CSHI vs XISE: Grades, Fees and Holdings Compared

Neos Enhanced Income Cash Alternative ETF

CSHIANYSE Arca

FT Vest U.S. Equity Buffer & Premium Income ETF - September

XISECCboe

Overlap

0.0%by weight

Expense ratio

CSHI −0.47pt a year

CSHI0.38%XISE0.85%

Avg volume · 30D

CSHI 113.8×the volume

CSHI712KXISE6.26K

3Y return · a year

XISE +1.6pt

CSHI+5.3%XISE+6.9%

CSHI vs XISE Performance

Oct 31, 2025 – Oct 30, 2026

+4.8%CSHI+6.2%XISE

Expense ratio: CSHI 0.38%, better; XISE 0.85%
Fund size: CSHI $2.12B; XISE $33M
1Y total return: CSHI +4.8%; XISE +6.2%, better
Yield (12M): CSHI 4.82%; XISE 6.00%, better
Holdings: CSHI 20; XISE 14
Avg volume (30D): CSHI 712K sh, better; XISE 6.26K sh
NAV per share: CSHI $49.67; XISE $30.41
52W range

ETF.net Grade

Pillar letters and Scores for CSHI, XISE, with each pillar’s weight
Pillar	CSHI	XISE
Cost30% weight	A75Higher	D25
Mission25% weight	A92Higher	D39
Risk15% weight	A84Higher	A72
Tradability15% weight	A98Higher	C42
Holdings10% weight	B69Higher	C40
Durability5% weight	A80Higher	B55

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. CSHI and XISE 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 XISE 39th of 51 funds in the S&P 500 Option Income Category.

Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 83
Rank 2ABALIiShares U.S. Large Cap Premium Income Active ETFScore 81
Rank 39CSPYCSimplify US Equity PLUS Convexity ETFScore 41
Rank 39CXISEFT Vest U.S. Equity Buffer & Premium Income ETF - SeptemberScore 41
Rank 42CKSPYKraneShares Hedgeye Hedged Equity Index ETFScore 40

Our read on each fund

ETF.net Research

CSHIANeos Enhanced Income Cash Alternative ETF

XISECFT Vest U.S. Equity Buffer & Premium Income ETF - September

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.

XISE A buffered S&P 500 fund that swaps the rally for a paycheck: XISE targets a stated income rate for the year and cushions the first 10% of the underlying ETF's losses, with the terms reset every September.

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.

XISE The Fund seeks to provide approximately 6.88% annualized income before fees and expenses while buffering the first 10% of losses of the SPDR S&P 500 ETF Trust during the current target outcome period. It uses FLEX Options and short-term U.S. Treasury securities.

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.

XISE The 10% buffer is contractual, not a manager's judgment call. FLEX options lock it in at the start of each one-year outcome period beginning in September.ftportfolios.com
Income is the whole point: the fund publishes a target annualized income level for each outcome period and distributes monthly.ftportfolios.com
September is just the start month. First Trust runs sibling buffer-and-income funds dated to other months, so the calendar entry point is a choice, not a constraint.businesswire.com businesswire.com 2 businesswire.com 3

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.

XISE The 0.85% fee sits above the 0.60% median for S&P 500 options-income funds, and well above cheaper peers such as IVVW (0.25%) and GPIX (0.35%).
One of the smaller, thinly traded names in its group, so bid-ask spreads can run wider than at the category's heavyweights.
Upside is surrendered by design, and the stated buffer and income terms apply to a full outcome period. Buying mid-period means different math than the headline numbers.businesswire.com ftportfolios.com

Full CSHI profile⁠

Full XISE profile⁠

CSHI vs XISE Holdings

How CSHI and XISE differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CSHI and 0.0% of XISE.

Level by level

Holdings0 in both0.0%
Countryby domicile99.5%

Sector

No Sector split for CSHI.

