CSHI vs KSPY

CSHIANeos Enhanced Income Cash Alternative ETF

KSPYCKraneShares Hedgeye Hedged Equity Index 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.

KSPY Most hedged equity funds pick one options overlay and live with it. KSPY follows a Hedgeye index that can swap between three different options strategies as often as daily, based on where the S&P 500 sits inside Hedgeye's Risk Range bands.

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.

KSPY The fund tracks the Hedgeye Hedged Equity Index to provide S&P 500 exposure while actively seeking to reduce volatility and manage downside risk.

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.

• KSPY The index rotates among three options strategies depending on where the S&P 500 trades inside Hedgeye's Risk Range bands, and it can switch as often as daily.kraneshares.com
• It buys puts as well as selling calls, so the downside hedge is an actual options position rather than just collected premium.kraneshares.com
• No 12-month outcome period here: unlike buffer ETFs, there is no fixed cap to sit under for a year and no reset date to time your entry around.kraneshares.com
• Hedgeye has published its Risk Range signals since 2015. This packages that research as a rules-based index inside an ETF instead of a subscription you trade yourself.kraneshares.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.

• KSPY At 0.88% a year, it prices above the typical S&P 500 options-strategy fund: the cost of an outside research firm's signals plus an active options overlay.
• Sold calls mean giving up some upside, and hedges cost money in calm, steadily rising markets. This is a volatility-smoothing tool, not an S&P 500 clone.kraneshares.com
• Launched in 2024 and among the smaller, thinly traded funds in its group, so spreads can run wider than at the mega-scale S&P options ETFs.

Full CSHI profile⁠

Full KSPY profile⁠