CSHI vs XPAY: Grades, Fees and Holdings Compared

Neos Enhanced Income Cash Alternative ETF

CSHIANYSE Arca

Roundhill S&P 500 Target 20 Managed Distribution ETF

XPAYBNYSE Arca

Overlap

0.0%by weight

Expense ratio

CSHI −0.11pt a year

CSHI0.38%XPAY0.49%

Avg volume · 30D

CSHI 15.4×the volume

CSHI712KXPAY46.2K

CSHI vs XPAY Performance

Oct 31, 2025 – Oct 30, 2026

+4.8%CSHI+11.2%XPAY

Expense ratio: CSHI 0.38%, better; XPAY 0.49%
Fund size: CSHI $2.12B; XPAY $184M
1Y total return: CSHI +4.8%; XPAY +11.2%, better
Yield (12M): CSHI 4.82%; XPAY 21.59%, better
Holdings: CSHI 20; XPAY 2
Avg volume (30D): CSHI 712K sh, better; XPAY 46.2K sh
NAV per share: CSHI $49.67; XPAY $50.69
52W range

ETF.net Grade

Pillar letters and Scores for CSHI, XPAY, with each pillar’s weight
Pillar	CSHI	XPAY
Cost30% weight	A75Higher	B65
Mission25% weight	A92	A94Higher
Risk15% weight	A84Higher	D28
Tradability15% weight	A98Higher	B58
Holdings10% weight	B69Higher	C51
Durability5% weight	A80Higher	C54

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. CSHI and XPAY 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 XPAY 20th of 51 funds in the S&P 500 Option Income Category.

Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 83
Rank 2ABALIiShares U.S. Large Cap Premium Income Active ETFScore 81
Rank 20BPEPSParametric Equity Plus ETFScore 63
Rank 20BXPAYRoundhill S&P 500 Target 20 Managed Distribution ETFScore 63
Rank 23BBNDINeos Enhanced Income Aggregate Bond ETFScore 61

Our read on each fund

ETF.net Research

CSHIANeos Enhanced Income Cash Alternative ETF

XPAYBRoundhill S&P 500 Target 20 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.

XPAY Most S&P 500 income funds sell upside to fund the check. XPAY skips that: it holds index exposure through FLEX options and pays out 20% of its year-end NAV in twelve monthly slices, mostly as return of capital.

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.

XPAY The fund seeks current income while also seeking exposure to the performance of the S&P 500 Index.

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.

XPAY The payout is a formula, not a forecast: 20% of the December closing NAV, divided by twelve. The per-share monthly amount is set for the full calendar year and published up front.roundhillinvestments.com roundhillinvestments.com 2
Distributions are designed to arrive as return of capital, which is not taxed in the year received and instead reduces your cost basis.prnewswire.com
At 0.49% it costs less than the typical fund in its S&P 500 income cohort, and unlike buy-write peers such as IVVW it is not selling index upside to raise the cash.roundhillinvestments.com
Roundhill states the mechanism plainly (SPY FLEX options, an annual December reset, return-of-capital payouts) and the fund runs to that script. Upper half of a crowded cohort.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.

XPAY The distribution is paid from fund assets whatever the market does. In a year the index returns less than the payout, NAV falls, and next year's per-share amount resets lower.roundhillinvestments.com prnewswire.com
Return of capital is not free money. It trims your cost basis, so a later sale can carry a larger gain (or a smaller loss).prnewswire.com
Full S&P 500 downside, no buffer, plus a 2024 launch and moderate trading. Shorter record and thinner liquidity than the category's biggest names.roundhillinvestments.com

Full CSHI profile⁠

Full XPAY profile⁠

CSHI vs XPAY Holdings

How CSHI and XPAY differ

Overlap by weight

0.0%

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

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 XPAY, widest gap first
Country	More in CSHIMore in XPAY	CSHI	XPAY
United States	CSHI +0.5 points	100.0%	99.5%
Switzerland	XPAY +0.3 points	0.0%	0.3%
China	XPAY +0.1 points	0.0%	0.1%
Mexico	XPAY +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

