule

Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.

Distribution Growth by Lookback Period

Latest Distribution Schedule

Record date

2026-05-27

Ex-dividend

2026-05-27

Pay date

—

Payback Period

39.1 yr

Dist. Since Incep.

$1.3

Holdings & Concentration

Position sizing, top-name weights, and concentration risk.

Sector Mix · Tilt vs S&P 500

No sector feed for this fund.

Holdings

Top-10 Wt.

—

Technical Signal & Liquidity

Moving-average posture and a read on tradability.

Price vs. Moving Averages

No moving-average series.

Price $50.76

50-DMA $—

200-DMA $—

Liquidity

Avg daily volume

Avg dollar volume

$96,234

Bid/ask spread

0.19%

Premium/discount

-0.02%

Turnover

19%

Estimated bid/ask spread ~0.03% (very tight). Average daily dollar volume ~$0.1M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.

Assets Under Management

Trend: Rising. Source: shares×price (Massive, monthly).

AUM ($)

$3M

$4M$3M$2M

DEC '25JUN '26

SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.

NLSI · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.