CSHI vs HRSK

CSHIANeos Enhanced Income Cash Alternative ETF

HRSKFToews Agility Shares Hedged Risk 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.

HRSK Most S&P 500 options funds sell away upside for premium. HRSK buys protection instead: long-dated puts on its large-cap sleeve, shorter-dated calls to help pay for them, and no stated cap on gains.

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.

HRSK The Fund seeks large-cap U.S. equity exposure while limiting adverse market risk through long-dated put options and using shorter-dated call options as part of its strategy.

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.

• HRSK The contrarian build in a crowd of premium sellers: it holds large-cap US equity, buys long-dated put options to limit downside, and writes shorter-dated calls as part of the strategy.prnewswire.com
• No stated performance cap, so the equity side isn't structurally boxed in on the upside the way covered-call and buffer payoffs are.prnewswire.com
• Launched in 2026 via a Section 351 exchange, which let eligible investors move appreciated holdings in tax deferred and keep their original cost basis.prnewswire.com
• Toews has run managed-risk strategies since 1994, so the hedging playbook here is older than the ETF wrapper around it.prnewswire.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.

• HRSK At 0.95% a year it runs above the 0.60% median for S&P 500 options funds, and rivals like IVVW (0.25%) and GPIX (0.35%) charge a fraction of it.
• Small asset base and light trading, so bid-ask spreads can run wider than the category heavyweights'.
• Protection isn't free: put premiums come out of returns in calm markets, and the 2026 launch leaves a short record of how the overlay acts in a deep selloff.

Full CSHI profile⁠

Full HRSK profile⁠