HIGH vs SPIN

HIGHCSimplify Enhanced Income ETF

SPINAState Street US Equity Premium Income ETF

In short

HIGH Most income ETFs sell calls on stocks they own. HIGH instead runs an algorithm that sells short-dated put and call spreads across equity and bond instruments, aiming for monthly income at roughly half the typical cost in its peer group.

SPIN State Street's take on the covered-call boom: an actively picked book of large- and mid-cap US stocks with index calls written over the top, priced at 0.25% a year, a fraction of the typical options-income fee.

Stated mandate

HIGH HIGH seeks monthly income by actively selling short-dated put and call spreads across equity and fixed-income instruments, potentially including indices, ETFs, and individual securities. Its algorithm seeks risk-adjusted returns while managing option-selling tail risk.

SPIN SPIN seeks current income while retaining potential for long-term growth. It actively invests in large- and mid-cap U.S. stocks selected for fundamentals, valuation, and growth prospects, while dynamically selling calls on a U.S. large-cap exposure such as the S&P 500 to add monthly income.

Why people hold it

• HIGH 0.50% a year, about half the typical options-income fund's fee and below higher-rated peers like DIVO.
• Spreads, not naked options. Each short put or call is paired with a long leg, so the loss on a single trade is bounded. Managing option-selling tail risk is written into the mandate.simplify.us
• Pays monthly, and the strategy reaches across both equity and fixed-income instruments rather than one index sleeve.
• Sits in the upper half of a crowded 50-plus fund options-income group on our review.

• SPIN 0.25% a year, a fraction of the typical options-income fee, and it undercuts close peers like PAPI (0.29%), ROCY and JOYT (0.35%) and DIVO (0.56%).
• Calls are sold against a US large-cap exposure such as the S&P 500 rather than name by name, so the stock sleeve's individual winners aren't each capped.ssga.com
• Underneath the overlay sits a real stock book: roughly 90 large- and mid-cap US names chosen on fundamentals, valuation and growth. Income is paid monthly.
• On cost and how closely it delivers its stated mandate, it sits among the stronger builds in a crowded options-income field.

Worth knowing

• HIGH Trades lightly next to the category's biggest names, so bid-ask spreads can be wider and order size matters more.
• Fully active with no index to check it against. Outcomes ride on the manager's option selection, and payouts move with the premiums the market offers.
• A compact book (about 40 positions, largely options and collateral) launched in 2022, so it behaves less like a stock basket and has a shorter record than older peers.

• SPIN The overlay pays for monthly income by giving up part of a sharp rally in the index it writes against. That trade sits at the heart of every covered-call fund.
• Small and lightly traded next to the category's household names, which can mean wider spreads getting in and out.
• Live since 2024, so the track record is short and hasn't spanned a full market cycle.

Full HIGH profile⁠

Full SPIN profile⁠