CSHI vs XDTE

CSHIANeos Enhanced Income Cash Alternative ETF

XDTECRoundhill S&P 500 0DTE Covered Call Strategy 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.

XDTE The original 0DTE covered call fund. It sells same-day S&P 500 calls each morning and lets them expire at the close, capping the trading session while leaving the overnight stretch uncapped. Pays weekly.

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.

XDTE The Fund's primary objective is current income and its secondary objective is capital appreciation. It uses a synthetic covered-call strategy to provide weekly income while maintaining exposure to the S&P 500 Index's price return.

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.

• XDTE The first ETF built on zero-days-to-expiry options on the S&P 500, live since March 2024. Roundhill has since cloned the design onto Nasdaq and Russell 2000 versions.roundhillinvestments.comnasdaq.com
• The short calls are written at the open and expire that afternoon, so the fund carries the index overnight without a call sitting on top of it.roundhillinvestments.com
• Long exposure comes from a deep in-the-money FLEX call on the S&P 500 rather than a basket of stocks, a clean way to track the index's price return.roundhillinvestments.com
• Income lands weekly, not monthly or quarterly, and the payout cadence is baked into how the strategy is run rather than bolted on.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.

• XDTE At 0.97% a year it runs well above the 0.60% median for S&P 500 options-income funds, and plain buy-write rivals like IVVW (0.25%) and GPIX (0.35%) charge far less.
• Roundhill discloses that distributions may exceed the fund's income and gains, with the excess treated as return of capital. Check the tax detail on the fund page.roundhillinvestments.comroundhillinvestments.com 2
• A covered call trades upside for premium: gains above the strike during the session belong to the option buyer, so big intraday rallies get clipped.roundhillinvestments.com

Full CSHI profile⁠

Full XDTE profile⁠