At a glance
CSHI charges 0.38% a year, above the 0.11% average of the 7 funds most like it (the most expensive of 8). It has $1.40B in assets, the 8th largest of that group; it paid 4.79% of its price in distributions over the past 12 months, monthly. Over the past year it returned +4.9% with distributions reinvested, the best of those 8 funds; over three years it returned +5.3% a year. Its ten largest positions make up 78.1% of the fund, out of 13 in all.
The short version
NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) is an actively managed fund. It holds short-term US Treasury bills and sells S&P 500 index put options, paired with cheaper protective puts, to earn extra monthly income. That approach lifted its one-year return to 4.9% as of October 27, 2026, ahead of plain T-bill funds. But it costs 0.38% a year, against a 0.11% average for similar funds, and it adds stock-market risk.
Price history
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CSHI +4.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CSHI official prospectus, to Dec 31, 2025 | — | +5.02% | — | — | — | +5.51% |
| CSHI price data to Oct 27, 2026 | +4.0% | +4.9% | +5.3% | — | — | +5.4% |
- Over the year to Oct 27, 2026, CSHI returned +4.9%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+5.0%); its best was 2023 (+6.3%).
- The deepest fall in its price history was 1.7% (Apr 2, 2025 to Apr 8, 2025), recovered by Apr 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.0% | — |
| 2025 | +5.0% | +5.02% |
| 2024 | +5.7% | +5.69% |
| 2023 | +6.3% | +6.24% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.9800 | |
| 2025 | $2.5200 | -11.6% |
| 2024 | $2.8500 | -8.1% |
| 2023 | $3.1000 |
What's inside
As of Jun 30, 2026, the fund held 13 securities; the ten largest made up 78.07% of assets.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bill Bonds and notes | 8.11% | |
| United States Treasury Bill Bonds and notes | 8.00% | |
| United States Treasury Bill Bonds and notes | 7.96% | |
| United States Treasury Bill Bonds and notes | 7.91% | |
| United States Treasury Bill Bonds and notes | 7.87% | |
| United States Treasury Bill Bonds and notes | 7.81% | |
| United States Treasury Bill Bonds and notes | 7.70% | |
| United States Treasury Bill Bonds and notes | 7.65% | |
| United States Treasury Bill Bonds and notes | 7.64% | |
| United States Treasury Bill Bonds and notes | 7.43% | |
| United States Treasury Bill Bonds and notes | 7.21% | |
| United States Treasury Bill Bonds and notes | 6.98% | |
| United States Treasury Bill Bonds and notes | 6.90% |
By country
United States 99.16%By issuer
US Treasury 99.16%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $407.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.54%, +0.39%, +0.32%.
What it really costs
- CSHI charges 0.38% a year, versus an average of 0.11% for the similar funds below (8th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $39 in the first year and $480 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CSHI | $39 | $122 | $213 | $480 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It pays monthly income from Treasury bills plus option premiums, but its S&P 500 put-selling adds risk that a plain T-bill fund does not carry.
CSHI launched on August 30, 2022. It missed the 2008 crisis and the 2020 COVID crash, and it existed for only the last few weeks of the 2022 bear market. It has not had a losing calendar year. Its weakest full year was 2025, when it returned 5.02%. Its deepest drop, 1.7%, came between April 2 and April 8, 2025, when stocks fell sharply, and it recovered by April 24. That dip was mild. Still, a bigger or longer stock slump could hurt the put options more, which matters for anyone who might need to sell in a bad year. Its trailing yield was 4.79% as of October 27, 2026, paid monthly. The fund costs 0.38% a year, or $39 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Cash holders willing to take some S&P 500 risk for more income than plain T-bill funds; trailing yield was 4.79% as of October 27, 2026.
- People who want monthly distributions from a portfolio about 99% in US Treasury bills, based on June 30, 2026 holdings.
- Taxable investors who value the 60% long-term, 40% short-term tax treatment of index option gains under Section 1256 rules.
Look elsewhere if
- Anyone who needs a pure cash substitute: selling S&P 500 puts means a sharp stock drop can cause losses that SGOV or BIL avoid.
- Cost-focused investors: its 0.38% expense ratio is the highest in its comparison group, against 0.09% for SGOV and a 0.11% average.
- Those who want a long track record: launched in August 2022, it hasn't been tested by a deep, prolonged bear market.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CSHI this fund | 0.1 yrs | 0.38% | $1.40B | +4.9% | +5.3% |
| BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 0.2 yrs | 0.1356% | $47.08B | +3.3% | +4.3% |
| SGOV iShares 0-3 Month Treasury Bond ETF | 0.1 yrs | 0.09% | $105.98B | +3.4% | +4.4% |
| SHV iShares Short Treasury Bond ETF | 0.3 yrs | 0.15% | $20.97B | +3.3% | +4.3% |
| USFR WisdomTree Floating Rate Treasury Fund | 1.5 yrs | 0.15% | $18.76B | +4.1% | +4.6% |
| SHY iShares 1-3 Year Treasury Bond ETF | 1.9 yrs | 0.15% | $25.91B | +1.7% | +3.9% |
| VGSH Vanguard Short-Term Treasury ETF | 1.9 yrs | 0.03% | $39.20B | +2.2% | +4.2% |
| VGIT Vanguard Intermediate-Term Treasury ETF | 5.5 yrs | 0.03% | $48.41B | -0.2% | +4.5% |
Questions investors ask
Is CSHI a safe alternative to cash?
Not exactly. CSHI holds Treasury bills, but it also sells S&P 500 put options, so a sharp stock-market fall can cause losses. It is not a bank deposit and is not FDIC insured. Its deepest drop so far was 1.7%, between April 2 and April 8, 2025, and it recovered by April 24. A larger or longer crash could cost more. Plain T-bill funds don't carry that stock-market risk.
Does CSHI pay monthly dividends?
Yes. CSHI pays distributions monthly. Over the 12 months to October 27, 2026, it paid $2.38 per share, a trailing yield of 4.79%. The payments come from two sources: interest on the Treasury bills and premiums from selling S&P 500 put options. Both can change. Income will likely fall if short-term interest rates drop, and option premiums depend on stock-market conditions.
What's the difference between CSHI and SGOV?
SGOV, the iShares 0-3 Month Treasury Bond ETF, holds only short-term Treasuries. It charges 0.09% and had about $106 billion in net assets as of August 31, 2026. CSHI holds similar T-bills but adds an S&P 500 put-selling strategy and charges 0.38%. CSHI returned 4.9% over one year as of October 27, 2026, against 3.7% for SGOV as of October 29. The extra return comes with stock-market risk that SGOV doesn't have.
How much does CSHI cost to own?
CSHI's expense ratio is 0.38% a year, according to its prospectus filed April 30, 2026. That is the highest among the similar funds it is compared with, where the average is 0.11%. Under the SEC's standard example ($10,000 invested, a 5% annual return, shares sold at the end), costs would total about $39 after one year, $122 after three years, $213 after five and $480 after ten.
How does CSHI try to be tax efficient?
CSHI uses S&P 500 index options that qualify as Section 1256 contracts. Gains and losses on these options are taxed as 60% long-term and 40% short-term, however long the fund held them. Options still open at year end are treated as if sold at market value. The fund may also take losses on options to offset its gains. How distributions are taxed for any one person depends on their own situation.