CSHI vs NBOS: Grades, Fees and Holdings Compared

Neos Enhanced Income Cash Alternative ETF

CSHIANYSE Arca

Neuberger Berman Option Strategy ETF

NBOSBNYSE Arca

Overlap

0.0%by weight

Expense ratio

CSHI −0.21pt a year

CSHI0.38%NBOS0.59%

Avg volume · 30D

CSHI 6.9×the volume

CSHI747KNBOS108K

CSHI vs NBOS Performance

Nov 7, 2025 – Nov 9, 2026

+4.8%CSHI+13.5%NBOS

Expense ratio: CSHI 0.38%, better; NBOS 0.59%
Fund size: CSHI $2.14B; NBOS $535M
1Y total return: CSHI +4.8%; NBOS +13.5%, better
Yield (12M): CSHI 4.82%; NBOS 8.30%, better
Holdings: CSHI 20; NBOS 11
Avg volume (30D): CSHI 747K sh, better; NBOS 108K sh
NAV per share: CSHI $49.63; NBOS $27.77
52W range

ETF.net Grade

Pillar letters and Scores for CSHI, NBOS, with each pillar’s weight
Pillar	CSHI	NBOS
Cost30% weight	A76Higher	B55
Mission25% weight	A89	A100Higher
Risk15% weight	A82Higher	B66
Tradability15% weight	A97Higher	C47
Holdings10% weight	A70	Not scored
Durability5% weight	A82Higher	B62

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. CSHI and NBOS 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 NBOS 15th of 51 funds in the S&P 500 Option Income Category.

Rank 1ABALIiShares U.S. Large Cap Premium Income Active ETFScore 82
Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 82
Rank 3AIVVWiShares S&P 500 BuyWrite ETFScore 80
Rank 13APBPInvesco S&P 500 BuyWrite ETFScore 71
Rank 15BNBOSNeuberger Berman Option Strategy ETFScore 68
Rank 16BWTPIWisdomTree Equity Premium Income FundScore 67

Our read on each fund

ETF.net Research

CSHIANeos Enhanced Income Cash Alternative ETF

NBOSBNeuberger Berman Option Strategy ETF

In short

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.

NBOS Most options-income ETFs sell calls on stocks they already own. NBOS flips the trade: it sells collateralized puts on the S&P 500 and parks the collateral in bonds, so premium, not dividends, does the work.

Stated mandate

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.

NBOS The Fund seeks long-term capital growth and income mainly by selling collateralized puts on U.S. indices, including the S&P 500 and related S&P 500 suite indices, while investing collateral in fixed-income instruments intended to moderate volatility.

Why people hold it

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.

NBOS The mandate is a put-write, not a covered call: sell collateralized puts on the S&P 500 and related indices, hold the collateral in fixed income meant to moderate volatility.
0.59% a year, below the 0.75% median for its options-income peer group and cheaper than every fund citing the same index (ACYS, SIXH, OVL, MRSK).
Pays monthly, and runs a compact book of roughly 30 positions rather than a sprawling equity sleeve with options bolted on.
Sticks closely to the strategy its prospectus describes, and stands among the stronger implementations in a crowded options-income field.

Worth knowing

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.

NBOS Selling puts means your equity upside is the premium collected, while index downside still flows through. Expect it to trail the S&P 500 in strong rallies.
Launched in 2024, so the live record is short and spans a narrow slice of market conditions.
Moderately traded rather than a category giant, so limit orders are the sane way in and out.

Full CSHI profile⁠

Full NBOS profile⁠

CSHI vs NBOS Holdings

How CSHI and NBOS differ

Overlap by weight

0.0%

About this figure: CSHI earns income from options, which aren’t counted.

NBOS earns income from options, which aren’t counted.

Level by level

Asset classBonds, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for NBOS.

