CSHI vs FGSI

CSHIANeos Enhanced Income Cash Alternative ETF

FGSIDFT Vest Growth Strength & Target 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.

FGSI Most S&P 500 covered-call funds sell calls on the index they own. FGSI owns roughly 50 growth-and-quality screened US stocks and writes calls on the S&P 500 instead, aiming for monthly income at a set spread over the index dividend yield.

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.

FGSI The Fund seeks current income first and capital appreciation second. It primarily holds U.S. exchange-traded stocks selected to track The Growth StrengthTM Index and sells U.S.-traded calls on the S&P 500® Index or ETFs tracking it.

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.

• FGSI The income goal is written into the prospectus: an annual rate 8% above the S&P 500's current dividend yield, paid out monthly.sec.gov
• The equity sleeve isn't a plain index tracker. Roughly 50 US stocks screened for growth, profitability and quality via First Trust's Growth Strength Index.ftportfolios.com
• Because the calls sit on the S&P 500 rather than on its own shares, no individual holding gets called away, though index moves still drive the option leg.sec.gov

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.

• FGSI At 0.85% a year it costs more than the typical S&P 500 options-income fund, where the median is nearer 0.60% and big peers like IVVW and GPIX charge a fraction of that.sec.gov
• It launched in mid-2025 and is still a small, lightly traded fund, so trading costs can run wider than in the category's established names.
• First Trust discloses that distributions may include return of capital, meaning part of a payout can be capital coming back rather than income earned.sec.gov

Full CSHI profile⁠

Full FGSI profile⁠