BNDI vs CSHI

BNDIBNeos Enhanced Income Aggregate Bond ETF

CSHIANeos Enhanced Income Cash Alternative ETF

In short

BNDI Most of its peer group writes calls on stocks. BNDI starts with a diversified bond portfolio and bolts on an actively managed S&P 500 put-selling overlay, then pays the income out monthly.

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

BNDI The Fund seeks monthly income in a tax-efficient manner through a diversified bond portfolio or bond ETFs, supplemented by an actively managed S&P 500 Index put-option strategy.

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

• BNDI The bond one in a room full of equity option-income funds: diversified bond holdings first, an S&P 500 put strategy second, run by managers rather than a fixed formula.neosfunds.com
• Income lands monthly, and tax efficiency is written into the stated objective rather than treated as an afterthought.
• At 0.61%, the fee sits essentially at the middle of its options-income cohort (0.60% median) for a strategy that needs an active hand on the options book.
• Trading since 2022, from the same shop that runs CSHI, so this options-income playbook is not a first attempt.

• 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

• BNDI Selling S&P 500 puts imports stock-market risk into a sleeve many people own for ballast, so equity drawdowns can show up inside a bond fund.
• Payouts can include return of capital, meaning part of a distribution may be your own investment handed back.
• It trades lightly next to the category's household names, so bid-ask spreads can run wider.

• 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 BNDI profile⁠

Full CSHI profile⁠