CSHI vs TPUT

CSHIANeos Enhanced Income Cash Alternative ETF

TPUTAT. Rowe Price Capital Appreciation Market Opportunities 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.

TPUT Most S&P 500 income ETFs sell calls on stocks they own. This one sells puts instead: premiums up front, equity exposure only if the market falls to the strike. Giroux's Capital Appreciation team runs it for 0.25%.

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.

TPUT The fund seeks current income while retaining the potential for capital appreciation.

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.

• TPUT Writes out-of-the-money put options on the S&P 500 or SPY rather than calls on a stock portfolio, a different income engine from the covered-call funds that fill this cohort.sec.gov
• At 0.25%, it sits in the cheapest tier of S&P 500 options-income ETFs, level with IVVW and materially under XYLD and SPYI.troweprice.com
• Seven T. Rowe Price managers run it, including David Giroux, using the Capital Appreciation strategy's dynamic asset allocation model to time the writing.troweprice.com
• Stated goal is current income while retaining the potential for capital appreciation, with the written puts as the on-ramp into stocks at lower prices.sec.gov

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.

• TPUT Put writing trades away the melt-up: if the index keeps climbing, the fund keeps the premium, not the rally.sec.gov
• If the index settles below the strike, the fund owes the shortfall less the premium collected, the same math as owning at that price.troweprice.com
• A 2026 launch, small and thinly traded so far, which can mean wider spreads. Distributions may include return of capital.

Full CSHI profile⁠

Full TPUT profile⁠