NLSI ETF — Holdings & Analysis

With an expense ratio of 2.89% and an AUM of $0.00B, NLSI differentiates itself through a proprietary process that selects companies with stronger expected fundamentals for long positions and targets equities with weaker financials for short positions. The fund's options strategy utilizes index-based put spreads to generate option premium and support income generation, complementing its equity exposures.

NEOS Long/Short Equity Income ETF (NLSI) ETF — Price, Holdings & Analysis

The NEOS Long/Short Equity Income ETF (NLSI) is an actively managed fund employing a long/short equity strategy combined with an options overlay, seeking to generate monthly income while maintaining exposure to U.S. equities. With an expense ratio of 2.89% and an AUM of $0.00B, NLSI differentiates itself through a proprietary process that selects companies with stronger expected fundamentals for long positions and targets equities with weaker financials for short positions. The fund's options strategy utilizes index-based put spreads to generate option premium and support income generation, complementing its equity exposures.

ETF Overview

NLSI implements a long short equity strategy combined with an options overlay to generate monthly income while maintaining exposure to US equities. The fund holds long and short positions in mid- and large-cap US exchange-traded equities, with portfolio construction guided by a proprietary process that differentiates companies with stronger expected fundamentals from those viewed less favorably. Long positions are built through bottom-up security selection, while short positions target equities with weaker balance sheets, cash flow, or sector conditions. Alongside the equity portfolio, the fund employs an options strategy using index-based put spreads, consisting of written and purchased put options, to generate option premium and support income generation. The options positions may be actively adjusted prior to expiration and are designed to complement the equity exposures rather than hedge them outright. The fund maintains a consistent long short structure with defined gross exposure targets and may hold cash and short-term instruments to support portfolio operations and short positions.

NLSI aims to provide monthly income and exposure to U.S. equities through a combination of long and short equity positions and an options overlay. The fund's strategy involves taking long positions in mid- and large-cap U.S. exchange-traded equities identified through bottom-up security selection, focusing on companies with strong fundamentals. Conversely, it takes short positions in equities with weaker balance sheets, cash flow, or sector conditions. To generate income, NLSI employs an options strategy using index-based put spreads, writing and purchasing put options. These options positions are actively managed and designed to complement the equity exposures rather than hedge them entirely. The fund maintains a consistent long/short structure with defined gross exposure targets and may hold cash and short-term instruments to support portfolio operations and short positions. As of 2026-03-15, the top holdings include Micron Technology Inc (6.77%), Deckers Outdoor Corp (4.86%), and Centene Corp (4.55%).

Risk Metrics

NLSI carries several risks inherent in its investment strategy. The fund's high expense ratio of 2.89% can create a significant drag on performance, especially relative to passively managed ETFs with lower fees. The long/short strategy, while potentially beneficial in certain market conditions, can also lead to underperformance if the manager's stock selection is incorrect or if market movements are contrary to the fund's positioning. The use of options strategies adds another layer of complexity and risk, as changes in market volatility or interest rates can impact the value of the options positions. Furthermore, the fund's concentration in its top holdings, such as Micron Technology Inc (6.77%), exposes it to company-specific risk. With a beta of 0.00, the fund's volatility is uncorrelated to the market, which may not be desirable for all investors. The fund's country exposure is 62.9% to the United States and 38.9% to other countries.

Expense Ratio

2.89%

What does NLSI hold?

Holding	Weight
Micron Technology Inc (MU)	6.77%
Deckers Outdoor Corp (DECK)	4.86%
Centene Corp (CNC)	4.55%
EQT Corp (EQT)	4.50%
Datadog Inc Class A (DDOG)	4.41%
Devon Energy Corp (DVN)	4.29%
Arch Capital Group Ltd (ACGL)	4.26%
Halliburton Co (HAL)	4.18%
Invesco Ltd (IVZ)	4.15%

How Is the Fund Allocated?

Country	Weight
Other	38.9%
United States	62.9%

Dividend Yield

0.00%

Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
State Street Financial Select Sector SPDR ETF (XLF) — 0.08% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio

NEOS MSCI EAFE High Income ETF (NIHI) (Equity) — 0.75% expense ratio
NEOS Enhanced Income Credit Select ETF (HYBI) (Fixed Income) — 0.68% expense ratio
NEOS Real Estate High Income ETF (IYRI) (Equity) — 0.68% expense ratio
NEOS S&P 500 Hedged Equity Income ETF (SPYH) (Equity) — 0.68% expense ratio
NEOS Boosted Nasdaq-100 High Income ETF (XQQI) (Equity) — 0.98% expense ratio
NEOS Gold High Income ETF (IAUI) (Commodity) — 0.78% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is NLSI and what does it track?

The NEOS Long/Short Equity Income ETF (NLSI) is an actively managed ETF that employs a long/short equity strategy combined with an options overlay. The fund aims to generate monthly income while maintaining exposure to U.S. equities.

NLSI holds both long and short positions in mid- and large-cap U.S.

What is the expense ratio for NLSI?

The expense ratio for NLSI is 2.89%. This means that for every $10,000 invested in the fund, $289 is deducted annually to cover operating expenses.

This expense ratio is significantly higher than the average expense ratio for equity ETFs, which is around 0.44%. Investors should consider the impact of this higher expense ratio on their overall returns, especially when compared to lower-cost alternatives.

What are the top holdings in NLSI?

As of 2026-03-15, the top holdings in NLSI are: 1) Micron Technology Inc (MU) at 6.77%, 2) Deckers Outdoor Corp (DECK) at 4.86%, 3) Centene Corp (CNC) at 4.55%, 4) EQT Corp (EQT) at 4.50%, and 5) Datadog Inc Class…

A (DDOG) at 4.41%. These holdings represent a significant portion of the fund's portfolio, indicating a degree of concentration.

Is NLSI a good long-term investment?

NLSI's suitability as a long-term investment depends on an investor's individual circumstances and risk tolerance. The fund's long/short equity strategy and options overlay aim to generate income and potentially provide downside protection, but also introduce complexity and higher expenses.

With an expense ratio of 2.89%, the fund's returns need to be high enough to offset this cost.

How does NLSI compare to similar ETFs?

NLSI differentiates itself through its active management, long/short equity strategy, and options overlay, which sets it apart from passively managed equity ETFs.

However, its expense ratio of 2.89% is considerably higher than many other ETFs in the equity income or alternative strategy categories. The fund's AUM is currently $0.00B, which is relatively small compared to more established ETFs.

Does NLSI pay dividends?

According to the provided data, NLSI has a dividend yield of 0.00% as of 2026-03-15.

While the fund's description indicates that it seeks to generate monthly income, the current dividend yield suggests that it may not be distributing income at this time.