CSHI vs FTHI

CSHIANeos Enhanced Income Cash Alternative ETF

FTHIBFirst Trust BuyWrite 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.

FTHI One of the original covered call income ETFs (2014): an actively picked US stock portfolio with S&P 500 calls sold over the top on 25% to 75% of the fund, so part of the upside stays unsold. Pays 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.

FTHI The Fund seeks current income and, secondarily, capital appreciation. It invests in U.S.-listed equities across market capitalizations and writes covered call options on the S&P 500 Index to generate additional cash flow.

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.

• FTHI The overlay is a dial, not a switch. The prospectus sets call notional generally between 25% and 75% of the fund, so managers can sell less premium and leave more equity upside open.sec.gov
• Underneath the options sits a real stock portfolio, roughly 190 US-listed names across market caps chosen by the manager, not a copy of the index it writes calls on.ftportfolios.com
• Calls are laddered across expirations under one year, struck at-the-money to slightly out-of-the-money, and premiums feed a monthly distribution.sec.gov
• Live since January 2014, well before the derivative income boom, and now a multi-billion-dollar fund that trades actively. One of the stronger builds in a crowded S&P 500 income group.

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.

• FTHI At 0.75% a year it sits above the 0.60% typical for its peer group, and index-rules rivals like IVVW (0.25%) and GPIX (0.35%) charge far less for S&P 500 call income.
• The calls are on the S&P 500 while the stock sleeve is its own selection, so the two can drift apart. The prospectus notes those index calls are technically uncovered.sec.gov
• Selling calls trades away part of a rally for cash today, and the filings flag active trading that can push portfolio turnover past 100% a year.sec.gov

Full CSHI profile⁠

Full FTHI profile⁠