Country, concentration and asset class

Country by domicile

Country weights in CSHI and XISE, widest gap first
Country	More in CSHIMore in XISE	CSHI	XISE
United States	CSHI +0.5 points	100.0%	99.5%
Switzerland	XISE +0.3 points	0.0%	0.3%
China	XISE +0.1 points	0.0%	0.1%
Mexico	XISE +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

CSHI69.1%
XISE108.6%

Securities held

CSHI20
XISE13

Asset class

CSHI: Fixed Income
XISE: Multi-Asset

Holdings

Only in CSHI20
In both0
Only in XISE13

Only in CSHI

20 securities, 100% of CSHI by weight

United States Treasury Bill 01/07/20277.48%
United States Treasury Bill 01/28/20277.37%
United States Treasury Bill 12/29/20267.09%
United States Treasury Bill 12/10/20267.09%
United States Treasury Bill 12/08/20267.06%
United States Treasury Bill 11/27/20266.81%
United States Treasury Bill 12/22/20266.76%
United States Treasury Bill 01/21/20276.53%
United States Treasury Bill 12/03/20266.49%
United States Treasury Bill 01/19/20276.39%
United States Treasury Bill 11/24/20266.34%
United States Treasury Bill 11/19/20266.33%
United States Treasury Bill 11/12/20266.24%
United States Treasury Bill 11/17/20266.18%
United States Treasury Bill 01/12/20274.55%
Cash & Other1.38%
Spxw Us 11/12/26 P70250.03%
Spxw Us 11/12/26 P67750.02%
Spxw Us 11/12/26 P67000.02%
Spxw Us 11/12/26 P66250.02%

Only in XISE

13 securities, 100% of XISE by weight

2027-09-17 State Street® SPDR® S&P 500® ETF Trust C 0.0897.94%
2027-09-17 State Street® SPDR® S&P 500® ETF Trust P 761.615.15%
U.S. Treasury Bill, 0%, due 12/01/20260.55%
U.S. Treasury Bill, 0%, due 12/31/20260.55%
U.S. Treasury Bill, 0%, due 01/28/20270.55%
U.S. Treasury Bill, 0%, due 02/25/20270.55%
U.S. Treasury Bill, 0%, due 03/18/20270.54%
U.S. Treasury Bill, 0%, due 04/15/20270.54%
U.S. Treasury Bill, 0%, due 05/13/20270.54%
U.S. Treasury Bill, 0%, due 06/10/20270.54%
U.S. Treasury Bill, 0%, due 07/08/20270.54%
U.S. Treasury Bill, 0%, due 08/05/20270.53%
U.S. Treasury Bill, 0%, due 09/02/20270.53%

Weight gaps

CSHI and XISE share no securities.

All 10 CSHI holdings⁠All 15 XISE 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 XISE Cost

Overpaying XISE vs CSHI

$8,493

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

CSHI 0.38%
$7,706
XISE 0.85%
$16,199

Amount$10,000

Years30 years

Cost over time

CSHI 0.38%
XISE 0.85%
Overpaying

Year by year

Year	CSHI	XISE	Overpaying
10	$688	$1,508	$820
20	$2,658	$5,706	$3,048
30	$7,706	$16,199	$8,493

Expense ratio

0.38%CSHI, cheaper
0.85%XISE

CSHI0.38%XISE0.85%

0.10%1.18%

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

CSHI 13th cheapest of 51 funds

XISE 38th cheapest of 51 funds

CSHI vs XISE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CSHI 4.82%; XISE 6.00%, better
Payout (12M): CSHI $2.39; XISE $1.82
Last payment: CSHI $0.21; XISE $0.15
Ex-dividend: CSHI Oct 14, 2026; XISE Sep 18, 2026
Paid on: CSHI Oct 16, 2026; XISE Sep 21, 2026
Frequency: CSHI Monthly; XISE Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

CSHIMonthly · 46 paymentsAll CSHI payments⁠

XISEIrregular · 36 paymentsAll XISE payments⁠

CSHI vs XISE 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%, betterXISE 2.2%
Return per unit of riskSharpe ratio, 3 years: CSHI 2.04, betterXISE 1.04
Worst fallMax drawdown, 5 years: CSHI −1.7%since Aug 2022XISE −6.2%since Sep 2023
Market sensitivityBeta, 5 years: CSHI 0.01XISE 0.14; Market = 1

CSHI and XISE 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 XISE

In short

Stated mandate

Why people hold it

Worth knowing

How CSHI and XISE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CSHI

Only in XISE

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 XISE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CSHI

Only in XISE

Weight gaps