CSHI vs SPYH

CSHIANeos Enhanced Income Cash Alternative ETF

SPYHBNEOS S&P 500 Hedged Equity Income 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.

SPYH Most S&P 500 income funds sell calls and leave the downside wide open. SPYH sells the calls, then spends part of that premium on a put spread, so the hedge is built into the strategy rather than bolted on later. Pays 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.

SPYH The Fund seeks high monthly income in a tax-efficient manner while providing a measure of downside protection.

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.

• SPYH Holds the S&P 500 stocks, then layers a put spread collar on the index: calls sold for premium, protective puts bought with part of it, lower-strike puts sold to fund the rest.neosfunds.com
• Index options here qualify as Section 1256 contracts, taxed 60% long-term and 40% short-term. Part of the payout can be return of capital, which defers tax and trims cost basis.neosfunds.com
• Options are written on the index, not on individual names, so the equity sleeve stays a broad S&P 500 replication rather than a stock-picking bet.neosfunds.com
• Sits in the upper half of a crowded S&P 500 options-income field, and the issuer describes the hedge as constant and fully financed by option premium.neosfunds.com

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.

• SPYH The collar cuts both ways: sold calls limit how much of a rally you keep, and the bought-put cushion covers a band, not everything below it.neosfunds.com
• 0.68% a year is above the median for S&P 500 options-income funds; cheaper builds exist, such as IVVW at 0.25% and RSPA at 0.32%.
• Launched in 2025, small, and not among the heavily traded names in its category, so bid-ask spreads can run wider than at the giants.

Full CSHI profile⁠

Full SPYH profile⁠