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CAIE vs CSHI

Calamos Autocallable Income ETF

CAIECNYSE Arca

Neos Enhanced Income Cash Alternative ETF

CSHIANYSE Arca

Overlap

Expense ratio

CSHI −0.36pt a year

CAIE0.74%CSHI0.38%

Avg volume · 30D

CSHI 1.1×the volume

CAIE644KCSHI712K

CAIE vs CSHI Performance

Oct 31, 2025 – Oct 30, 2026

+9.7%CAIE+4.8%CSHI

Oct 31, 2025 to Oct 30, 2026. CAIE +9.7%. CSHI +4.8%. Use the arrow keys to read each point.−5%0%Oct 2025Apr 2026Oct 2026
Expense ratio
CAIE 0.74%
CSHI 0.38%, better
Fund size
CAIE $1.5B
CSHI $2.12B
1Y total return
CAIE +9.7%, better
CSHI +4.8%
Yield (12M)
CAIE 14.61%, better
CSHI 4.82%
Holdings
CAIE 4
CSHI 20
Avg volume (30D)
CAIE 644K sh
CSHI 712K sh, better
NAV per share
CAIE $26.25
CSHI $49.67
52W range

ETF.net Grade

CAIE: Cost 39, Risk 38, Mission not scored, Tradability 58, Holdings not scored, Durability 50. CSHI: Cost 75, Risk 84, Mission 92, Tradability 98, Holdings 69, Durability 80.
Pillar letters and Scores for CAIE, CSHI, with each pillar’s weight
PillarCAIECSHI
Cost30% weightD39A75Higher
Mission25% weightNot scoredA92
Risk15% weightD38A84Higher
Tradability15% weightB58A98Higher
Holdings10% weightNot scoredB69
Durability5% weightC50A80Higher

Rank among S&P 500 Option Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CAIE and CSHI are both graded against the same 51 S&P 500 Option Income funds, so their Grades compare head to head.

S&P 500 Option Income⁠

Category · 51 funds
See all 51 ›

CSHI ranks 1st and CAIE 36th of 51 funds in the S&P 500 Option Income Category.

  1. Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 83
  2. Rank 2ABALIiShares U.S. Large Cap Premium Income Active ETFScore 81
  3. Rank 35CSPYTDefiance S&P 500 Target Income ETFScore 47
  4. Rank 36CCAIECalamos Autocallable Income ETFScore 44
  5. Rank 37CXDTERoundhill S&P 500 0DTE Covered Call Strategy ETFScore 43

Our read on each fund

ETF.net Research

CAIECCalamos Autocallable Income ETF

CSHIANeos Enhanced Income Cash Alternative ETF

In short

CAIE CAIE puts autocallables, a structured payoff tied to an index level, inside an ETF wrapper. It seeks high monthly income with reduced downside risk, referencing the MerQube US Large Cap Vol Advantage Index.

CSHI A T-bill sleeve with a side hustle. CSHI parks in 1-3 month Treasuries and sells S&P 500 index puts on top, paying monthly. In a peer group built on stocks plus options, it is the cash-first one.

Stated mandate

CAIE The fund seeks high monthly income with reduced downside risk through exposure to a portfolio of autocallables.

CSHI The Fund seeks monthly income by investing in 1-3 month Treasury bills or related ETFs and using S&P 500 Index put options to generate additional income.

Why people hold it

  • CAIE Holds a portfolio of autocallables aiming for high monthly income with reduced downside risk, and it pays on a monthly cadence.calamos.com
  • The 0.74% fee sits essentially at the option-income median, so the exotic plumbing does not come with an exotic price tag.
  • A multi-billion-dollar fund with moderate trading volume that ranks in the upper half of its option-income peer group.
  • CSHI Charges 0.38% a year, below the 0.60% median for its options-income cohort and cheaper than buy-write mainstays like XYLD (0.60%).
  • Two income engines: interest from 1-3 month Treasury bills, plus premium collected from selling S&P 500 index put options. Distributions land monthly.neosfunds.com
  • Running since 2022, now a multi-billion-dollar fund that trades actively, and one of the strongest implementations in its peer group.

Worth knowing

  • CAIE Launched in 2025, so there is only a short stretch of market history behind it and limited risk data to judge the structure on.
  • Reduced downside risk here is conditional, set by the autocallable terms and where the reference index trades, not a hard floor.calamos.com
  • Cheaper builds live in the same cohort, including LQDW at 0.34% and YLDE at 0.47%.
  • CSHI Selling index puts imports equity risk. A sharp S&P 500 drop can cost the options side money, so this moves less predictably than a plain Treasury bill fund.neosfunds.com
  • Income is variable by design, riding short-term Treasury rates and option premium levels rather than a fixed coupon.
  • Its cohort is mostly S&P 500 stock-plus-options funds, while CSHI's core is Treasuries. Side-by-side yield comparisons are not apples to apples.

