CSHI vs TPAY: Grades, Fees and Holdings Compared

Neos Enhanced Income Cash Alternative ETF

CSHIANYSE Arca

Roundhill S&P 500 Target 10 Managed Distribution ETF

TPAYCCboe

Overlap

0.0%by weight

Expense ratio

CSHI −0.11pt a year

CSHI0.38%TPAY0.49%

Avg volume · 30D

CSHI 618.5×the volume

CSHI747KTPAY1.21K

CSHI vs TPAY Performance

Aug 7, 2026 – Nov 9, 2026

+0.9%CSHI−2.9%TPAY

Expense ratio: CSHI 0.38%, better; TPAY 0.49%
Fund size: CSHI $2.14B; TPAY $2M
1Y total return: CSHI +4.8%; TPAY No data
Yield (12M): CSHI 4.82%; TPAY 6.46%, better
Holdings: CSHI 20; TPAY 4
Avg volume (30D): CSHI 747K sh, better; TPAY 1.21K sh
NAV per share: CSHI $49.63; TPAY $51.07
52W range

ETF.net Grade

Pillar letters and Scores for CSHI, TPAY, with each pillar’s weight
Pillar	CSHI	TPAY
Cost30% weight	A76Higher	B66
Mission25% weight	A89	A100Higher
Risk15% weight	A82Higher	D35
Tradability15% weight	A97Higher	D31
Holdings10% weight	A70Higher	F24
Durability5% weight	A82Higher	D30

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. CSHI and TPAY 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 TPAY 42nd of 51 funds in the S&P 500 Option Income Category.

Rank 1ABALIiShares U.S. Large Cap Premium Income Active ETFScore 82
Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 82
Rank 3AIVVWiShares S&P 500 BuyWrite ETFScore 80
Rank 42DOCTJInnovator Premium Income 30 Barrier ETFScore 40
Rank 42CTPAYRoundhill S&P 500 Target 10 Managed Distribution ETFScore 40
Rank 42CXISEFT Vest U.S. Equity Buffer & Premium Income ETF - SeptemberScore 40

Our read on each fund

ETF.net Research

CSHIANeos Enhanced Income Cash Alternative ETF

TPAYCRoundhill S&P 500 Target 10 Managed Distribution 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.

TPAY Most S&P 500 income funds pay out whatever the options market hands them. TPAY works backwards: set the number first (a 10% annualized distribution rate, paid monthly), then run the S&P 500 sleeve to fund it.

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.

TPAY The Fund seeks exposure to the return of the S&P 500® Index while pursuing tax-efficient monthly distributions.

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.

TPAY The payout is a stated formula, not a leftover: a 10% annualized distribution rate on a monthly schedule, written into the fund's own income policy.roundhillinvestments.com
Fee of 0.49% a year, below the median for S&P 500 options-income funds.
Actively managed around roughly 60 US positions rather than a fixed buy-write recipe, aiming at S&P 500 return plus tax-aware monthly cash.
The tax angle is the point: the fund is built to make distributions tax-efficient, not just large.roundhillinvestments.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.

TPAY A target rate is a payment schedule, not a return engine. When the portfolio earns less than it pays, the distribution comes partly out of the fund's own capital.
The fund discloses that payouts can include return of capital, which trims your cost basis instead of arriving as income. Your year-end tax form is the real scorecard.
A 2026 launch in a crowded cohort: small and thinly traded so far, which can mean wider bid-ask spreads than the category's giants.

Full CSHI profile⁠

Full TPAY profile⁠

CSHI vs TPAY Holdings

How CSHI and TPAY differ

Overlap by weight

0.0%

About this figure: CSHI earns income from options, which aren’t counted.

TPAY earns income from options, which aren’t counted.

