CSHI vs YSPY

CSHIANeos Enhanced Income Cash Alternative ETF

YSPYDGraniteShares YieldBOOST SPY 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.

YSPY Most S&P 500 income funds sell calls on stocks they own. YSPY sells puts on the 3x SPY ETF instead, aiming for triple the option premium, at 1.15% net of a waiver through December 31, 2026.

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.

YSPY The fund seeks to generate income through an options strategy, primarily by selling put options on leveraged ETFs that track the 3x Long SPY Daily ETF.

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.

• YSPY Aims for 3x the income of a plain SPY options-writing strategy by selling puts on ETFs that track 3x daily SPY, where bigger swings mean bigger premiums. Pays monthly.graniteshares.com
• Not a buy-write. Where IVVW and GPIX sell calls against an S&P 500 basket, YSPY writes puts on a leveraged proxy: a different engine aimed at the same income job.graniteshares.com
• Short-dated options cycles feed monthly distributions, so the payout rhythm stays regular even as the dollar amount moves with volatility and strike levels.graniteshares.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.

• YSPY Not cheap: 1.15% net of a waiver through December 31, 2026, against 5.88% gross, and above the category median. IVVW runs 0.25%, GPIX 0.29% net of a waiver through April 30, 2027.
• Short puts cut both ways: the fund takes the leveraged ETF's declines, while its secondary upside exposure is capped at preset strike levels.graniteshares.comgraniteshares.com 2
• A 2025 launch, still small and lightly traded, which can mean wider spreads than the household names in the S&P 500 income category.

Full CSHI profile⁠

Full YSPY profile⁠