CSHI vs HEQT

CSHIANeos Enhanced Income Cash Alternative ETF

HEQTBSimplify 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.

HEQT Most S&P 500 options funds sell calls to pump out income. HEQT flips the priority: a put/spread collar aimed at softening drawdowns and volatility, with long-term appreciation as the stated goal. Distributions land quarterly.

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.

HEQT The fund seeks long-term capital appreciation through primarily U.S. large-cap equity exposure, while using a put/spread collar option overlay intended to reduce downside risk and volatility.

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.

• HEQT Hedge-first, not yield-first: the option overlay exists to reduce downside risk and volatility rather than maximize payouts.simplify.us
• Fee of 0.53% a year undercuts the median in its 51-fund S&P 500 options cohort, unusual for a strategy this hands-on.
• Lands in the upper half of that crowded cohort, with risk control the strongest part of the build.
• The reference point is the S&P 500 itself, so what sits under the options is familiar US large-cap equity.simplify.us

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.

• HEQT A collar cuts both ways: the calls sold to help pay for the puts also trim participation in a strong rally.simplify.us
• Cheaper options-on-the-S&P builds exist in the same lane, including IVVW at 0.25% and PBP at 0.29%, though neither runs this collar.
• Trading is moderate rather than heavy, so spreads can run wider than the category's busiest names.

Full CSHI profile⁠

Full HEQT profile⁠