Level by level

Asset classBonds, Stocks0.0%
Holdings0 in both0.0%
Sector11 Sectors94.8%
Countryby domicile99.5%

Sector

Sector weights in CSHI and TPAY, widest gap first
Sector	Gap	CSHI	TPAY
Technology	CSHI +4.1 points	40.5%	36.4%
Financials	TPAY +1.4 points	11.2%	12.6%
Health Care	TPAY +1.3 points	9.3%	10.6%
Communication	CSHI +1.1 points	9.9%	8.8%
Consumer Discretionary	TPAY +1.0 points	8.7%	9.7%
Consumer Staples	TPAY +0.8 points	4.3%	5.1%
Utilities	TPAY +0.2 points	1.9%	2.1%
Real Estate	TPAY +0.2 points	1.7%	1.9%
Energy	TPAY +0.1 points	3.4%	3.5%
Materials	Same weight	1.6%	1.6%
Industrials	TPAY +0.1 points	7.5%	7.6%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

CSHI69.4%
TPAY100.0%

Securities held

CSHI20
TPAY3

Asset class

CSHI: Bonds
TPAY: Stocks

Holdings

Only in CSHI20
In both0
Only in TPAY3

Only in CSHI

20 securities, 100% of CSHI by weight

United States Treasury Bill 01/07/20277.41%
United States Treasury Bill 01/28/20277.30%
United States Treasury Bill 01/19/20277.26%
United States Treasury Bill 12/29/20267.03%
United States Treasury Bill 12/10/20267.02%
United States Treasury Bill 12/08/20267.00%
United States Treasury Bill 11/27/20266.75%
United States Treasury Bill 12/22/20266.71%
United States Treasury Bill 01/21/20276.47%
United States Treasury Bill 12/03/20266.43%
United States Treasury Bill 11/24/20266.29%
United States Treasury Bill 11/19/20266.28%
United States Treasury Bill 11/12/20266.18%
United States Treasury Bill 11/17/20266.13%
United States Treasury Bill 01/12/20274.51%
Cash & Other1.37%
Spxw Us 11/19/26 P67500.06%
Spxw Us 11/19/26 P65250.04%
Spxw Us 11/19/26 P65000.04%
Spxw Us 11/19/26 P64000.03%

Only in TPAY

3 securities, 95.2% of TPAY by weight

Spy 03/12/2027 33.67 C44.59%
Spy 04/16/2027 33.18 C44.51%
Spym 03/12/2027 3.33 C6.12%

Weight gaps

CSHI and TPAY share no securities.

All 10 CSHI holdings⁠All 55 TPAY 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 TPAY Cost

Overpaying TPAY vs CSHI

$2,086

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

CSHI 0.38%
$7,706
TPAY 0.49%
$9,792

Amount$10,000

Years30 years

Cost over time

CSHI 0.38%
TPAY 0.49%
Overpaying

Year by year

Year	CSHI	TPAY	Overpaying
10	$688	$883	$195
20	$2,658	$3,394	$736
30	$7,706	$9,792	$2,086

Expense ratio

0.38%CSHI, cheaper
0.49%TPAY

CSHI0.38%TPAY0.49%

0.10%1.18%

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

CSHI 13th cheapest of 51 funds

TPAY 17th cheapest of 51 funds

CSHI vs TPAY Dividends

Last 12 months to Nov 9, 2026

Yield (12M): CSHI 4.82%; TPAY 6.46%, better
Payout (12M): CSHI $2.39; TPAY $3.37
Last payment: CSHI $0.21; TPAY $0.42
Ex-dividend: CSHI Oct 14, 2026; TPAY Oct 14, 2026
Paid on: CSHI Oct 16, 2026; TPAY Oct 15, 2026
Frequency: CSHI Monthly; TPAY Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CSHIMonthly · 46 paymentsAll CSHI payments⁠

TPAYMonthly · 9 paymentsAll TPAY payments⁠

CSHI vs TPAY 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%TPAY No data
Return per unit of riskSharpe ratio, 3 years: CSHI 2.04TPAY No data
Worst fallMax drawdown, 5 years: CSHI −1.7%since Aug 2022TPAY No data
Market sensitivityBeta, 5 years: CSHI 0.01TPAY 0.99; Market = 1

CSHI and TPAY 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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CSHI vs TPAY

In short

Stated mandate

Why people hold it

Worth knowing

How CSHI and TPAY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CSHI

Only in TPAY

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

NestYield files a Treasury-bill fund targeting 6% to 12%, above bill yields

How CSHI and TPAY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CSHI

Only in TPAY

Weight gaps