CSHI vs SPUT

CSHIANeos Enhanced Income Cash Alternative ETF

SPUTCInnovator Equity Premium Income – Daily PutWrite 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.

SPUT Most S&P 500 income ETFs sell calls on stock they own. SPUT flips the trade: an actively run large-cap sleeve paired with puts written on the index every single day, with cash paid out monthly.

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.

SPUT The Fund seeks current income while providing capital appreciation through an actively managed equity portfolio and a daily put-write options 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.

• SPUT Income comes from writing puts on the S&P 500, not calls on its own shares, so the options engine sits alongside the equity sleeve instead of on top of it.innovatoretfs.com
• Puts are written daily rather than once a month, spreading strike-setting across many entry points instead of one date on the calendar.innovatoretfs.com
• Pays monthly, and the stock side is a broad active portfolio of roughly 500 names rather than a handful of megacaps.

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.

• SPUT The 0.79% fee sits above what most S&P 500 income funds charge: IVVW runs 0.25%, GPIX 0.35%.
• Launched in 2025, still small and thinly traded, so bid-ask spreads can run wider than in the category's heavyweights.
• Innovator discloses that monthly distributions can include return of capital, meaning part of a payout may be your own money coming back.innovatoretfs.com

Full CSHI profile⁠

Full SPUT profile⁠