CSHI vs PHDG: Grades, Fees and Holdings Compared

Neos Enhanced Income Cash Alternative ETF

CSHIANYSE Arca

Invesco S&P 500 Downside Hedged ETF

PHDGBNYSE Arca

Overlap

0.0%by weight

Expense ratio

CSHI −0.01pt a year

CSHI0.38%PHDG0.39%

Avg volume · 30D

CSHI 98.3×the volume

CSHI712KPHDG7.25K

3Y return · a year

PHDG +5.9pt

CSHI+5.3%PHDG+11.2%

CSHI vs PHDG Performance

Oct 31, 2025 – Oct 30, 2026

+4.8%CSHI+8.7%PHDG

Expense ratio: CSHI 0.38%, better; PHDG 0.39%
Fund size: CSHI $2.12B; PHDG $62M
1Y total return: CSHI +4.8%; PHDG +8.7%, better
Yield (12M): CSHI 4.82%, better; PHDG 1.44%
Holdings: CSHI 20; PHDG 508
Avg volume (30D): CSHI 712K sh, better; PHDG 7.25K sh
NAV per share: CSHI $49.67; PHDG $41.16
52W range

ETF.net Grade

Pillar letters and Scores for CSHI, PHDG, with each pillar’s weight
Pillar	CSHI	PHDG
Cost30% weight	A75Higher	A73
Mission25% weight	A92	Not scored
Risk15% weight	A84Higher	D39
Tradability15% weight	A98Higher	D30
Holdings10% weight	B69	A70Higher
Durability5% weight	A80Higher	B66

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. CSHI and PHDG 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 PHDG 29th 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 29BOVLHOverlay Shares Hedged Large Cap Equity ETFScore 56
Rank 29BPHDGInvesco S&P 500 Downside Hedged ETFScore 56
Rank 31CHEDGEquable Shares Hedged Equity ETFScore 53

Our read on each fund

ETF.net Research

CSHIANeos Enhanced Income Cash Alternative ETF

PHDGBInvesco S&P 500 Downside Hedged 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.

PHDG Most funds in this corner of the market sell options for income. PHDG does the opposite: an S&P 500 core paired with a VIX futures hedge that scales up as markets get choppy, run actively since 2012.

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.

PHDG The actively managed ETF seeks positive total returns in rising or falling markets. It obtains dynamic exposure to S&P 500 equity and volatility.

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.

PHDG The hedge is rules-driven: its reference index shifts among the S&P 500, VIX short-term futures and cash based on realized and implied volatility.spglobal.com
0.39% net of a waiver through August 31, 2027 (0.44% gross), below the category median despite an actively managed volatility overlay.
Live since December 2012, so this hedging engine has run through real volatility spikes rather than arriving as a recent product launch.
Broad core behind the hedge: exposure to about 500 large US stocks, with cash paid out quarterly.

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.

PHDG Long volatility costs money to carry. In calm, grinding-higher markets the VIX sleeve can bleed value, and that is the price of the cushion.spglobal.com sec.gov
The index's stop-loss rule shifts to cash after a 2% slide over five index business days. It dampens drawdowns but does not set a floor under them.sec.gov
It trades thinly next to the category's covered-call heavyweights, and several of those undercut it on fee (IVVW at 0.25%).

Full CSHI profile⁠

Full PHDG profile⁠

CSHI vs PHDG Holdings

How CSHI and PHDG differ

Overlap by weight

0.0%

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

Level by level

Asset classFixed Income, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile98.1%

Sector

No Sector split for CSHI.

