CSHI vs XSPI: Grades, Fees and Holdings Compared

Neos Enhanced Income Cash Alternative ETF

CSHIANYSE Arca

NEOS Boosted S&P 500 High Income ETF

XSPICNasdaq

Overlap

1.4%by weight

Expense ratio

CSHI −0.60pt a year

CSHI0.38%XSPI0.98%

Avg volume · 30D

CSHI 8.9×the volume

CSHI712KXSPI80.5K

CSHI vs XSPI Performance

Jul 31, 2026 – Oct 30, 2026

+1.0%CSHI+2.2%XSPI

Expense ratio: CSHI 0.38%, better; XSPI 0.98%
Fund size: CSHI $2.12B; XSPI $136M
1Y total return: CSHI +4.8%; XSPI No data
Yield (12M): CSHI 4.82%; XSPI No data
Holdings: CSHI 20; XSPI 504
Avg volume (30D): CSHI 712K sh, better; XSPI 80.5K sh
NAV per share: CSHI $49.67; XSPI $48.31
52W range

ETF.net Grade

Pillar letters and Scores for CSHI, XSPI, with each pillar’s weight
Pillar	CSHI	XSPI
Cost30% weight	A75Higher	F8
Mission25% weight	A92	A100Higher
Risk15% weight	A84Higher	F23
Tradability15% weight	A98Higher	A70
Holdings10% weight	B69Higher	B60
Durability5% weight	A80Higher	C48

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. CSHI and XSPI 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 XSPI 34th 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 32CSPUTInnovator Equity Premium Income – Daily PutWrite ETFScore 52
Rank 34CXSPINEOS Boosted S&P 500 High Income ETFScore 49
Rank 35CSPYTDefiance S&P 500 Target Income ETFScore 47

Our read on each fund

ETF.net Research

CSHIANeos Enhanced Income Cash Alternative ETF

XSPICNEOS Boosted S&P 500 High Income 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.

XSPI The leveraged cousin in the NEOS income lineup: S&P 500 stocks plus a laddered call overlay, boosted with synthetic long exposure to roughly 150% notional, in pursuit of a 15% annualized distribution paid monthly.

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.

XSPI The Fund seeks high monthly income in a tax-efficient manner, with potential for enhanced equity appreciation in rising markets.

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.

XSPI The boost is mechanical: buy index calls and sell index puts at similar strikes to reach about 150% notional exposure, then write additional SPX calls on top. More premium collected, more equity exposure working.neosfunds.com sec.gov
Calls are laddered out of the money and not written across the whole portfolio, so part of a rally stays open rather than being capped away.neosfunds.com
Built on the same S&P 500 options framework as NEOS's flagship SPYI, using index options and distributions the issuer has classified as return of capital, which defers tax and trims cost basis instead of hitting as ordinary income.neosfunds.com
Income is designed to arrive monthly rather than quarterly, from an actively managed overlay on the 500 largest US listed companies.

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.

XSPI Fees run high: 0.98% versus a roughly 0.6% median for S&P 500 options-income funds, and above the unleveraged sibling SPYI at 0.68%. The boost and the overlay cost real money.
Leverage cuts both ways. Roughly 150% notional exposure magnifies drawdowns as well as gains, and the call overlay can mute part of the bounce back.neosfunds.com sec.gov
Launched in February 2026, so the track record is thin, and a payout funded partly by return of capital reduces both net asset value and your cost basis over time.neosfunds.com

Full CSHI profile⁠

Full XSPI profile⁠

CSHI vs XSPI Holdings

How CSHI and XSPI differ

Overlap by weight

1.4%

Shared holdings make up 3.7% of XSPI and 1.4% of CSHI.

Level by level

Asset classFixed Income, Equity0.0%
Holdings1 in both1.4%
Countryby domicile99.5%

Sector

No Sector split for CSHI and XSPI.

