CSHI vs PBP: Grades, Fees and Holdings Compared

Neos Enhanced Income Cash Alternative ETF

CSHIANYSE Arca

Invesco S&P 500 BuyWrite ETF

PBPACboe

Overlap

0.0%by weight

Expense ratio

PBP −0.09pt a year

CSHI0.38%PBP0.29%

Avg volume · 30D

CSHI 10.8×the volume

CSHI712KPBP66K

3Y return · a year

PBP +9.3pt

CSHI+5.3%PBP+14.6%

CSHI vs PBP Performance

Oct 31, 2025 – Oct 30, 2026

+4.8%CSHI+14.5%PBP

Expense ratio: CSHI 0.38%; PBP 0.29%, better
Fund size: CSHI $2.12B; PBP $389M
1Y total return: CSHI +4.8%; PBP +14.5%, better
Yield (12M): CSHI 4.82%; PBP 11.45%, better
Holdings: CSHI 20; PBP 504
Avg volume (30D): CSHI 712K sh, better; PBP 66K sh
NAV per share: CSHI $49.67; PBP $23.03
52W range

ETF.net Grade

Pillar letters and Scores for CSHI, PBP, with each pillar’s weight
Pillar	CSHI	PBP
Cost30% weight	A75	A87Higher
Mission25% weight	A92	Not scored
Risk15% weight	A84Higher	B66
Tradability15% weight	A98Higher	D39
Holdings10% weight	B69	A77Higher
Durability5% weight	A80	A83Higher

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. CSHI and PBP 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 PBP 11th of 51 funds in the S&P 500 Option Income Category.

Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 83
Rank 2ABALIiShares U.S. Large Cap Premium Income Active ETFScore 81
Rank 9ATPUTT. Rowe Price Capital Appreciation Market Opportunities ETFScore 72
Rank 11APBPInvesco S&P 500 BuyWrite ETFScore 71
Rank 11APHEQParametric Hedged Equity ETFScore 71

Our read on each fund

ETF.net Research

CSHIANeos Enhanced Income Cash Alternative ETF

PBPAInvesco S&P 500 BuyWrite 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.

PBP A 2007-vintage covered-call fund on the S&P 500: hold the index, sell calls against it, pay the premium out monthly. The plain-vanilla version of the trade, priced well under the typical options-income fund.

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.

PBP The fund uses a total-return buy-write approach on the S&P 500. It maintains a long position indexed to the S&P 500 and uses a covered-call 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.

PBP Charges 0.29%, under half the 0.60% median for S&P 500 options-income funds. XYLD runs a similar covered-call playbook at 0.60%.
Trading since 2007, so its record spans the financial crisis and everything after. Long history for an options-income ETF.
Plain mechanics: roughly 500 stocks tracking the S&P 500, calls written against that position, premium paid out monthly.invesco.com
Sits among the stronger implementations in a crowded field of S&P 500 income funds.

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.

PBP Covered calls trade upside for premium. When the S&P 500 runs hard, the written calls hand back part of that move.invesco.com
Thinly traded next to the headline names in the category, which can mean wider bid-ask spreads.
No longer the cheapest seat: IVVW writes calls on the same index for 0.25%.

Full CSHI profile⁠

Full PBP profile⁠

CSHI vs PBP Holdings

How CSHI and PBP differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CSHI and 0.0% of PBP.

Level by level

Asset classFixed Income, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile97.8%

Sector

No Sector split for CSHI.

Country, concentration and asset class

Country by domicile

Country weights in CSHI and PBP, widest gap first
Country	More in CSHIMore in PBP	CSHI	PBP
United States	CSHI +2.2 points	100.0%	97.8%
Ireland	PBP +1.2 points	0.0%	1.2%
Other countries (5)	PBP +0.9 points	0.0%	0.9%

Concentration

Weight in the 10 largest Holdings

CSHI69.1%
PBP37.8%

Securities held

CSHI20
PBP503

Asset class

CSHI: Fixed Income
PBP: Alternatives

Holdings

Only in CSHI20
In both0
Only in PBP503

Only in CSHI

20 securities, 100% of CSHI by weight

United States Treasury Bill 01/07/20277.48%
United States Treasury Bill 01/28/20277.37%
United States Treasury Bill 12/29/20267.09%
United States Treasury Bill 12/10/20267.09%
United States Treasury Bill 12/08/20267.06%
United States Treasury Bill 11/27/20266.81%
United States Treasury Bill 12/22/20266.76%
United States Treasury Bill 01/21/20276.53%
United States Treasury Bill 12/03/20266.49%
United States Treasury Bill 01/19/20276.39%
United States Treasury Bill 11/24/20266.34%
United States Treasury Bill 11/19/20266.33%
United States Treasury Bill 11/12/20266.24%
United States Treasury Bill 11/17/20266.18%
United States Treasury Bill 01/12/20274.55%
Cash & Other1.38%
Spxw Us 11/12/26 P70250.03%
Spxw Us 11/12/26 P67750.02%
Spxw Us 11/12/26 P67000.02%
Spxw Us 11/12/26 P66250.02%

