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CSHI vs PAPI

Neos Enhanced Income Cash Alternative ETF

CSHIANYSE Arca

Parametric Equity Premium Income ETF

PAPIBNYSE Arca

Overlap

Expense ratio

PAPI −0.09pt a year

CSHI0.38%PAPI0.29%

Avg volume · 30D

CSHI 8.5×the volume

CSHI712KPAPI83.7K

3Y return · a year

PAPI +7.9pt

CSHI+5.3%PAPI+13.2%

CSHI vs PAPI Performance

Oct 31, 2025 – Oct 30, 2026

+4.8%CSHI+20.5%PAPI

Oct 31, 2025 to Oct 30, 2026. CSHI +4.8%. PAPI +20.5%. Use the arrow keys to read each point.0%10%15%Oct 2025Apr 2026Oct 2026
Expense ratio
CSHI 0.38%
PAPI 0.29%, better
Fund size
CSHI $2.12B
PAPI $544M
1Y total return
CSHI +4.8%
PAPI +20.5%, better
Yield (12M)
CSHI 4.82%
PAPI 7.86%, better
Holdings
CSHI 20
PAPI 220
Avg volume (30D)
CSHI 712K sh, better
PAPI 83.7K sh
NAV per share
CSHI $49.67
PAPI $28.21
52W range

ETF.net Grade

CSHI: Cost 75, Risk 84, Mission 92, Tradability 98, Holdings 69, Durability 80. PAPI: Cost 87, Risk 54, Mission not scored, Tradability 41, Holdings 84, Durability 61.
Pillar letters and Scores for CSHI, PAPI, with each pillar’s weight
PillarCSHIPAPI
Cost30% weightA75A87Higher
Mission25% weightA92Not scored
Risk15% weightA84HigherC54
Tradability15% weightA98HigherC41
Holdings10% weightB69A84Higher
Durability5% weightA80HigherB61

Rank among S&P 500 Option Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CSHI and PAPI are both graded against the same 51 S&P 500 Option Income funds, so their Grades compare head to head.

S&P 500 Option Income⁠

Category · 51 funds
See all 51 ›

CSHI ranks 1st and PAPI 14th of 51 funds in the S&P 500 Option Income Category.

  1. Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 83
  2. Rank 2ABALIiShares U.S. Large Cap Premium Income Active ETFScore 81
  3. Rank 13AXYLGGlobal X S&P 500 Covered Call & Growth ETFScore 70
  4. Rank 14BPAPIParametric Equity Premium Income ETFScore 69
  5. Rank 15BNBOSNeuberger Berman Option Strategy ETFScore 67

Our read on each fund

ETF.net Research

CSHIANeos Enhanced Income Cash Alternative ETF

PAPIBParametric Equity Premium Income 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.

PAPI Parametric's take on covered-call income: an actively managed dividend-stock portfolio with an S&P 500 options overlay bolted on, paying monthly, at a fee far below what this corner of the market usually charges.

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.

PAPI Seeks consistent monthly income while preserving prospects for capital appreciation. It is actively managed and combines a dividend-paying equity portfolio with an option-writing overlay.

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.
  • PAPI Cheap seat in an expensive neighborhood. At 0.29% a year, it undercuts the typical options-income fund by a wide margin.
  • Undercuts even the well-built names it competes with: DIVO (0.56%), TCAL (0.34%) and ROCY (0.35%) all charge more for a similar job.
  • Two engines, not one: dividend-paying US stocks for the base, an option-writing overlay tied to the S&P 500 for the premium. Income is paid monthly.
  • Eaton Vance and Parametric are long-standing names in options overlays, and the build here rates among the stronger ones in its peer group.

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.
  • PAPI The prospectus flags that distributions can include return of capital, meaning part of a monthly payment may be your own money coming back.
  • Writing calls is a trade: premium income now in exchange for giving up some of the upside when the market runs hard.
  • No declared target payout rate, and the fund launched in 2023, so the record is short by design.

