BUCK vs TLTI

BUCKASimplify Treasury Option Income ETF

TLTICNEOS Enhanced Income 20+ Year Treasury Bond 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.

TLTI TLTI takes an odd route to Treasury income: it holds 20+ year Treasuries and sells S&P 500 put spreads on the side, so the payout leans on equity volatility while the bond leg keeps its own upside. Distributions monthly.

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.

TLTI The Fund seeks monthly income through a portfolio focused on U.S. Treasury securities with maturities of at least 20 years, supplemented by an actively managed S&P 500 put-option strategy.

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.

• TLTI The income engine sits outside the bonds. Premiums come from SPX put spreads sold against the portfolio, so the long-Treasury sleeve isn't capped by calls written on it.neosfunds.comneosfunds.com 2
• Built for tax-aware income: the SPX index options qualify as Section 1256 contracts, and the fund discloses that distributions have been classified as return of capital.neosfunds.com
• 0.58% is exactly the median fee among Treasury option-income funds, so the active overlay costs the going rate rather than a premium.
• Hands-on options book: the adviser can adjust the written and purchased puts before expiration instead of running a fixed roll on autopilot.neosfunds.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.

• TLTI Two risk dials, not one: 20+ year Treasuries move sharply with rates, and the short S&P 500 puts lose value in an equity selloff (the purchased puts bound how far).neosfunds.com
• Cheaper neighbors exist in the same lane: TLTW runs a buy-write on long Treasuries at 0.35% versus 0.58% here, though it writes calls on the bonds themselves.
• Launched December 2024, still a small fund that trades lightly. Short record to judge, and limit orders plus a glance at the spread are worth the extra click.

Full BUCK profile⁠

Full TLTI profile⁠