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CSHI vs SHDG

Neos Enhanced Income Cash Alternative ETF

CSHIANYSE Arca

Soundwatch Hedged Equity ETF

SHDGCCboe

Overlap

Expense ratio

CSHI −0.53pt a year

CSHI0.38%SHDG0.91%

Avg volume · 30D

CSHI 112.4×the volume

CSHI712KSHDG6.34K

3Y return · a year

SHDG +8.2pt

CSHI+5.2%SHDG+13.4%

CSHI vs SHDG Performance

Oct 31, 2025 – Nov 2, 2026

+4.8%CSHI+3.5%SHDG

Oct 31, 2025 to Nov 2, 2026. CSHI +4.8%. SHDG +3.5%. Use the arrow keys to read each point.−4%−2%0%2%6%Oct 2025May 2026Nov 2026
Expense ratio
CSHI 0.38%, better
SHDG 0.91%
Fund size
CSHI $2.12B
SHDG $155M
1Y total return
CSHI +4.8%, better
SHDG +3.5%
Yield (12M)
CSHI 4.82%, better
SHDG 0.48%
Holdings
CSHI 20
SHDG 5
Avg volume (30D)
CSHI 712K sh, better
SHDG 6.34K sh
NAV per share
CSHI $49.67
SHDG $33.25
52W range

ETF.net Grade

CSHI: Cost 75, Risk 84, Mission 92, Tradability 98, Holdings 69, Durability 80. SHDG: Cost 19, Risk 40, Mission 63, Tradability 45, Holdings 37, Durability 51.
Pillar letters and Scores for CSHI, SHDG, with each pillar’s weight
PillarCSHISHDG
Cost30% weightA75HigherF19
Mission25% weightA92HigherB63
Risk15% weightA84HigherC40
Tradability15% weightA98HigherC45
Holdings10% weightB69HigherD37
Durability5% weightA80HigherC51

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 SHDG 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 SHDG 42nd 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 42CKSPYKraneShares Hedgeye Hedged Equity Index ETFScore 40
  4. Rank 42CSHDGSoundwatch Hedged Equity ETFScore 40
  5. Rank 42CTPAYRoundhill S&P 500 Target 10 Managed Distribution ETFScore 40

Our read on each fund

ETF.net Research

CSHIANeos Enhanced Income Cash Alternative ETF

SHDGCSoundwatch 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.

SHDG Most S&P 500 options funds are built to mail you a check. SHDG goes the other way: a systematic hedge wrapped around broad US equity, aimed at long-term growth with a downside cushion, at a fee below the group's norm.

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.

SHDG The Fund seeks long-term capital appreciation. It uses a systematic hedged-equity model with broad-based U.S. market exposure intended to reduce downside risk while retaining long-term equity gains.

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.
  • SHDG Growth-first mandate. The fund targets long-term capital appreciation, using a systematic hedged-equity model to reduce downside risk while keeping long-term equity gains in play.
  • 0.53% a year undercuts the typical fee among S&P 500 options-and-hedging funds.
  • Familiar ground underneath the hedge: broad US market exposure referenced to the S&P 500, not an exotic basket.
  • Trading since 2022, so there is a live operating record behind the model rather than a backtest.

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.
  • SHDG Thinly traded. Limit orders matter here, and spreads can run wider than the household names in the category.
  • Not an income machine. Distributions land annually or semiannually, not the monthly cadence much of this cohort is built around.
  • A hedge has a price: it damps the drops and clips the sprints. Cheaper S&P 500 peers also exist, including IVVW at 0.25% and PBP at 0.29%.

Full CSHI profile⁠

Full SHDG profile⁠

CSHI vs SHDG 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 SHDG Cost

Overpaying SHDG vs CSHI

$9,501

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

  • CSHI 0.38%

    $7,706

  • SHDG 0.91%

    $17,207

$10,000
30 years

Cost over time

  • CSHI 0.38%
  • SHDG 0.91%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SHDG $17,207CSHI $7,706

Year by year

YearCSHISHDGOverpaying
10$688$1,610$922
20$2,658$6,076$3,418
30$7,706$17,207$9,501

Expense ratio

  • 0.38%CSHI, cheaper
  • 0.91%SHDG
  • Middle half of S&P 500 Option Income funds
  • Median 0.60%

CSHI 13th cheapest of 51 funds

SHDG 41st cheapest of 51 funds

CSHI vs SHDG Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
CSHI 4.82%, better
SHDG 0.48%
Payout (12M)
CSHI $2.39
SHDG $0.16
Last payment
CSHI $0.21
SHDG $0.16
Ex-dividend
CSHI Oct 14, 2026
SHDG Dec 29, 2025
Paid on
CSHI Oct 16, 2026
SHDG Dec 31, 2025
Frequency
CSHI Monthly
SHDG Annual

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
SHDGAnnual · 3 paymentsAll SHDG payments⁠
One bar per payment. 3 payments from 2023 to 2026 YTD. Dec 21, 2023 $0.30; Dec 27, 2024 $0.18; Dec 29, 2025 $0.16. Use the arrow keys to read each point.$0$0.2520232026YTD

CSHI vs SHDG 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%, betterSHDG 9.2%
Return per unit of riskSharpe ratio, 3 years
CSHI 2.04, betterSHDG 1.04
Worst fallMax drawdown, 5 years
CSHI −1.7%since Aug 2022SHDG −15.8%since Oct 2022
Market sensitivityBeta, 5 years
CSHI 0.01SHDG 0.71

CSHI and SHDG in the news

All news⁠

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