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CSHI vs SPYT

Neos Enhanced Income Cash Alternative ETF

CSHIANYSE Arca

Defiance S&P 500 Target Income ETF

SPYTCNYSE Arca

Overlap

0.0%by weight

Expense ratio

CSHI −0.54pt a year

CSHI0.38%SPYT0.92%

Avg volume · 30D

CSHI 5.8×the volume

CSHI712KSPYT122K

CSHI vs SPYT Performance

Oct 31, 2025 – Oct 30, 2026

+4.8%CSHI+10.5%SPYT

Oct 31, 2025 to Oct 30, 2026. CSHI +4.8%. SPYT +10.5%. Use the arrow keys to read each point.−5%0%15%Oct 2025Apr 2026Oct 2026
Expense ratio
CSHI 0.38%, better
SPYT 0.92%
Fund size
CSHI $2.12B
SPYT $169M
1Y total return
CSHI +4.8%
SPYT +10.5%, better
Yield (12M)
CSHI 4.82%
SPYT 21.22%, better
Holdings
CSHI 20
SPYT 3
Avg volume (30D)
CSHI 712K sh, better
SPYT 122K sh
NAV per share
CSHI $49.67
SPYT $16.66
52W range

ETF.net Grade

CSHI: Cost 75, Risk 84, Mission 92, Tradability 98, Holdings 69, Durability 80. SPYT: Cost 19, Risk 32, Mission 93, Tradability 53, Holdings 37, Durability 52.
Pillar letters and Scores for CSHI, SPYT, with each pillar’s weight
PillarCSHISPYT
Cost30% weightA75HigherF19
Mission25% weightA92A93Higher
Risk15% weightA84HigherD32
Tradability15% weightA98HigherC53
Holdings10% weightB69HigherD37
Durability5% weightA80HigherC52

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 SPYT 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 SPYT 35th 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 34CXSPINEOS Boosted S&P 500 High Income ETFScore 49
  4. Rank 35CSPYTDefiance S&P 500 Target Income ETFScore 47
  5. Rank 36CCAIECalamos Autocallable Income ETFScore 44

Our read on each fund

ETF.net Research

CSHIANeos Enhanced Income Cash Alternative ETF

SPYTCDefiance S&P 500 Target 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.

SPYT Most S&P 500 income funds sell a call and stop there. SPYT sells a daily call spread, buying a higher strike back, so above that upper strike it can track index gains again. Stated aim: a 20% annualized payout, paid 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.

SPYT The Fund primarily seeks current income and secondarily seeks exposure to the performance of the S&P 500 Index through an actively managed strategy that holds index-tracking ETFs and sells daily credit call spreads.

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.
  • SPYT The spread is the whole idea: sell a call at or near the money, buy one at a higher strike, so above that upper strike the fund can participate in index gains again.defianceetfs.comdefianceetfs.com 2
  • The income goal is written down, not implied: a 20% annual target paid monthly, and the fund has run the daily credit-spread strategy on its label since launching in 2024.defianceetfs.com
  • The equity sleeve is plain vanilla: unaffiliated ETFs that track the S&P 500 do the index work, with the options overlay bolted on top rather than replacing the stocks.defianceetfs.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.
  • SPYT Fee is 0.92%, above the typical S&P 500 income fund, and well above cheaper peers like IVVW at 0.25%, RSPA at 0.32% and GPIX at 0.35%.
  • Distributions can include return of capital, which Defiance discloses. Return of capital hands back your own money and reduces NAV per share rather than adding to it.defianceetfs.com
  • Writing near-the-money calls every day trades away index gains inside the spread band, so the payout and the S&P's move are pulling in opposite directions.defianceetfs.com

