CSHI vs ZHDG

CSHIANeos Enhanced Income Cash Alternative ETF

ZHDGDZega Buy & Hedge 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.

ZHDG Most S&P 500 options funds sell calls for income. ZHDG buys them: laddered long calls plus income assets and protective puts, aiming to hold equity-sleeve losses near 8-10% over any 12 months. Costs 0.95%.

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.

ZHDG The Fund seeks long-term capital appreciation while mitigating overall market risk.

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.

• ZHDG Builds S&P 500 exposure from long calls and income-producing assets, with put options for protection, targeting 100% notional market exposure without owning the stocks.sec.gov
• The ladder spans at least two expiration rungs across a rolling 12 months, so hedges roll continuously instead of resetting on one fixed annual date like buffer funds.sec.gov
• Upside comes from owning options rather than writing them, so this is not the premium-selling engine behind most funds in the S&P 500 options-income group. Running since 2021.sec.gov

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.

• ZHDG At 0.95% with no waiver, it sits above the category median; peers such as IVVW at 0.25% and GPIX at 0.29% (net of a waiver through April 30, 2027) run far cheaper.
• The hedge has a price: option time decay. The prospectus notes shorter-period losses can exceed the 8-10% target, and the fixed income sleeve can fall at the same time.sec.gov
• A small fund that can trade thinly, and it distributes annually or semiannually rather than monthly like much of the options-income category.

Full CSHI profile⁠

Full ZHDG profile⁠