CSHI vs SPYC: Grades, Fees and Holdings Compared

Neos Enhanced Income Cash Alternative ETF

CSHIANYSE Arca

Simplify US Equity PLUS Convexity ETF

SPYCCNYSE Arca

Overlap

0.0%by weight

Expense ratio

CSHI −0.15pt a year

CSHI0.38%SPYC0.53%

Avg volume · 30D

CSHI 39.5×the volume

CSHI712KSPYC18.1K

3Y return · a year

SPYC +13.7pt

CSHI+5.3%SPYC+19.0%

CSHI vs SPYC Performance

Oct 31, 2025 – Oct 30, 2026

+4.8%CSHI+1.9%SPYC

Expense ratio: CSHI 0.38%, better; SPYC 0.53%
Fund size: CSHI $2.12B; SPYC $69M
1Y total return: CSHI +4.8%, better; SPYC +1.9%
Yield (12M): CSHI 4.82%, better; SPYC 1.13%
Holdings: CSHI 20; SPYC 22
Avg volume (30D): CSHI 712K sh, better; SPYC 18.1K sh
NAV per share: CSHI $49.67; SPYC $44.27
52W range

ETF.net Grade

Pillar letters and Scores for CSHI, SPYC, with each pillar’s weight
Pillar	CSHI	SPYC
Cost30% weight	A75Higher	B60
Mission25% weight	A92Higher	D29
Risk15% weight	A84Higher	F12
Tradability15% weight	A98Higher	C53
Holdings10% weight	B69Higher	C44
Durability5% weight	A80Higher	C48

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. CSHI and SPYC 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 SPYC 39th 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 39CAPRJInnovator Premium Income 30 Barrier ETFScore 41
Rank 39CSPYCSimplify US Equity PLUS Convexity ETFScore 41
Rank 39CXISEFT Vest U.S. Equity Buffer & Premium Income ETF - SeptemberScore 41

Our read on each fund

ETF.net Research

CSHIANeos Enhanced Income Cash Alternative ETF

SPYCCSimplify US Equity PLUS Convexity 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.

SPYC Most funds in its peer group sell S&P 500 calls to harvest premium. SPYC does the opposite: a plain index core plus a small options budget built to pay off when the market makes an extreme move, up or down.

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.

SPYC The fund seeks capital appreciation through U.S. large-cap exposure and a systematic options overlay designed to boost performance during extreme market moves in either direction.

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.

SPYC The overlay points both ways. A modest options budget aims to boost results in big moves in either direction, not just cushion a selloff.simplify.us
The equity sleeve is boring on purpose: an S&P 500 index ETF (IVV) does the heavy lifting, with the options bolted on top.simplify.us
0.53% a year, below the 0.60% median for S&P 500 option-strategy funds, for a strategy most investors cannot rebuild in a brokerage account.
Trading since 2020, so the design has a multi-year live record instead of 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.

SPYC Buying options costs money every cycle. In markets that grind sideways, that budget is a drag on the index core.simplify.us
Thinly traded next to the giants of its category. Use limit orders and check the spread before you hit the button.
Not an income vehicle: it buys options rather than selling them, and pays quarterly. Premium-income peers like IVVW (0.25%) and GPIX (0.35%) charge less.

Full CSHI profile⁠

Full SPYC profile⁠

CSHI vs SPYC Holdings

How CSHI and SPYC differ

Overlap by weight

0.0%

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

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Countryby domicile99.5%

Sector

No Sector split for CSHI.

Country, concentration and asset class

Country by domicile

Country weights in CSHI and SPYC, widest gap first
Country	More in CSHIMore in SPYC	CSHI	SPYC
United States	CSHI +0.5 points	100.0%	99.5%
Switzerland	SPYC +0.3 points	0.0%	0.3%
China	SPYC +0.1 points	0.0%	0.1%
Mexico	SPYC +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

CSHI69.1%
SPYC141.2%

Securities held

CSHI20
SPYC20

Asset class

CSHI: Fixed Income
SPYC: Equity

Holdings

Only in CSHI20
In both0
Only in SPYC20

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 SPYC

20 securities, 100% of SPYC by weight

Ishares Core S+p 500 Etf84.04%
Trs Sbar 06152720.53%
Trs Sbar 05142720.19%
B 1/28/27 Govt4.43%
B 12/3/26 Govt1.77%
SPXW US 01/15/27 P6550 Index0.46%
SPXW US 11/20/26 P7050 Index0.16%
SPXW US 01/15/27 C8150 Index0.16%
SPXW US 11/20/26 P6525 Index0.14%
SPXW US 12/18/26 C8075 Index0.09%
SPXW US 12/18/26 C8100 Index0.08%
SPXW US 12/18/26 C8250 Index0.04%
SPXW US 12/18/26 C8275 Index0.03%
SPXW US 11/20/26 C8000 Index0.02%
SPXW US 11/30/26 C8150 Index0.01%
SPXW US 11/30/26 C8250 Index<0.01%
SPXW US 11/20/26 C8150 Index<0.01%
SPXW US 11/20/26 C8250 Index<0.01%
SPXW US 11/13/26 C8100 Index<0.01%
SPXW US 11/20/26 C8350 Index<0.01%

Weight gaps

CSHI and SPYC share no securities.

All 10 CSHI holdings⁠All 40 SPYC 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 SPYC Cost

Overpaying SPYC vs CSHI

$2,830

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

CSHI 0.38%
$7,706
SPYC 0.53%
$10,536

Amount$10,000

Years30 years

Cost over time

CSHI 0.38%
SPYC 0.53%
Overpaying

Year by year

Year	CSHI	SPYC	Overpaying
10	$688	$953	$265
20	$2,658	$3,658	$1,000
30	$7,706	$10,536	$2,830

Expense ratio

0.38%CSHI, cheaper
0.53%SPYC

CSHI0.38%SPYC0.53%

0.10%1.18%

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

CSHI 13th cheapest of 51 funds

SPYC 20th cheapest of 51 funds

CSHI vs SPYC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CSHI 4.82%, better; SPYC 1.13%
Payout (12M): CSHI $2.39; SPYC $0.50
Last payment: CSHI $0.21; SPYC $0.20
Ex-dividend: CSHI Oct 14, 2026; SPYC Sep 25, 2026
Paid on: CSHI Oct 16, 2026; SPYC Sep 30, 2026
Frequency: CSHI Monthly; SPYC Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

CSHIMonthly · 46 paymentsAll CSHI payments⁠

SPYCQuarterly · 15 paymentsAll SPYC payments⁠

CSHI vs SPYC 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%, betterSPYC 15.7%
Return per unit of riskSharpe ratio, 3 years: CSHI 2.04, betterSPYC 0.91
Worst fallMax drawdown, 5 years: CSHI −1.7%since Aug 2022SPYC −28.5%
Market sensitivityBeta, 5 years: CSHI 0.01SPYC 1.14; Market = 1

CSHI and SPYC 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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