Country, concentration and asset class

Country by domicile

Country weights in CSHI and NBOS, widest gap first
Country	More in CSHIMore in NBOS	Gap	CSHI	NBOS
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

CSHI69.4%
NBOS102.3%

Securities held

CSHI20
NBOS9

Asset class

CSHI: Bonds
NBOS: Alternatives

Holdings

Only in CSHI20
In both0
Only in NBOS9

Only in CSHI

20 securities, 100% of CSHI by weight

United States Treasury Bill 01/07/20277.41%
United States Treasury Bill 01/28/20277.30%
United States Treasury Bill 01/19/20277.26%
United States Treasury Bill 12/29/20267.03%
United States Treasury Bill 12/10/20267.02%
United States Treasury Bill 12/08/20267.00%
United States Treasury Bill 11/27/20266.75%
United States Treasury Bill 12/22/20266.71%
United States Treasury Bill 01/21/20276.47%
United States Treasury Bill 12/03/20266.43%
United States Treasury Bill 11/24/20266.29%
United States Treasury Bill 11/19/20266.28%
United States Treasury Bill 11/12/20266.18%
United States Treasury Bill 11/17/20266.13%
United States Treasury Bill 01/12/20274.51%
Cash & Other1.37%
Spxw Us 11/19/26 P67500.06%
Spxw Us 11/19/26 P65250.04%
Spxw Us 11/19/26 P65000.04%
Spxw Us 11/19/26 P64000.03%

Only in NBOS

9 securities, 100% of NBOS by weight

Us Treasury N/B 06/27 4.62513.35%
Us Treasury N/B 12/27 413.05%
Us Treasury N/B 03/27 4.2512.76%
Us Treasury N/B 09/27 3.37512.32%
Us Treasury N/B 03/28 3.87512.08%
Us Treasury N/B 06/28 3.87512.06%
Us Treasury N/B 09/28 3.37511.93%
Us Treasury N/B 12/26 4.37511.28%
Ssc Government Mm Gvmxx2.45%

Weight gaps

CSHI and NBOS share no securities.

All 10 CSHI holdings⁠All 27 NBOS 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.

CSHI vs NBOS Cost

Overpaying NBOS vs CSHI

$3,929

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

CSHI 0.38%
$7,706
NBOS 0.59%
$11,635

Amount$10,000

Years30 years

Cost over time

CSHI 0.38%
NBOS 0.59%
Overpaying

Year by year

Year	CSHI	NBOS	Overpaying
10	$688	$1,058	$370
20	$2,658	$4,051	$1,393
30	$7,706	$11,635	$3,929

Expense ratio

0.38%CSHI, cheaper
0.59%NBOS

CSHI0.38%NBOS0.59%

0.10%1.18%

Middle half of S&P 500 Option Income funds
Median 0.60%

CSHI 13th cheapest of 51 funds

NBOS 24th cheapest of 51 funds

CSHI vs NBOS Dividends

Last 12 months to Nov 9, 2026

Yield (12M): CSHI 4.82%; NBOS 8.30%, better
Payout (12M): CSHI $2.39; NBOS $2.35
Last payment: CSHI $0.21; NBOS $0.22
Ex-dividend: CSHI Oct 14, 2026; NBOS Oct 27, 2026
Paid on: CSHI Oct 16, 2026; NBOS Oct 30, 2026
Frequency: CSHI Monthly; NBOS Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CSHIMonthly · 46 paymentsAll CSHI payments⁠

NBOSMonthly · 32 paymentsAll NBOS payments⁠

CSHI vs NBOS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CSHI 0.3%NBOS 5.6%since Feb 2024
Return per unit of riskSharpe ratio, 3 years: CSHI 2.04NBOS 1.39since Feb 2024
Worst fallMax drawdown, 5 years: CSHI −1.7%since Aug 2022NBOS −12.7%since Jan 2024
Market sensitivityBeta, 5 years: CSHI 0.01NBOS 0.39; Market = 1

CSHI and NBOS in the news

All news⁠

ETF Filings
NestYield files a Treasury-bill fund targeting 6% to 12%, above bill yields
Oct 2, 2026CSHI

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CSHI vs NBOS

In short

Stated mandate

Why people hold it

Worth knowing

How CSHI and NBOS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CSHI

Only in NBOS

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

NestYield files a Treasury-bill fund targeting 6% to 12%, above bill yields

How CSHI and NBOS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CSHI

Only in NBOS

Weight gaps