ONEH vs PFIX

ONEHDTrueShares Equity Hedge ETF

PFIXBSimplify Interest Rate Hedge ETF

In short

ONEH Most tail hedges only play defense. ONEH keeps an "always on" put position on the S&P 500, then harvests part of any hedge gains into calls to chase the bounce. A crash-and-recovery tool, actively run, new since 2026.

PFIX A rate hedge built from an institutional tool. PFIX holds a long-dated OTC payer swaption on the 20-year rate, designed to behave much like owning puts on long Treasury bonds, and it launched in 2021 as the first ETF to package that trade.

Stated mandate

ONEH The Fund seeks to profit from equity market declines and subsequent reversals, with income as a secondary objective. It pursues this through actively managed long put and long call strategies implemented primarily with unfunded total return swaps.

PFIX The fund is designed to hedge against rising long-term interest rates and potentially benefit when fixed-income volatility and market stress increase.

Why people hold it

• ONEH The recovery leg is the twist: when the put hedge gains value, part of that profit is tactically reallocated to a call strategy aimed at a market reversal, not parked in cash.true-shares.com
• The strategic hedge is meant to stay "always on" through long puts, so there is no guessing about when to switch protection on before a drawdown.true-shares.com
• One ticker instead of running your own put book: strike selection, rolls and profit-taking sit with an active manager, implemented mainly through unfunded total return swaps.

• PFIX Direct, convex exposure to a jump in long-term rates: the payer swaption is structured to gain value as long-dated rates rise, similar to long-dated puts on 20-year Treasuries.simplify.us
• 0.50% expense ratio undercuts the 0.63% median in its hedging cohort and peers like CAOS (0.63%) and TAIL (0.59%), one of the stronger builds in that group.
• The swaption is a strategic holding, reset only after long stretches or extreme rate moves, not rolled every month.simplify.us
• Collateral sits in Treasuries and TIPS, and the fund distributes monthly inside a standard 1940 Act ETF wrapper.simplify.us

Worth knowing

• ONEH The 0.79% fee sits above long-running hedging peers such as TAIL (0.59%) and CAOS (0.63%).
• Built as a hedge sleeve, not a core stock holding: long put exposure generally loses value in calm, rising markets. That is the price of keeping protection on.true-shares.com
• A 2026 launch with a short history, and because the strategy runs largely through swaps, the banks on the other side of those contracts matter. Income is only a secondary objective.

• PFIX It is engineered to move against long bonds, so the same mechanics that pay off when long rates spike work in reverse when rates fall.simplify.us
• Swaptions are options: value can erode with time and with calmer rate volatility, so carrying the hedge through quiet markets has a cost.simplify.us
• A concentrated OTC derivative position brings counterparty exposure and sharp NAV swings, and the fund is only moderately traded.simplify.us

Full ONEH profile⁠

Full PFIX profile⁠