BUCK vs FIYY

BUCKASimplify Treasury Option Income ETF

FIYYFGraniteshares YieldBOOST 20Y+ Treasuries 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.

FIYY Most Treasury option-income funds sell options on bonds. FIYY sells them on a 3x leveraged Treasury ETF, chasing three times the premium of a plain 20+ year Treasury overlay, with its own upside capped.

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.

FIYY The fund seeks to earn three times the income produced by selling options on the ICE U.S. Treasury 20+ Year Bond Index, using options on leveraged ETFs targeting three times the index’s daily performance. It also seeks exposure to that leveraged ETF, subject to a gain cap.

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.

• FIYY Rather than writing options on Treasury bonds, it writes them on a 3x leveraged Treasury ETF, aiming for three times the income of selling options on the 20+ year Treasury index.graniteshares.com
• Premium isn't the whole story: the fund also seeks exposure to that leveraged Treasury ETF, so a rally in long bonds can contribute, up to a stated gain cap.graniteshares.com
• It's a standard 1940 Act ETF, so the option selling happens inside one ticker: no margin agreement, no option approvals, no contracts to roll yourself.graniteshares.com

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.

• FIYY At 1.07% a year, it costs roughly triple the plain 20+ year buy-writes TLTW and BUCK (0.35% each). The fee buys a leveraged engine, not a cheaper one.
• Writing options on a 3x fund means long-rate moves land about three times as hard, while the fund's own upside is limited by a gain cap.
• Launched in 2026, so there's little history behind it, and the prospectus discloses that distributions may include return of capital.

Full BUCK profile⁠

Full FIYY profile⁠