CSHI vs TSPY

CSHIANeos Enhanced Income Cash Alternative ETF

TSPYBTappAlpha SPY Growth & Daily 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.

TSPY TappAlpha writes S&P 500 calls that expire the same day, harvesting premium daily instead of monthly, and distributes monthly. An actively run take on the covered-call trade that still chases capital appreciation, not just yield.

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.

TSPY The Fund seeks current income and capital appreciation while obtaining exposure to the S&P 500® Index through an actively managed covered-call strategy. It sells primarily daily or 0DTE call options against its long S&P 500 exposure to generate option-premium income.

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.

• TSPY Sells primarily daily (0DTE) calls against its S&P 500 exposure, so strikes reset with the market instead of locking in a month-old view.
• The label is the strategy: US S&P 500 equity exposure with calls written on top, actively managed, no drift into other benchmarks.
• Pays monthly, and sits in the upper half of a crowded 51-fund S&P 500 options-income cohort.
• Standard 1940 Act ETF wrapper, so no K-1 and no exotic legal structure behind the options sleeve.

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.

• TSPY At 0.77% it runs above the cohort's median fee and well above rules-based S&P 500 overwriters like IVVW (0.25%) and GPIX (0.35%).
• The fund discloses that distributions can include return of capital, which is your own money coming back and lowers your cost basis.
• Launched in 2024, so the track record is short. Writing calls every day also gives up part of the upside on sharp rally days.

Full CSHI profile⁠

Full TSPY profile⁠