Understanding the NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI)

What this ETF is trying to do

The CSHI ETF is a type of fund that focuses on short-term government debt, specifically T-bills that last between one and three months. Its main goal is to provide regular income to investors through distributions.

What the numbers show

As of July 15, 2026, the current price of CSHI is $49.70. When we look at how the price has moved, it has been a bit bumpy. The one-year price return is -0.28%, meaning the share price itself dropped slightly over the last year. However, if you look at the "total return," which includes the money paid out to investors, the one-year total return is 5.1088%.

To see how this works with a real amount of money, imagine you invested $10,000 into this ETF exactly one year ago when the estimated price was about $49.84. If you only looked at the share price, your $10,000 would have dropped to roughly $9,972. But because the fund pays out money, your total value would actually be higher once those payments are included.

Income and distribution explanation

This ETF is designed to pay out money regularly. Over the last 12 months, it made 13 distributions. These payments usually happen every month. The "distribution yield" is 5.2706%, which tells you how much income the fund paid out compared to its price.

It is important to remember that a high yield alone can be misleading. A high percentage might look good, but if the share price of the ETF is crashing, that high yield might just be the fund returning your own money to you.

NAV erosion explanation

"NAV erosion" happens when the value of the underlying assets in the ETF drops, causing the share price to fall over time. If an ETF's price collapses from a high number to a much lower number, it can destroy your "principal." Principal is the original money you put in. If you invest $10,000 and the price drops by half, you only have $5,000 left, even if they pay you some income.

For this ETF, the erosion score is 94, which is labeled as "Stable / sideways." This means it does not show signs of severe price collapse.

Pros

• The fund has a "good" erosion severity, meaning the price is relatively stable or moving sideways rather than crashing.

• It provides regular monthly income.

• The total return (which includes payouts) is positive over the one-year and three-year periods.

Cons

• The actual share price has shown a negative return over the last year (-0.28%) and three years (-0.87%).

• Investors must rely on distributions to make up for the slight drop in share price.

Beginner takeaway

Income investors usually prefer ETFs that go "sideways" (stay at the same price) or move slightly up. They prefer this because it means their original investment stays safe while they collect the income. If an ETF's price collapses, the income might not be enough to cover the loss of your initial money. CSHI appears to follow this sideways pattern rather than a collapsing one.