ETF Evaluator: NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI) Follow This ETF

NEOS Enhanced Inc 1-3 Month T-Bill ETF Overview

NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI) is an actively managed Taxable Bond Ultrashort Bond exchange-traded fund (ETF). Neos Funds launched the ETF in 2022.

The investment seeks to generate monthly income in a tax efficient manner. The fund is an actively-managed ETF that seeks to achieve its investment objective by investing in 1-3 month T-Bills or in ETFs with substantial exposure to 1-3 month T-Bills and selling and purchasing S&P 500® Index put options to generate income to the fund beyond what is received from the Underlying Investments.

About NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI)

There are 2 members of the management team with an average tenure of 4.01 years: Garrett Paolella (2022) and Troy Cates (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Treasury Bill 1-3 M TR USD index with a weighting of 100%. NEOS Enhanced Inc 1-3 Month T-Bill ETF has 27 securities in its portfolio. The top 10 holdings constitute 76.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

NEOS Enhanced Inc 1-3 Month T-Bill ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. NEOS Enhanced Inc 1-3 Month T-Bill ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). NEOS Enhanced Inc 1-3 Month T-Bill ETF has 99.1% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is below the $5 billion average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

CSHI Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The NEOS Enhanced Inc 1-3 Month T-Bill ETF expense ratio is below average compared to funds in the Ultrashort Bond category. NEOS Enhanced Inc 1-3 Month T-Bill ETF has an expense ratio of 0.38%, which is 72% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. NEOS Enhanced Inc 1-3 Month T-Bill ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 58% for the Ultrashort Bond category.

Recently, in the month of August 2026, NEOS Enhanced Inc 1-3 Month T-Bill ETF returned 0.3%, which earned it a grade of C, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

NEOS Enhanced Inc 1-3 Month T-Bill ETF has a trailing yield of 4.82%, which is above the 4.03% category average. The fund normally distributes its income monthly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

NEOS Enhanced Inc 1-3 Month T-Bill ETF Grades

Year to date, the ETF has returned 3.3%, 0.8 percentage points better than the category, which translates into a grade of A. The fund has returned 5.2% over the past year (grade of A) and 5.4% over the past three years (grade of B).

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