CSHI vs OCTJ

CSHIANeos Enhanced Income Cash Alternative ETF

OCTJCInnovator Premium Income 30 Barrier 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.

OCTJ Income you can pencil in: OCTJ sets a distribution rate at the start of each annual period, pays it quarterly, and cushions S&P 500 declines down to a 30% barrier. Defined-outcome plumbing pointed at cash flow instead of upside.

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.

OCTJ The fund seeks a defined income outcome over each annual period, with returns tied to the S&P 500 Price Return Index and downside protection through a 30% barrier.

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.

• OCTJ The payout is defined up front: a distribution rate set at the start of each annual outcome period, then paid quarterly.
• Downside protection is deep by defined-outcome standards: a 30% barrier against the S&P 500 Price Return Index across each annual period.
• Terms reset every October. New outcome period, newly set rate, barrier back to full depth.
• It arrives as a 1940 Act ETF, so the defined-income terms sit in an exchange-traded fund rather than a bank-issued structured note.

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.

• OCTJ A barrier is a cliff, not a buffer. It is measured at period end, so interim swings are uncushioned and a finish past 30% down removes the protection.
• The 0.79% fee sits above the cohort median and well above index-built S&P 500 income peers like IVVW (0.25%) and RSPA (0.32%).
• Small and thinly traded next to the giants of the premium-income shelf, so bid-ask spreads carry more weight at the point of trade.

Full CSHI profile⁠

Full OCTJ profile⁠