Skip to content
etf.net

BUCK vs DEFR

Simplify Treasury Option Income ETF

BUCKANYSE Arca

Aptus Deferred Income ETF

DEFRCCboe

Overlap

Expense ratio

BUCK −0.41pt a year

BUCK0.38%DEFR0.79%

Avg volume · 30D

BUCK 10.0×the volume

BUCK196KDEFR19.7K

BUCK vs DEFR Performance

Oct 31, 2025 – Oct 30, 2026

+3.4%BUCK+0.4%DEFR

Oct 31, 2025 to Oct 30, 2026. BUCK +3.4%. DEFR +0.4%. Use the arrow keys to read each point.−2%−1%2%Oct 2025Apr 2026Oct 2026
Expense ratio
BUCK 0.38%, better
DEFR 0.79%
Fund size
BUCK $516M
DEFR $161M
1Y total return
BUCK +3.4%, better
DEFR +0.4%
Yield (12M)
BUCK 6.91%
DEFR No data
Holdings
BUCK 4
DEFR 5
Avg volume (30D)
BUCK 196K sh, better
DEFR 19.7K sh
NAV per share
BUCK $23.01
DEFR $26.55
52W range

ETF.net Grade

BUCK: Cost 84, Risk 57, Mission not scored, Tradability 59, Holdings 53, Durability 79. DEFR: Cost 31, Risk 39, Mission not scored, Tradability 49, Holdings 51, Durability 45.
Pillar letters and Scores for BUCK, DEFR, with each pillar’s weight
PillarBUCKDEFR
Cost30% weightA84HigherD31
Mission25% weightNot scoredNot scored
Risk15% weightB57HigherD39
Tradability15% weightB59HigherC49
Holdings10% weightC53HigherC51
Durability5% weightA79HigherC45

Rank among Treasury Option Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BUCK and DEFR are both graded against the same 13 Treasury Option Income funds, so their Grades compare head to head.

Treasury Option Income⁠

Category · 13 funds
See all 13 ›

BUCK ranks 3rd and DEFR 8th of 13 funds in the Treasury Option Income Category.

  1. Rank 1ABENJHorizon Landmark ETFScore 76
  2. Rank 2ATLTWiShares 20+ Year Treasury Bond BuyWrite Strategy ETFScore 75
  3. Rank 3ABUCKSimplify Treasury Option Income ETFScore 69
  4. Rank 4BJUCYAptus Enhanced Yield ETFScore 61
  5. Rank 7CUSDXSGI Enhanced Core ETFScore 42
  6. Rank 8CDEFRAptus Deferred Income ETFScore 40
  7. Rank 8CLQDMAmplify LQD Investment Grade 12% Target Income ETFScore 40

Our read on each fund

ETF.net Research

BUCKASimplify Treasury Option Income ETF

DEFRCAptus Deferred Income ETF

In short

BUCK Most Treasury option-income funds write calls on 20+ year bonds and hand you the duration ride. BUCK works the short end: U.S. government securities kept to a year or less of duration, with an option overlay on top, paying monthly.

DEFR No data

Stated mandate

BUCK The fund seeks monthly income through an actively managed portfolio with at least 80% of net assets in U.S. government securities. It seeks total returns while keeping duration at one year or less and uses risk-managed option writing to add income and total return.

DEFR No data

Why people hold it

  • BUCK Duration is capped at one year or less by mandate, so income leans on the option writing rather than a bet on long-bond prices.simplify.us
  • A 0.35% expense ratio undercuts the typical fee among Treasury option-income funds and ties the cheapest of its top-ranked peers, TLTW.
  • Pays monthly, with at least 80% of net assets in U.S. government securities, so the engine sits on Treasuries rather than corporate credit.
  • Sits in the upper half of its small Treasury-overlay peer group, one of the stronger takes on the short-bonds-plus-options idea.

DEFR No data

Worth knowing

  • BUCK Actively managed with no published index behind it. Results ride on how the manager runs the option book, and premium income varies month to month.
  • Selling options is a trade: premium now in exchange for giving up some upside on the underlying positions.simplify.us
  • Launched in 2022, so the live record covers a short and unusual stretch of rate history.

DEFR No data

Full BUCK profile⁠

Full DEFR profile⁠

BUCK vs DEFR 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.

