ETF Evaluator:
Simplify Treasury Option Income ETF (BUCK)
Follow This ETF
(as of Sep 02)
Best Performing in Ultrashort Bond Over the Last Year
| 6.2% | iShares Interest Rate Hdg L/T Corp BdETF (IGBH) |
| 5.8% | Simplify Treasury Option Income ETF (BUCK) |
| 5.7% | iShares Interest Rate Hedged Corp Bd ETF (LQDH) |
| 5.3% | iShares Interest Rt Hdg U.S. Aggt Bd ETF (AGRH) |
| 5.3% | NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI) |
Risk
Index
Risk
Index
ETF Details
Simplify Treasury Option Income ETF Overview
Simplify Treasury Option Income ETF (BUCK) is an actively managed Taxable Bond Ultrashort Bond exchange-traded fund (ETF). Simplify Asset Management launched the ETF in 2022.
The investment seeks to provide monthly income.
The fund’s investment adviser seeks to fulfill the fund’s investment objective by using two income strategies: (1) an interest income strategy and (2) an income generating option strategy. The fund invests primarily in interest income producing U.S. Treasury securities such as bills, notes, and bonds and fixed income ETFs that invest primarily in U.S. Treasuries. To generate additional income, the fund employs an option spread writing strategy on equity ETFs and fixed income ETFs.
About Simplify Treasury Option Income ETF (BUCK)
There are 3 members of the management team with an average tenure of 2.74 years: Jason England (2024), Shailesh Gupta (2023) and David Berns (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Simplify Treasury Option Income ETF has 5 securities in its portfolio. The top 10 holdings constitute 100.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Simplify Treasury Option Income ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Simplify Treasury Option Income ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 31.6% (31.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Simplify Treasury Option Income ETF has 68.5% of the portfolio in cash.
Assets Under Management
The fund has $487 million in total assets, which is below the $5 billion average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BUCK Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Simplify Treasury Option Income ETF expense ratio is below average compared to funds in the Ultrashort Bond category. Simplify Treasury Option Income ETF has an expense ratio of 0.35%, which is 59% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Simplify Treasury Option Income ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 57% for the Ultrashort Bond category.
Recently, in the month of July 2026, Simplify Treasury Option Income ETF returned 0.2%, which earned it a grade of F, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Simplify Treasury Option Income ETF has a trailing yield of 7.21%, which is above the 4.07% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Simplify Treasury Option Income ETF Grades
Year to date, the ETF has returned 2.2%, 0.0 percentage points better than the category, which translates into a grade of B. The fund has returned 5.8% over the past year (grade of A) and 5.1% over the past three years (grade of C).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Simplify Treasury Option Income ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
BUCK Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BUCK Return (NAV) | 0.2% | 0.7% | 5.8% | 5.1% | na | na |
| BUCK Return (Price) | 0.2% | 0.9% | 6.2% | 5.2% | na | na |
| NAV +/- Price Return | -0.008% | -0.148% | -0.366% | -0.059% | na | na |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.2% | 5.2% | 3.9% | 3.0% |
| BUCK Grade (NAV) | F | F | A | C | na | na |
| +/- Category (NAV) | -0.1% | -0.2% | 1.6% | -0.1% | na | na |
| BUCK Tax-Cost Ratio | na | na | 2.9% | 3.0% | na | na |
BUCK Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BUCK Return (NAV) | 2.2% | 4.3% | 7.2% | 4.5% | na | na | na | na | na | na | na |
| BUCK Return (Price) | 2.4% | 4.1% | 7.2% | 4.6% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.110% | -0.046% | 0.004% | 0.023% | na | na | na | na | na | na | na |
| Ultrashort Bond Avg | 2.2% | 4.8% | 5.8% | 6.1% | 0.4% | 0.3% | 1.4% | 3.6% | 1.4% | 2.3% | 1.9% |
| BUCK Grade (NAV) | B | D | A | F | na | na | na | na | na | na | na |
| +/- Category | 0.0% | -0.5% | 1.4% | -1.5% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.08 |
| R-Squared: | 3% |
| Standard Deviation: | 2.9% |
| Category Risk Index: | 4.77 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.24 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 7.2% |
| Total Assets: | $ 487 Mil |
| Share Class Assets: | $ 487 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.35% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.8 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): Berns David (2022), Gupta Shailesh (2023), England Jason (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 5 |
| % in Top 10 Holdings: | 100.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 31.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 68.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Simplify Asset Management |
| Phone Number: | 855-772-8488 |
| Website: | |
| Inception Date: | October 27, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.22% |