Country, concentration and asset class

Country by domicile

Country weights in CSHI and PHDG, widest gap first
Country	More in CSHIMore in PHDG	CSHI	PHDG
United States	CSHI +1.9 points	100.0%	98.1%
Ireland	PHDG +1.1 points	0.0%	1.1%
Other countries (5)	PHDG +0.8 points	0.0%	0.8%

Concentration

Weight in the 10 largest Holdings

CSHI69.1%
PHDG48.3%

Securities held

CSHI20
PHDG505

Asset class

CSHI: Fixed Income
PHDG: Alternatives

Holdings

Only in CSHI20
In both0
Only in PHDG505

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 PHDG

505 securities, 96.0% of PHDG by weight

Invesco Premier US Government Money Portfolio11.81%
NVIDIA Corp6.54%
Apple Inc6.44%
Microsoft Corp4.98%
Amazon.com Inc3.03%
Alphabet Inc2.11%
Broadcom Inc2.08%
Meta Platforms Inc1.74%
Alphabet Inc1.70%
Tesla Inc1.44%
Eli Lilly & Co1.39%
Micron Technology Inc1.34%
Berkshire Hathaway Inc1.28%
Advanced Micro Devices Inc1.17%
JPMorgan Chase & Co1.16%
ExxonMobil Holdings Corp0.95%
Visa Inc0.88%
Johnson & Johnson0.84%
Walmart Inc0.68%
Mastercard Inc0.65%
AbbVie Inc0.65%
Intel Corp0.58%
Chevron Corp0.58%
Palantir Technologies Inc0.57%
Costco Wholesale Corp0.56%
Cisco Systems Inc0.54%
Procter & Gamble Co/The0.47%
UnitedHealth Group Inc0.47%
Merck & Co Inc0.46%
Coca-Cola Co/The0.45%
Applied Materials Inc0.42%
Bank of America Corp0.42%
Home Depot Inc/The0.41%
Philip Morris International Inc0.41%
General Electric Co0.41%
Lam Research Corp0.40%
Palo Alto Networks Inc0.39%
Caterpillar Inc0.38%
Texas Instruments Inc0.36%
Goldman Sachs Group Inc/The0.34%
RTX Corp0.34%
Crowdstrike Holdings Inc0.34%
Thermo Fisher Scientific Inc0.33%
Netflix Inc0.33%
Wells Fargo & Co0.32%
Amgen Inc0.32%
International Business Machines Corp0.31%
Oracle Corp0.30%
GE Vernova Inc0.30%
Linde PLC0.29%

Weight gaps

CSHI and PHDG share no securities.

All 10 CSHI holdings⁠All 507 PHDG 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 PHDG Cost

Overpaying PHDG vs CSHI

$192

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

CSHI 0.38%
$7,706
PHDG 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

CSHI 0.38%
PHDG 0.39%
Overpaying

Year by year

Year	CSHI	PHDG	Overpaying
10	$688	$705	$17
20	$2,658	$2,725	$67
30	$7,706	$7,898	$192

Expense ratio

0.38%CSHI, cheaper
0.39%PHDG

CSHI0.38%PHDG0.39%

0.10%1.18%

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

CSHI 13th cheapest of 51 funds

PHDG 14th cheapest of 51 funds

CSHI vs PHDG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CSHI 4.82%, better; PHDG 1.44%
Payout (12M): CSHI $2.39; PHDG $0.59
Last payment: CSHI $0.21; PHDG $0.12
Ex-dividend: CSHI Oct 14, 2026; PHDG Sep 21, 2026
Paid on: CSHI Oct 16, 2026; PHDG Sep 25, 2026
Frequency: CSHI Monthly; PHDG Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

CSHIMonthly · 46 paymentsAll CSHI payments⁠

PHDGQuarterly · 15 paymentsAll PHDG payments⁠

CSHI vs PHDG 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%, betterPHDG 10.5%
Return per unit of riskSharpe ratio, 3 years: CSHI 2.04, betterPHDG 0.65
Worst fallMax drawdown, 5 years: CSHI −1.7%since Aug 2022PHDG −17.1%
Market sensitivityBeta, 5 years: CSHI 0.01PHDG 0.71; Market = 1

CSHI and PHDG 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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