BUCK vs DEFR Cost

Overpaying DEFR vs BUCK

$7,468

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

  • BUCK 0.38%

    $7,706

  • DEFR 0.79%

    $15,174

$10,000
30 years

Cost over time

  • BUCK 0.38%
  • DEFR 0.79%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DEFR $15,174BUCK $7,706

Year by year

YearBUCKDEFROverpaying
10$688$1,405$717
20$2,658$5,331$2,673
30$7,706$15,174$7,468

Expense ratio

  • 0.38%BUCK, cheaper
  • 0.79%DEFR
  • Middle half of Treasury Option Income funds
  • Median 0.65%

BUCK 2nd cheapest of 13 funds

DEFR 8th cheapest of 13 funds

BUCK vs DEFR Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BUCK 6.91%
DEFR No data
Payout (12M)
BUCK $1.59
DEFR None
Last payment
BUCK $0.12
DEFR No data
Ex-dividend
BUCK Oct 27, 2026
DEFR No data
Paid on
BUCK Oct 30, 2026
DEFR No data
Frequency
BUCK Monthly
DEFR No data

Distribution history

Per share, 2023 to 2026, same scale for both

BUCKMonthly · 46 paymentsAll BUCK payments⁠
One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 26, 2023 $0.10; Feb 23, 2023 $0.10; Mar 27, 2023 $0.10; Apr 25, 2023 $0.10; May 25, 2023 $0.10; Jun 27, 2023 $0.10; Jul 26, 2023 $0.10; Aug 28, 2023 $0.10; Sep 27, 2023 $0.10; Oct 26, 2023 $0.10; Nov 27, 2023 $0.10; Dec 26, 2023 $0.11; Jan 26, 2024 $0.20; Feb 26, 2024 $0.25; Mar 25, 2024 $0.25; Apr 25, 2024 $0.14; May 24, 2024 $0.14; Jun 25, 2024 $0.20; Jul 26, 2024 $0.20; Aug 27, 2024 $0.20; Sep 25, 2024 $0.20; Oct 28, 2024 $0.14; Nov 25, 2024 $0.14; Dec 23, 2024 $0.11; Jan 28, 2025 $0.15; Feb 25, 2025 $0.15; Mar 26, 2025 $0.15; Apr 25, 2025 $0.15; May 27, 2025 $0.15; Jun 25, 2025 $0.15; Jul 28, 2025 $0.15; Aug 26, 2025 $0.15; Sep 25, 2025 $0.15; Oct 28, 2025 $0.15; Nov 21, 2025 $0.15; Dec 23, 2025 $0.15; Jan 27, 2026 $0.15; Feb 24, 2026 $0.14; Mar 26, 2026 $0.14; Apr 27, 2026 $0.14; May 26, 2026 $0.12; Jun 25, 2026 $0.12; Jul 28, 2026 $0.12; Aug 26, 2026 $0.12; Sep 25, 2026 $0.12; Oct 27, 2026 $0.12. Use the arrow keys to read each point.$0$0.2520232026YTD
DEFRAll DEFR payments⁠

No distribution history available.

BUCK vs DEFR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BUCK 3.0%DEFR 5.0%since Jun 2025
Return per unit of riskSharpe ratio, 3 years
BUCK 0.08DEFR 0.004since Jun 2025
Worst fallMax drawdown, 5 years
BUCK −5.4%since Oct 2022DEFR −5.0%since May 2025
Market sensitivityBeta, 5 years
BUCK 0.08DEFR 0.12

BUCK and DEFR in the news

All news⁠

Popular comparisons

  • BUCKAvsBENJA

    Simplify Treasury Option Income ETF · Horizon Landmark ETF

    Expense ratio
    0.38% · 0.40%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • DEFRCvsBENJA

    Aptus Deferred Income ETF · Horizon Landmark ETF

    Expense ratio
    0.79% · 0.40%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BUCKAvsTLTWA

    Simplify Treasury Option Income ETF · iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

    Expense ratio
    0.38% · 0.35%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • DEFRCvsTLTWA

    Aptus Deferred Income ETF · iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

    Expense ratio
    0.79% · 0.35%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BUCKAvsJUCYB

    Simplify Treasury Option Income ETF · Aptus Enhanced Yield ETF

    Expense ratio
    0.38% · 0.60%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • DEFRCvsJUCYB

    Aptus Deferred Income ETF · Aptus Enhanced Yield ETF

    Expense ratio
    0.79% · 0.60%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.