Full CSHI profile⁠

Full PAPI profile⁠

CSHI vs PAPI Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CSHI vs PAPI Cost

Overpaying CSHI vs PAPI

$1,754

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CSHI 0.38%

    $7,706

  • PAPI 0.29%

    $5,952

$10,000
30 years

Cost over time

  • CSHI 0.38%
  • PAPI 0.29%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530CSHI $7,706PAPI $5,952

Year by year

YearCSHIPAPIOverpaying
10$688$527$161
20$2,658$2,044$614
30$7,706$5,952$1,754

Expense ratio

  • 0.38%CSHI
  • 0.29%PAPI, cheaper
  • Middle half of S&P 500 Option Income funds
  • Median 0.60%

PAPI 5th cheapest of 51 funds

CSHI 13th cheapest of 51 funds

CSHI vs PAPI Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CSHI 4.82%
PAPI 7.86%, better
Payout (12M)
CSHI $2.39
PAPI $2.22
Last payment
CSHI $0.21
PAPI $0.16
Ex-dividend
CSHI Oct 14, 2026
PAPI Oct 30, 2026
Paid on
CSHI Oct 16, 2026
PAPI Pays Nov 5, 2026
Frequency
CSHI Monthly
PAPI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CSHIMonthly · 46 paymentsAll CSHI payments⁠
One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 25, 2023 $0.23; Feb 23, 2023 $0.24; Mar 22, 2023 $0.25; Apr 26, 2023 $0.26; May 24, 2023 $0.27; Jun 22, 2023 $0.27; Jul 26, 2023 $0.27; Aug 23, 2023 $0.28; Sep 20, 2023 $0.26; Oct 25, 2023 $0.26; Nov 22, 2023 $0.26; Dec 20, 2023 $0.25; Jan 24, 2024 $0.25; Feb 21, 2024 $0.25; Mar 20, 2024 $0.25; Apr 24, 2024 $0.25; May 22, 2024 $0.23; Jun 26, 2024 $0.23; Jul 24, 2024 $0.23; Aug 21, 2024 $0.24; Sep 25, 2024 $0.23; Oct 23, 2024 $0.23; Nov 20, 2024 $0.23; Dec 24, 2024 $0.23; Jan 22, 2025 $0.22; Feb 26, 2025 $0.22; Mar 26, 2025 $0.21; Apr 23, 2025 $0.21; May 21, 2025 $0.21; Jun 25, 2025 $0.21; Jul 23, 2025 $0.21; Aug 20, 2025 $0.21; Sep 24, 2025 $0.21; Oct 22, 2025 $0.21; Nov 26, 2025 $0.20; Dec 24, 2025 $0.20; Jan 14, 2026 $0.20; Feb 11, 2026 $0.20; Mar 11, 2026 $0.19; Apr 15, 2026 $0.19; May 13, 2026 $0.19; Jun 10, 2026 $0.19; Jul 15, 2026 $0.19; Aug 12, 2026 $0.21; Sep 9, 2026 $0.21; Oct 14, 2026 $0.21. Use the arrow keys to read each point.$0$0.2520232026YTD
PAPIMonthly · 36 paymentsAll PAPI payments⁠
One bar per payment. 36 payments from 2023 to 2026 YTD. Nov 30, 2023 $0.17; Dec 21, 2023 $0.21; Jan 31, 2024 $0.12; Feb 29, 2024 $0.14; Mar 28, 2024 $0.18; Apr 30, 2024 $0.17; May 31, 2024 $0.18; Jun 28, 2024 $0.16; Jul 31, 2024 $0.12; Aug 30, 2024 $0.15; Sep 30, 2024 $0.17; Oct 31, 2024 $0.13; Nov 29, 2024 $0.15; Dec 23, 2024 $0.16; Jan 31, 2025 $0.14; Feb 28, 2025 $0.13; Mar 31, 2025 $0.19; Apr 30, 2025 $0.20; May 30, 2025 $0.15; Jun 30, 2025 $0.18; Jul 31, 2025 $0.15; Aug 29, 2025 $0.15; Sep 30, 2025 $0.18; Oct 31, 2025 $0.15; Nov 28, 2025 $0.15; Dec 23, 2025 $0.18; Jan 30, 2026 $0.16; Feb 27, 2026 $0.16; Mar 31, 2026 $0.24; Apr 30, 2026 $0.16; May 29, 2026 $0.16; Jun 30, 2026 $0.20; Jul 31, 2026 $0.17; Aug 31, 2026 $0.16; Sep 30, 2026 $0.18; Oct 30, 2026 $0.16. Use the arrow keys to read each point.$0$0.2520232026YTD

CSHI vs PAPI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CSHI 0.3%, betterPAPI 11.3%
Return per unit of riskSharpe ratio, 3 years
CSHI 2.04, betterPAPI 0.76
Worst fallMax drawdown, 5 years
CSHI −1.7%since Aug 2022PAPI −14.3%since Oct 2023
Market sensitivityBeta, 5 years
CSHI 0.01PAPI 0.21

CSHI and PAPI in the news

All news⁠

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