CSHI vs HEDG: Grades, Fees and Holdings Compared

Neos Enhanced Income Cash Alternative ETF

CSHIANYSE Arca

Equable Shares Hedged Equity ETF

HEDGCNYSE Arca

Overlap

0.0%by weight

Expense ratio

CSHI −0.58pt a year

CSHI0.38%HEDG0.96%

Avg volume · 30D

CSHI 19.2×the volume

CSHI712KHEDG37.1K

CSHI vs HEDG Performance

Oct 31, 2025 – Oct 30, 2026

+4.8%CSHI+8.8%HEDG

Expense ratio: CSHI 0.38%, better; HEDG 0.96%
Fund size: CSHI $2.12B; HEDG $469M
1Y total return: CSHI +4.8%; HEDG +8.8%, better
Yield (12M): CSHI 4.82%; HEDG No data
Holdings: CSHI 20; HEDG 6
Avg volume (30D): CSHI 712K sh, better; HEDG 37.1K sh
NAV per share: CSHI $49.67; HEDG $30.76
52W range

ETF.net Grade

Pillar letters and Scores for CSHI, HEDG, with each pillar’s weight
Pillar	CSHI	HEDG
Cost30% weight	A75Higher	F14
Mission25% weight	A92	A96Higher
Risk15% weight	A84Higher	A72
Tradability15% weight	A98Higher	C49
Holdings10% weight	B69Higher	C42
Durability5% weight	A80Higher	B69

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. CSHI and HEDG are both graded against the same 51 S&P 500 Option Income funds, so their Grades compare head to head.

S&P 500 Option Income⁠

Category · 51 funds

See all 51 ›

CSHI ranks 1st and HEDG 31st of 51 funds in the S&P 500 Option Income Category.

Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 83
Rank 2ABALIiShares U.S. Large Cap Premium Income Active ETFScore 81
Rank 29BPHDGInvesco S&P 500 Downside Hedged ETFScore 56
Rank 31CHEDGEquable Shares Hedged Equity ETFScore 53
Rank 32CSIXHETC 6 Meridian Hedged Equity Index Option ETFScore 52

Our read on each fund

ETF.net Research

CSHIANeos Enhanced Income Cash Alternative ETF

HEDGCEquable Shares Hedged 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.

HEDG A hedged-equity mutual fund that changed clothes. HEDG holds S&P 500 exposure through ETFs, sells covered calls, then spends much of that premium on put spreads. Option income here is fuel for the hedge, not the headline payout.

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.

HEDG The fund's stated mandate combines seeking income with mitigating risk and pursuing long-term capital appreciation.

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.

HEDG Two-sided overlay: covered calls generate premium, put spreads put it to work cushioning drawdowns, rather than routing every dollar of premium to distributions.prnewswire.com
Not a blank-slate launch. It is the EQHEX mutual fund converted tax-free into an ETF in 2025, same team, same strategy, with the prior track record carried into the wrapper.prnewswire.com
The label matches the contents: US large-cap exposure referenced to the S&P 500, held through ETFs, with the options program layered on top. No style drift to decode.equableshares.com

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.

HEDG The 0.92% fee sits above the typical S&P 500 options-income fund, and reaching index exposure through other ETFs layers underlying fund costs on top of that.stocktitan.net
Trades lightly next to category heavyweights like XYLD and SPYI, so spreads can be wider, and cash goes out quarterly rather than monthly.
Written calls give up part of a strong rally, and premium spent buying puts is premium not paid out, so income runs lighter than pure call-writing peers.prnewswire.com

Full CSHI profile⁠

Full HEDG profile⁠

CSHI vs HEDG Holdings

How CSHI and HEDG differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CSHI and 0.0% of HEDG.

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Countryby domicile99.5%

Sector

No Sector split for CSHI.

Country, concentration and asset class

Country by domicile

Country weights in CSHI and HEDG, widest gap first
Country	More in CSHIMore in HEDG	CSHI	HEDG
United States	CSHI +0.5 points	100.0%	99.5%
Switzerland	HEDG +0.3 points	0.0%	0.3%
China	HEDG +0.1 points	0.0%	0.1%
Mexico	Same weight	0.0%	0.0%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

CSHI69.1%
HEDG103.2%

Securities held

CSHI20
HEDG4

Asset class

CSHI: Fixed Income
HEDG: Equity

Holdings

Only in CSHI20
In both0
Only in HEDG4

Only in CSHI

20 securities, 100% of CSHI by weight

United States Treasury Bill 01/07/20277.48%
United States Treasury Bill 01/28/20277.37%
United States Treasury Bill 12/29/20267.09%
United States Treasury Bill 12/10/20267.09%
United States Treasury Bill 12/08/20267.06%
United States Treasury Bill 11/27/20266.81%
United States Treasury Bill 12/22/20266.76%
United States Treasury Bill 01/21/20276.53%
United States Treasury Bill 12/03/20266.49%
United States Treasury Bill 01/19/20276.39%
United States Treasury Bill 11/24/20266.34%
United States Treasury Bill 11/19/20266.33%
United States Treasury Bill 11/12/20266.24%
United States Treasury Bill 11/17/20266.18%
United States Treasury Bill 01/12/20274.55%
Cash & Other1.38%
Spxw Us 11/12/26 P70250.03%
Spxw Us 11/12/26 P67750.02%
Spxw Us 11/12/26 P67000.02%
Spxw Us 11/12/26 P66250.02%

Only in HEDG

4 securities, 97.8% of HEDG by weight

iShares Core S&P 500 ETF76.84%
State Street SPDR S&P 500 ETF Trust20.13%
Clearshares Ultra-Short Maturity ETF0.43%
Spy Us 12/31/26 P7300.41%

Weight gaps

CSHI and HEDG share no securities.

All 10 CSHI holdings⁠All HEDG holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CSHI vs HEDG Cost

Overpaying HEDG vs CSHI

$10,328

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CSHI 0.38%
$7,706
HEDG 0.96%
$18,034

Amount$10,000

Years30 years

Cost over time

CSHI 0.38%
HEDG 0.96%
Overpaying

Year by year

Year	CSHI	HEDG	Overpaying
10	$688	$1,695	$1,007
20	$2,658	$6,383	$3,725
30	$7,706	$18,034	$10,328

Expense ratio

0.38%CSHI, cheaper
0.96%HEDG

CSHI0.38%HEDG0.96%

0.10%1.18%

Middle half of S&P 500 Option Income funds
Median 0.60%

CSHI 13th cheapest of 51 funds

HEDG 45th cheapest of 51 funds

CSHI vs HEDG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CSHI 4.82%; HEDG No data
Payout (12M): CSHI $2.39; HEDG No data
Last payment: CSHI $0.21; HEDG $0.15
Ex-dividend: CSHI Oct 14, 2026; HEDG Sep 24, 2026
Paid on: CSHI Oct 16, 2026; HEDG Sep 25, 2026
Frequency: CSHI Monthly; HEDG Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

CSHIMonthly · 46 paymentsAll CSHI payments⁠

HEDGQuarterly · 4 paymentsAll HEDG payments⁠

CSHI vs HEDG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CSHI 0.3%HEDG 3.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years: CSHI 2.04HEDG 1.31since Nov 2025
Worst fallMax drawdown, 5 years: CSHI −1.7%since Aug 2022HEDG −3.8%since Oct 2025
Market sensitivityBeta, 5 years: CSHI 0.01HEDG 0.26; Market = 1

CSHI and HEDG in the news

All news⁠

ETF Filings
NestYield files a Treasury-bill fund targeting 6% to 12%, above bill yields
Oct 2, 2026CSHI

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