What this ETF is trying to do

The NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) is designed to provide income to investors. It uses a strategy involving covered calls and option income to enhance the returns it gets from short-term U.S. Treasury bills.

What the numbers show

As of October 5, 2026, the share price was $49.76. To understand how the ETF has performed, we look at two different types of returns:

• Price Return: This measures only the change in the share price. The one-year price return was 3.02%, and the year-to-date (YTD) price return was 5.03%. Over three years, the price return was -37.04%.

• Total Return: This measures the overall return, including the cash distributions paid to investors. The one-year total return was 4.97%, and the YTD total return was 3.70%. Over three years, the total return was 16.83%.

Because this ETF does not have a history of share splits, we can look at an estimated price from roughly one year ago, which was $49.74.

Income and distribution explanation

This ETF usually pays out distributions monthly. Over the last 12 months, it made 12 payouts. The distribution yield is approximately 4.82%.

It is important for beginners to know that a high distribution yield alone can be misleading. A yield tells you how much cash is being paid out relative to the price, but it does not guarantee that the original money you invested (the principal) is staying safe.

NAV erosion explanation

"NAV erosion" happens when the net asset value of a fund declines over time, which can lead to a falling share price. Investors who want steady income usually care about principal stability so their initial investment doesn't shrink.

For CSHI, the erosion-risk score is 94, which is labeled as "Stable / sideways" with "good" severity. Additionally, the severe erosion-risk flag is false, meaning the screening rules did not detect a severe risk of price deterioration.

Pros

• Consistent Payouts: The fund has a history of monthly distributions.

• Stability Score: It has a "good" erosion-risk rating, suggesting the price has remained relatively stable.

• Positive Total Returns: While the three-year price return was negative, the three-year total return was positive at 16.83%.

Cons

• Price Decline: The three-year price return shows a significant decline of 37.04%.

• Limited Data: No specific top holdings were provided in the data.

Beginner takeaway

CSHI is an income-focused ETF that uses options and T-bills. While the share price has dropped over a three-year period, the total return (which includes cash payments) remained positive. This highlights why it is important to look at total return rather than just the share price or the distribution yield.