CSHI vs XRMI

CSHIANeos Enhanced Income Cash Alternative ETF

XRMIBGlobal X S&P 500 Risk Managed 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.

XRMI A covered-call fund with a seatbelt. XRMI owns the S&P 500, sells at-the-money calls for income, and spends part of that premium on puts 5% below the market, so the hedge is built in rather than bolted on. Pays monthly.

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.

XRMI XRMI seeks returns broadly corresponding to the price and yield performance of the Cboe S&P 500 Risk Managed Income Index. It owns S&P 500 stocks and uses a net-credit collar to generate income while mitigating significant market declines.

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.

• XRMI Net-credit collar: it sells at-the-money S&P 500 calls and buys 5% out-of-the-money puts, sized so the call premium collected exceeds the cost of the puts.globalxetfs.comglobalxetfs.com 2
• Calls are struck at the money, the fattest part of the premium curve, not safely out of the money. Distributions go out monthly.globalxetfs.com
• Holds the roughly 500 S&P 500 stocks outright and layers the options on top. No swap counterparty, no fund-of-funds wrapper.
• Running since 2021 and tied to a published Cboe index, so strikes and rolls follow a rulebook rather than a manager's read of the tape.

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.

• XRMI At-the-money calls trade away the upside above the strike each period, so equity gains in a strong rally are structurally limited.globalxetfs.com
• The put starts 5% below the market, so the first slice of a decline lands on the fund before the hedge engages.globalxetfs.com
• At 0.60% it sits at the median of a crowded S&P 500 options-income field where IVVW (0.25%) and GPIX (0.35%) run cheaper, and it trades thinly, so spreads matter.

Full CSHI profile⁠

Full XRMI profile⁠