CSHI vs RSPA

CSHIANeos Enhanced Income Cash Alternative ETF

RSPAAInvesco S&P 500 Equal Weight Income Advantage 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.

RSPA Most S&P 500 option-income funds sit on a megacap-led index. RSPA runs the equal-weight version instead: about 500 stocks at roughly even weight, income paid monthly, 0.29% net of a waiver through August 31, 2027.

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.

RSPA The fund seeks exposure to the S&P 500 Equal Weight Index while using an active option-income overlay. It is designed to generate consistent monthly income while retaining growth potential and lower 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.

• RSPA Fully replicates the S&P 500 Equal Weight Index, so its roughly 500 names carry similar weights and no handful of megacaps sets the tone.sec.gov
• 0.29% net (0.32% gross) under a waiver through August 31, 2027, below its 52-fund category median. Ties GPIX, at 0.29% net of a waiver through April 30, 2027.
• Income comes from short-term equity-linked notes capped at 10% of net assets, with cash and Treasury bills held alongside the stocks. Paid out monthly.sec.govsec.gov 2
• Rates among the stronger builds in a crowded field of S&P 500 income-overlay 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.

• RSPA The overlay trades away some of the index's upside for premium income, so strong rallies land softer than plain equal-weight exposure.invesco.comsec.gov
• Income flows through notes issued by banks rather than listed calls the fund writes itself, which adds credit exposure to those issuers.sec.gov
• Launched in July 2024, so the strategy has yet to be tested across a full market cycle.

Full CSHI profile⁠

Full RSPA profile⁠