CSHI69.1%
XPAY100.0%

Securities held

CSHI20
XPAY2

Asset class

CSHI: Fixed Income
XPAY: Equity

Holdings

Only in CSHI20
In both0
Only in XPAY2

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%
United States Treasury Bill 12/10/20267.09%
United States Treasury Bill 12/08/20267.06%
United States Treasury Bill 11/27/20266.81%
United States Treasury Bill 12/22/20266.76%
United States Treasury Bill 01/21/20276.53%
United States Treasury Bill 12/03/20266.49%
United States Treasury Bill 01/19/20276.39%
United States Treasury Bill 11/24/20266.34%
United States Treasury Bill 11/19/20266.33%
United States Treasury Bill 11/12/20266.24%
United States Treasury Bill 11/17/20266.18%
United States Treasury Bill 01/12/20274.55%
Cash & Other1.38%
Spxw Us 11/12/26 P70250.03%
Spxw Us 11/12/26 P67750.02%
Spxw Us 11/12/26 P67000.02%
Spxw Us 11/12/26 P66250.02%

Only in XPAY

2 securities, 100% of XPAY by weight

Spy 12/10/2027 38.04 C94.32%
First American Government Obligations Fund 12/01/20315.72%

Weight gaps

CSHI and XPAY share no securities.

All 10 CSHI holdings⁠All 6 XPAY 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 XPAY Cost

Overpaying XPAY vs CSHI

$2,086

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

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

Amount$10,000

Years30 years

Cost over time

CSHI 0.38%
XPAY 0.49%
Overpaying

Year by year

Year	CSHI	XPAY	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%XPAY

CSHI0.38%XPAY0.49%

0.10%1.18%

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

CSHI 13th cheapest of 51 funds

XPAY 17th cheapest of 51 funds

CSHI vs XPAY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CSHI 4.82%; XPAY 21.59%, better
Payout (12M): CSHI $2.39; XPAY $10.90
Last payment: CSHI $0.21; XPAY $0.90
Ex-dividend: CSHI Oct 14, 2026; XPAY Oct 14, 2026
Paid on: CSHI Oct 16, 2026; XPAY Oct 15, 2026
Frequency: CSHI Monthly; XPAY Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CSHIMonthly · 46 paymentsAll CSHI payments⁠

XPAYMonthly · 24 paymentsAll XPAY payments⁠

CSHI vs XPAY 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%XPAY 12.9%since Nov 2024
Return per unit of riskSharpe ratio, 3 years: CSHI 2.04XPAY 0.87since Nov 2024
Worst fallMax drawdown, 5 years: CSHI −1.7%since Aug 2022XPAY −18.2%since Oct 2024
Market sensitivityBeta, 5 years: CSHI 0.01XPAY 1.01; Market = 1

CSHI and XPAY in the news

All news⁠

ETF Filings
NestYield files a Treasury-bill fund targeting 6% to 12%, above bill yields
Oct 2, 2026CSHI

Popular comparisons

CSHIAvsBALIA
Neos Enhanced Income Cash Alternative ETF · iShares U.S. Large Cap Premium Income Active ETF
Expense ratio
0.38% · 0.35%
Category
XPAYBvsBALIA
Roundhill S&P 500 Target 20 Managed Distribution ETF · iShares U.S. Large Cap Premium Income Active ETF
Expense ratio
0.49% · 0.35%
Category
CSHIAvsIVVWA
Neos Enhanced Income Cash Alternative ETF · iShares S&P 500 BuyWrite ETF
Expense ratio
0.38% · 0.25%
Category
XPAYBvsIVVWA
Roundhill S&P 500 Target 20 Managed Distribution ETF · iShares S&P 500 BuyWrite ETF
Expense ratio
0.49% · 0.25%
Category
CSHIAvsGPIXA
Neos Enhanced Income Cash Alternative ETF · Goldman Sachs S&P 500 Premium Income ETF
Expense ratio
0.38% · 0.29%
Category
XPAYBvsGPIXA
Roundhill S&P 500 Target 20 Managed Distribution ETF · Goldman Sachs S&P 500 Premium Income ETF
Expense ratio
0.49% · 0.29%
Category

CSHI vs XPAY

In short

Stated mandate

Why people hold it

Worth knowing

How CSHI and XPAY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CSHI

Only in XPAY

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 XPAY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CSHI

Only in XPAY

Weight gaps