Full CSHI profile⁠

Full SPYT profile⁠

CSHI vs SPYT Holdings

How CSHI and SPYT differ

Overlap by weight

0.0%

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

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 SPYT, widest gap first
CountryMore in CSHIMore in SPYT
United StatesCSHI +0.4 points
SwitzerlandSPYT +0.3 points
ChinaSPYT +0.1 points
MexicoSame weight
IrelandSame weight
United KingdomSame weight

Concentration

Weight in the 10 largest Holdings

  • CSHI69.1%
  • SPYT102.2%

Securities held

  • CSHI20
  • SPYT3

Asset class

CSHI
Fixed Income
SPYT
Equity

Holdings

  • Only in CSHI20
  • In both0
  • Only in SPYT3

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%

Only in SPYT

3 securities, 100% of SPYT by weight

  • iShares Core S&P 500 ETF101.46%
  • Spx 11/02/2026 7595.23 C0.43%
  • First American Government Obligations Fund 12/01/20310.31%

Weight gaps

CSHI and SPYT share no securities.

All 10 CSHI holdings⁠All 5 SPYT 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 SPYT Cost

Overpaying SPYT vs CSHI

$9,667

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

  • CSHI 0.38%

    $7,706

  • SPYT 0.92%

    $17,373

$10,000
30 years

Cost over time

  • CSHI 0.38%
  • SPYT 0.92%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SPYT $17,373CSHI $7,706

Year by year

YearCSHISPYTOverpaying
10$688$1,627$939
20$2,658$6,138$3,480
30$7,706$17,373$9,667

Expense ratio

  • 0.38%CSHI, cheaper
  • 0.92%SPYT
  • Middle half of S&P 500 Option Income funds
  • Median 0.60%

CSHI 13th cheapest of 51 funds

SPYT 42nd cheapest of 51 funds

CSHI vs SPYT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CSHI 4.82%
SPYT 21.22%, better
Payout (12M)
CSHI $2.39
SPYT $3.54
Last payment
CSHI $0.21
SPYT $0.29
Ex-dividend
CSHI Oct 14, 2026
SPYT Oct 1, 2026
Paid on
CSHI Oct 16, 2026
SPYT Oct 2, 2026
Frequency
CSHI Monthly
SPYT Monthly

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
SPYTMonthly · 31 paymentsAll SPYT payments⁠
One bar per payment. 31 payments from 2023 to 2026 YTD. Apr 1, 2024 $0.34; May 1, 2024 $0.32; Jun 3, 2024 $0.33; Jul 1, 2024 $0.34; Jul 31, 2024 $0.33; Sep 3, 2024 $0.33; Oct 1, 2024 $0.33; Nov 1, 2024 $0.33; Dec 2, 2024 $0.34; Dec 31, 2024 $0.33; Feb 3, 2025 $0.33; Mar 3, 2025 $0.32; Apr 1, 2025 $0.30; May 1, 2025 $0.28; Jun 2, 2025 $0.30; Jul 1, 2025 $0.31; Aug 1, 2025 $0.32; Sep 2, 2025 $0.32; Oct 1, 2025 $0.32; Nov 3, 2025 $0.32; Dec 1, 2025 $0.31; Dec 31, 2025 $0.31; Feb 2, 2026 $0.30; Mar 2, 2026 $0.29; Apr 1, 2026 $0.26; May 1, 2026 $0.29; Jun 1, 2026 $0.30; Jul 1, 2026 $0.29; Aug 3, 2026 $0.29; Sep 1, 2026 $0.29; Oct 1, 2026 $0.29. Use the arrow keys to read each point.$0$0.2520232026YTD

CSHI vs SPYT 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%SPYT 10.8%since Apr 2024
Return per unit of riskSharpe ratio, 3 years
CSHI 2.04SPYT 0.83since Apr 2024
Worst fallMax drawdown, 5 years
CSHI −1.7%since Aug 2022SPYT −18.2%since Mar 2024
Market sensitivityBeta, 5 years
CSHI 0.01SPYT 0.91

CSHI and SPYT in the news

All news⁠

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