An actively managed ETF: buys some mid-sized and large US stocks and sells others short, and sells call options for monthly income, giving up part of the upside.
NLSI, the NEOS Long/Short Equity Income ETF ($5 million), sits in StoryVector’s Beta Book: a manager chooses its holdings without a stated theme. It carries no market story, so it is not ranked against one.
NLSI · the ETFFRI OCT 2Market price total return
+18.8%Total return since launch, December 2025
+16.6%Year to date
18.2%Volatility since launch
Checked, and added to the Beta Book
A manager chooses its holdings without a stated theme.
We check every ETF against the 22 narratives. This one follows the market, a factor or a manager’s choices rather than a story, so it has no narrative and no Share of Narrative. See the narratives on the board → · See the whole Beta Book →
FRI OCT 2MARKET PRICE TOTAL RETURN
1M
3M
YTD
1Y
3Y*
5Y*
NLSI
−0.3%
+12.1%
+16.6%
–
–
–
The marketbroad US ETFs
+0.8%
+2.6%
+14.6%
+16.8%
+22.9%
+12.9%
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on December 10, 2025: +18.8%.
$10,000 invested December 31, 2025
NLSI $11,659The market $11,464
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
NLSI has traded for less than a year, so how it moves against the market is not shown yet.
Where it sits among discretionary Beta Book ETFs
Each dot is one of 96 unlevered discretionary Beta Book ETFs, placed by its return (up) and how much it swung (right) over the last year.
Risk
18.2%Volatility, last year
−13.8%Largest fall, last year
−1.3%Below its high now
2.89%Expense ratio, a year · 83rd cheapest of 85
$115,469Traded each day, 3-month average
$4.5mAssets
Issued by NEOS · launched December 9, 2025
Cost against its peers
NLSI is the 83rd cheapest of 85 discretionary Beta Book ETFs. The dashed line is the middle of the group, 0.79% a year.
How it is built
An unlevered long ETF that owns its holdings directly. It sells call options on its holdings, trading some upside for income.
Leverage1xMoves one for one with what it holds
OptionsCovered callsSells call options on its holdings, trading upside for income
ExposureOwns its holdingsHolds the securities or the asset directly
Underlyings1A single asset or index
Common questions
Why does NLSI have no story?
A manager chooses its holdings without a stated theme.
Run an ETF? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
Narrative figures are from the weekly board. Performance is market price total return as of October 2, 2026. Assets are StoryVector’s weekly figure. Classification and measurement. Not investment advice. How the measurement works →