The NEOS Enhanced Income Cash Alternative ETF (CSHI) is an exchange-traded fund designed to generate income with a conservative profile through a combination of short-term U.S. Treasury securities and options-based strategies. The ETF is managed by NEOS Investments and trades under the ticker CSHI on the NYSE Arca.

Classified as an enhanced-income fixed-income ETF, the fund is designed as a cash alternative, seeking capital preservation, low volatility, and additional income generation compared with traditional short-term instruments.

The ETF follows an active management approach and invests primarily in Treasury bills while using index options strategies to seek additional premium income. This structure aims to enhance income generation without taking significant direct equity-market exposure.

Diversification and sector exposure

CSHI provides exposure primarily associated with:

• Treasury bills.

• Short-term U.S. Treasury securities.

• Cash alternatives.

• Liquidity management.

• Options strategies.

• Low duration.

• U.S. fixed income.

• Capital preservation.

The portfolio is built around short-term U.S. government securities, seeking to reduce interest-rate sensitivity while maintaining liquidity. The ETF’s performance is mainly tied to short-term U.S. interest rates and Federal Reserve monetary-policy conditions.

Structure and costs

CSHI shares trade on the secondary market on the NYSE Arca during regular trading hours. Share creation and redemption occur through authorized participants, a mechanism intended to help align the ETF’s market price with its net asset value (NAV).

Because the strategy is actively managed, portfolio managers may adjust short-term bond exposure and options positions as market conditions evolve. The ETF charges a management fee as outlined in its prospectus and does not apply a performance fee.

History and evolution of the ETF

The NEOS Enhanced Income Cash Alternative ETF was launched in 2022 with the objective of providing an exchange-traded cash alternative that combines short-term U.S. Treasuries with additional income-oriented options strategies.

Since inception, the fund has gained relevance in a higher-rate environment, as investors have sought tools for liquidity management and capital preservation.

In recent years, Federal Reserve policy shifts and more attractive short-term yields have contributed to growing interest in ETFs focused on cash management and low-duration income strategies.

Additional Information

NEOS Enhanced Income Cash Alternative ETF (United States) is an exchange-traded fund (ETF), with assets under management totaling $1.60 billion.

Over the past 12 months, NEOS Enhanced Income Cash Alternative ETF recorded a return of 5.12%, with its price trading between $49.56 and $49.93 during the same period.

The ETF is traded under the ticker CSHI.