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BENJ

GradeANew York Stock Exchange Arca

Horizon Landmark ETF

Option Income · Horizon Funds · Inception 2025-01-22

$53.25+0.01 (+0.01%)

As of Sep 23, 2026, 1:44 PM EDT

History starts Jan 23, 2025.
Intraday session: up, 15 prints from 53.24 to 53.25. Range 53.24 to 53.25. Use the arrow keys to read each point.$53.24$53.24$53.2510 AM12 PM2 PM4 PM
Expense ratio
0.40%
Fund size
$352M
1Y return
+3.8%
Yield · Last 12 months
—
Holdings
3
Volume · 30D
0M sh
NAV per share
$53.20
52W range
low $51.31high $53.26

The ETF.net BENJ Grade

A

73/ 100

Rank 2 of 14 in Treasury Option Income⁠

Confidence Low

Six-pillar profile for BENJ. Scores out of 100: Cost 77, Risk 81, Mission not scored, Tradability 76, Holdings 58, Durability 55. Strongest: Risk (81). Weakest: Durability (55). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 73 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 77
    Category rank4/14 · top 29%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 81
    Category rank2/14 · top 14%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 76
    Category rank3/14 · top 21%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 58
    Category rank4/13 · top 31%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 55
    Category rank8/14 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on BENJ

ETF.net Research

AMost option-income Treasury funds sell calls against long bonds. BENJ flips it: hold one- to three-month T-bills as ballast, then run an actively managed options book on US stocks, ETFs and indexes.

Stated mandate

The Fund seeks total return through active management, investing primarily in one- to three-month U.S. Treasury bills and related ETFs while using options strategies on a broad range of domestic equity securities, ETFs, and equity indices.

Why people hold it

  1. 01Costs 0.40%, under the 0.58% median for its option-income Treasury cohort and well below OVT at 0.80%.
  2. 02The bond sleeve is one- to three-month T-bills, so there is no 20+ year duration bet built in the way there is with long-bond buy-write peers like TLTW and TLTI.
  3. 03Fully active, not rule-locked: the manager can write options across single stocks, ETFs and equity indexes rather than one fixed index overlay.
  4. 04Sits in the upper half of a small, crowded peer group of Treasury-plus-options funds.

Worth knowing

  1. 01Launched in 2025, so the track record is short and there is not much history yet to judge how the options book behaves across different markets.
  2. 02Thinly traded, which can mean wider bid-ask spreads than the expense ratio alone suggests.
  3. 03Built for total return, not a set payout calendar. It has not run on the monthly-distribution cadence common elsewhere in option-income land.

BENJ Holdings

As of Sep 20, 2026, 8:30 AM
Asset class
Bonds
Holdings
3
Top-10 weight
100%
Largest holding
SPY 12/18/2026 3003 P74.2%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 12/18/2026 3003 P74.22%1,183$261M1
002—SPY 12/18/2026 3 C25.41%1,183$89M1
003—First American Government Obligations Fund 12/01/20310.40%1,392,149$1M625

Showing 1–3 of 3 holdings

BENJ Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

BENJ$10,377
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BENJ $10,377. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BENJ. Periods over one year show the average yearly return.
PeriodBENJ
Year to date+2.6%
1 month+0.3%
3 months+1.0%
1 year+3.8%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BENJ
YearReturn barBENJ
2026 YTD+2.6%
2025+3.7%

History from Jan 23, 2025

BENJ in the news

ETF.net Research hasn’t filed on BENJ yet — coverage lands here as it’s written.

BENJ Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

BENJ Risk

How much the fund’s monthly returns vary, scaled to a year.
0.5%
Annualised · 19 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.42
vs 3-month T-bills · 19 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−0.4%
19 months · trough Aug 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.0004
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

BENJ Cost

Expense ratio0.40%
  • The middle half of Treasury Option Income funds
  • Median 0.65%

2 of the 13 Treasury Option Income funds charge less.

BENJ costs $40.00 a year on $10,000. The median Treasury Option Income fund costs $65.00.