Only in PBP

503 securities, 100% of PBP by weight

NVIDIA Corp7.87%
Apple Inc7.75%
Microsoft Corp5.99%
Amazon.com Inc3.64%
Alphabet Inc2.54%
Broadcom Inc2.50%
Meta Platforms Inc2.10%
Alphabet Inc2.04%
Tesla Inc1.73%
Eli Lilly & Co1.67%
Micron Technology Inc1.61%
Berkshire Hathaway Inc1.54%
Advanced Micro Devices Inc1.41%
JPMorgan Chase & Co1.39%
ExxonMobil Holdings Corp1.15%
Visa Inc1.07%
Johnson & Johnson1.01%
Walmart Inc0.82%
Mastercard Inc0.78%
AbbVie Inc0.78%
Intel Corp0.70%
Chevron Corp0.70%
Palantir Technologies Inc0.69%
Costco Wholesale Corp0.67%
Cisco Systems Inc0.65%
Procter & Gamble Co/The0.57%
UnitedHealth Group Inc0.56%
Merck & Co Inc0.55%
Coca-Cola Co/The0.55%
Applied Materials Inc0.51%
Bank of America Corp0.51%
Home Depot Inc/The0.50%
Philip Morris International Inc0.49%
General Electric Co0.49%
Lam Research Corp0.48%
Palo Alto Networks Inc0.47%
Caterpillar Inc0.45%
Texas Instruments Inc0.44%
Goldman Sachs Group Inc/The0.41%
RTX Corp0.41%
Crowdstrike Holdings Inc0.40%
Thermo Fisher Scientific Inc0.40%
Netflix Inc0.39%
Wells Fargo & Co0.39%
Amgen Inc0.38%
International Business Machines Corp0.37%
Oracle Corp0.37%
GE Vernova Inc0.36%
Linde PLC0.35%
Morgan Stanley0.35%

Weight gaps

CSHI and PBP share no securities.

All 10 CSHI holdings⁠All 504 PBP 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 PBP Cost

Overpaying CSHI vs PBP

$1,754

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

CSHI 0.38%
$7,706
PBP 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

CSHI 0.38%
PBP 0.29%
Overpaying

Year by year

Year	CSHI	PBP	Overpaying
10	$688	$527	$161
20	$2,658	$2,044	$614
30	$7,706	$5,952	$1,754

Expense ratio

0.38%CSHI
0.29%PBP, cheaper

PBP0.29%CSHI0.38%

0.10%1.18%

Middle half of S&P 500 Option Income funds
Median 0.60%

PBP 5th cheapest of 51 funds

CSHI 13th cheapest of 51 funds

CSHI vs PBP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CSHI 4.82%; PBP 11.45%, better
Payout (12M): CSHI $2.39; PBP $2.64
Last payment: CSHI $0.21; PBP $0.17
Ex-dividend: CSHI Oct 14, 2026; PBP Oct 19, 2026
Paid on: CSHI Oct 16, 2026; PBP Oct 23, 2026
Frequency: CSHI Monthly; PBP Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CSHIMonthly · 46 paymentsAll CSHI payments⁠

PBPMonthly · 40 paymentsAll PBP payments⁠

CSHI vs PBP 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%, betterPBP 6.1%
Return per unit of riskSharpe ratio, 3 years: CSHI 2.04, betterPBP 1.55
Worst fallMax drawdown, 5 years: CSHI −1.7%since Aug 2022PBP −18.6%
Market sensitivityBeta, 5 years: CSHI 0.01PBP 0.41; Market = 1

CSHI and PBP in the news

All news⁠

ETF Filings
NestYield files a Treasury-bill fund targeting 6% to 12%, above bill yields
Oct 2, 2026CSHI

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CSHI vs PBP

In short

Stated mandate

Why people hold it

Worth knowing

How CSHI and PBP differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CSHI

Only in PBP

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

NestYield files a Treasury-bill fund targeting 6% to 12%, above bill yields

How CSHI and PBP differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CSHI

Only in PBP

Weight gaps