CSHI vs FYEE

CSHIANeos Enhanced Income Cash Alternative ETF

FYEEAFidelity Yield Enhanced Equity 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.

FYEE Fidelity's entry in the S&P 500 covered-call scrum: own the large-cap equity book, sell calls against it for income, and charge roughly half the fee of the typical fund in this crowd.

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.

FYEE The fund seeks equity-market exposure and capital appreciation while using a disciplined covered-call program to generate income.

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.

• FYEE Fee of 0.31% against a cohort median of 0.60% for S&P 500 options-income funds. In a strategy where premium income is the whole point, less leakage to costs matters.
• The mandate is equity first: capital appreciation and market exposure, with a disciplined covered-call program layered on for income rather than income chased at any cost.fidelity.com
• Does exactly what its documents say it does, and sits in the top quartile of a crowded S&P 500 income group on our review.
• Cheaper than the marquee names it competes with, including GPIX (0.35%), BALI (0.35%) and SPYI (0.68%).

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.

• FYEE Covered calls swap upside for premium. When the S&P 500 runs hard, the calls written against the portfolio limit how much of that climb the fund keeps.fidelity.com
• Income lands quarterly, not monthly, so the cash arrives in four larger drops rather than a steady drip.
• Launched in 2024 and moderately traded, so the track record is short and spreads can run wider than the category's largest funds.

Full CSHI profile⁠

Full FYEE profile⁠