CSHI vs OVLH

CSHIANeos Enhanced Income Cash Alternative ETF

OVLHBOverlay Shares Hedged Large Cap 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.

OVLH Most S&P 500 income funds sell calls and cap your upside. OVLH works the other side of the chain: hedged U.S. large-cap equity plus an overlay that sells and buys listed short-term puts to generate income and cushion declines.

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.

OVLH The Fund seeks total return through exposure to hedged U.S. large-cap equity securities and an options overlay that sells and purchases listed short-term put options to generate income and hedge against declines.

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.

• OVLH The overlay trades puts, not calls: it sells and purchases listed short-term puts for income and downside cushion, a different shape from the buy-write funds that fill this group.
• Hedging is the mandate, not a footnote. The stated objective pairs U.S. large-cap equity exposure with an options sleeve built to hedge against declines.
• Live since January 2021, so its track record spans the 2022 selloff rather than only calm tape.
• One ticker carries all three jobs: equity exposure, the hedge and the income engine, inside a standard 1940 Act fund with no options account of your own to roll.

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.

• OVLH At 0.85% a year it sits above the roughly 0.60% median for S&P 500 options-income peers, and above cheaper takes like IVVW (0.25%) and GPIX (0.35%).
• A smaller, thinly traded fund, so spreads can widen. Limit orders matter more here than with the giants of this category.
• Distributions come annually or semiannually, not monthly, so income arrives in lumps rather than a steady drip.

Full CSHI profile⁠

Full OVLH profile⁠