ONEH vs SPD

ONEHDTrueShares Equity Hedge ETF

SPDBSimplify US Equity PLUS Downside Convexity 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.

SPD Most S&P 500 options funds sell options to collect premium. SPD runs the trade in reverse: US equity exposure plus a standing options overlay built to cushion deep market drops rather than harvest income.

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.

SPD The fund seeks long-term capital appreciation through primarily U.S. equity investments combined with a persistent downside-convexity options overlay intended to hedge market declines.

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.

• SPD The hedge is always on, not bolted in after volatility spikes. The overlay is built to soften declines instead of selling premium, the rarer job in this crowd.simplify.us
• At 0.53% a year it undercuts the median fee among its S&P 500 options peers, notable for a fund carrying a live derivatives book.simplify.us
• Trading since 2020. Equity core benchmarked to the S&P 500, a compact book of roughly 40 positions, distributions on a quarterly schedule.

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.

• SPD Convexity is not free. A persistent hedge overlay has an ongoing cost that the fund carries whether or not the market actually falls.simplify.us
• Shares trade lightly and assets are modest next to the cohort's giants, so spreads can be wider than the headline fee suggests.
• It lands in the lower half of its S&P 500 options peer group. The fee is competitive; the hedged build simply has more moving parts than a plain buy-write.

Full ONEH profile⁠

Full SPD profile⁠