Country, concentration and asset class

Country by domicile

Country weights in CSHI and XSPI, widest gap first
Country	More in CSHIMore in XSPI	CSHI	XSPI
United States	CSHI +0.5 points	100.0%	99.5%
Switzerland	XSPI +0.3 points	0.0%	0.3%
China	XSPI +0.1 points	0.0%	0.1%
Mexico	XSPI +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%
XSPI40.6%

Securities held

CSHI20
XSPI504

Asset class

CSHI: Fixed Income
XSPI: Equity

Holdings

Only in CSHI19
In both1
Only in XSPI503

Only in CSHI

19 securities, 98.8% 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%
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 XSPI

503 securities, 99.1% of XSPI by weight

Apple Inc8.09%
NVIDIA Corp7.89%
Microsoft Corp6.18%
Amazon.com Inc3.76%
Alphabet Inc2.61%
Broadcom Inc2.44%
Meta Platforms Inc2.09%
Alphabet Inc2.09%
Eli Lilly & Co1.77%
Tesla Inc1.76%
Berkshire Hathaway Inc1.58%
Micron Technology Inc1.52%
JPMorgan Chase & Co.1.43%
Advanced Micro Devices Inc1.27%
ExxonMobil Holdings Corp1.25%
Spx Us 01/15/27 C76951.16%
Visa Inc1.06%
Johnson & Johnson1.04%
Walmart Inc0.85%
AbbVie Inc0.82%
Mastercard Inc0.81%
Chevron Corp0.69%
Costco Wholesale Corp0.68%
Cisco Systems Inc0.66%
Palantir Technologies Inc0.65%
UnitedHealth Group Inc0.59%
Coca-Cola Co/The0.59%
Procter & Gamble Co/The0.58%
Merck & Co Inc0.56%
Bank of America Corp0.52%
Philip Morris International Inc0.52%
Home Depot Inc/The0.50%
Ge Aerospace0.50%
Applied Materials Inc0.49%
Intel Corp0.48%
Lam Research Corp0.46%
Palo Alto Networks Inc0.45%
Texas Instruments Inc0.44%
Caterpillar Inc0.42%
RTX Corp0.42%
Netflix Inc0.41%
Wells Fargo & Co0.40%
Goldman Sachs Group Inc/The0.40%
Amgen Inc0.39%
Crowdstrike Holdings Inc0.38%
International Business Machines Corp0.38%
GE Vernova Inc0.36%
Thermo Fisher Scientific Inc0.35%
Linde PLC0.35%
Morgan Stanley0.35%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in CSHI and XSPI, widest gap first
Holding	More in CSHIMore in XSPI	CSHI	XSPI
Cash & Other	XSPI +2.29 points	1.38%	3.67%

All 10 CSHI holdings⁠All XSPI 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 XSPI Cost

Overpaying XSPI vs CSHI

$10,656

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

CSHI 0.38%
$7,706
XSPI 0.98%
$18,362

Amount$10,000

Years30 years

Cost over time

CSHI 0.38%
XSPI 0.98%
Overpaying

Year by year

Year	CSHI	XSPI	Overpaying
10	$688	$1,729	$1,041
20	$2,658	$6,504	$3,846
30	$7,706	$18,362	$10,656

Expense ratio

0.38%CSHI, cheaper
0.98%XSPI

CSHI0.38%XSPI0.98%

0.10%1.18%

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

CSHI 13th cheapest of 51 funds

XSPI 47th cheapest of 51 funds

CSHI vs XSPI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CSHI 4.82%; XSPI No data
Payout (12M): CSHI $2.39; XSPI No data
Last payment: CSHI $0.21; XSPI $0.71
Ex-dividend: CSHI Oct 14, 2026; XSPI Oct 7, 2026
Paid on: CSHI Oct 16, 2026; XSPI Oct 9, 2026
Frequency: CSHI Monthly; XSPI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CSHIMonthly · 46 paymentsAll CSHI payments⁠

XSPIMonthly · 9 paymentsAll XSPI payments⁠

CSHI vs XSPI 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%XSPI No data
Return per unit of riskSharpe ratio, 3 years: CSHI 2.04XSPI No data
Worst fallMax drawdown, 5 years: CSHI −1.7%since Aug 2022XSPI No data
Market sensitivityBeta, 5 years: CSHI 0.01XSPI 1.06; Market = 1

CSHI and XSPI 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 XSPI

In short

Stated mandate

Why people hold it

Worth knowing

How CSHI and XSPI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CSHI

Only in XSPI

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 XSPI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CSHI

Only in XSPI

Weight gaps