CSHI vs PHEQ

CSHIANeos Enhanced Income Cash Alternative ETF

PHEQAParametric Hedged 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.

PHEQ A hedged large-cap core that skips the outcome calendar. Parametric layers a ladder of put spreads and short calls over U.S. stocks, so the hedge rolls through the year instead of resetting on one annual date.

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.

PHEQ Seeks capital appreciation up to a cap while limiting investor losses through a downside buffer. It invests in U.S. large-cap equities and uses laddered put spreads and short calls to create buffer-cap structures.

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.

• PHEQ 0.29% a year, roughly half the typical fee in its S&P 500 options crowd. Cheap for a strategy that usually charges up for the options desk.
• The ladder is the point: overlapping put spreads and short calls mature on a rolling basis, so no single reset date dictates your cap or your protection.eatonvance.com
• You own the stocks. It holds U.S. large caps outright and layers options on top, rather than renting exposure through swaps or a Treasuries-plus-calls package.
• Live since 2023 and one of the stronger builds in a crowded field of S&P 500 option-overlay funds, on our review.

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.

• PHEQ A put spread covers a band, not the whole drop. Below the lower strike, losses track the market again, and the short calls trim the top end of big rallies.
• Thinly traded compared with the giants of this category, so bid-ask spreads can be wider and limit orders carry more weight.
• Built as a hedge, not a yield engine: income is paid quarterly and the fund declares no target payout rate.

Full CSHI profile⁠

Full PHEQ profile⁠