Full CAIE profile⁠

Full CSHI profile⁠

CAIE vs CSHI Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CAIE vs CSHI Cost

Overpaying CAIE vs CSHI

$6,601

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CAIE 0.74%

    $14,307

  • CSHI 0.38%

    $7,706

$10,000
30 years

Cost over time

  • CAIE 0.74%
  • CSHI 0.38%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CAIE $14,307CSHI $7,706

Year by year

YearCAIECSHIOverpaying
10$1,319$688$631
20$5,015$2,658$2,357
30$14,307$7,706$6,601

Expense ratio

  • 0.74%CAIE
  • 0.38%CSHI, cheaper
  • Middle half of S&P 500 Option Income funds
  • Median 0.60%

CSHI 13th cheapest of 51 funds

CAIE 31st cheapest of 51 funds

CAIE vs CSHI Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CAIE 14.61%, better
CSHI 4.82%
Payout (12M)
CAIE $3.83
CSHI $2.39
Last payment
CAIE $0.31
CSHI $0.21
Ex-dividend
CAIE Oct 1, 2026
CSHI Oct 14, 2026
Paid on
CAIE Oct 8, 2026
CSHI Oct 16, 2026
Frequency
CAIE Monthly
CSHI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CAIEMonthly · 15 paymentsAll CAIE payments⁠
One bar per payment. 15 payments from 2023 to 2026 YTD. Aug 1, 2025 $0.39; Sep 2, 2025 $0.31; Oct 1, 2025 $0.33; Nov 3, 2025 $0.33; Dec 1, 2025 $0.33; Dec 23, 2025 $0.33; Feb 2, 2026 $0.33; Mar 2, 2026 $0.32; Apr 1, 2026 $0.32; May 1, 2026 $0.32; Jun 1, 2026 $0.32; Jul 1, 2026 $0.32; Aug 3, 2026 $0.31; Sep 1, 2026 $0.31; Oct 1, 2026 $0.31. Use the arrow keys to read each point.$0$0.2520232026YTD
CSHIMonthly · 46 paymentsAll CSHI payments⁠
One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 25, 2023 $0.23; Feb 23, 2023 $0.24; Mar 22, 2023 $0.25; Apr 26, 2023 $0.26; May 24, 2023 $0.27; Jun 22, 2023 $0.27; Jul 26, 2023 $0.27; Aug 23, 2023 $0.28; Sep 20, 2023 $0.26; Oct 25, 2023 $0.26; Nov 22, 2023 $0.26; Dec 20, 2023 $0.25; Jan 24, 2024 $0.25; Feb 21, 2024 $0.25; Mar 20, 2024 $0.25; Apr 24, 2024 $0.25; May 22, 2024 $0.23; Jun 26, 2024 $0.23; Jul 24, 2024 $0.23; Aug 21, 2024 $0.24; Sep 25, 2024 $0.23; Oct 23, 2024 $0.23; Nov 20, 2024 $0.23; Dec 24, 2024 $0.23; Jan 22, 2025 $0.22; Feb 26, 2025 $0.22; Mar 26, 2025 $0.21; Apr 23, 2025 $0.21; May 21, 2025 $0.21; Jun 25, 2025 $0.21; Jul 23, 2025 $0.21; Aug 20, 2025 $0.21; Sep 24, 2025 $0.21; Oct 22, 2025 $0.21; Nov 26, 2025 $0.20; Dec 24, 2025 $0.20; Jan 14, 2026 $0.20; Feb 11, 2026 $0.20; Mar 11, 2026 $0.19; Apr 15, 2026 $0.19; May 13, 2026 $0.19; Jun 10, 2026 $0.19; Jul 15, 2026 $0.19; Aug 12, 2026 $0.21; Sep 9, 2026 $0.21; Oct 14, 2026 $0.21. Use the arrow keys to read each point.$0$0.2520232026YTD

CAIE vs CSHI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CAIE 10.5%since Jul 2025CSHI 0.3%
Return per unit of riskSharpe ratio, 3 years
CAIE 1.14since Jul 2025CSHI 2.04
Worst fallMax drawdown, 5 years
CAIE −7.7%since Jun 2025CSHI −1.7%since Aug 2022
Market sensitivityBeta, 5 years
CAIE 0.88CSHI 0.01

CAIE and CSHI in the news

All news⁠

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