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Launched

Horizon Landmark ETF

BENJNYSE ArcaHorizon FundsA

$53.48+0.01 (+0.01%)

As of Nov 2, 2026, 3:59 PM ET

A76/ 100

Rank 1 of 14 in Treasury Option Income

A76/100Rank 1 of 14inTreasury Option Income
Intraday session: up, 73 prints from 53.47 to 53.48. Range 53.47 to 53.49. Use the arrow keys to read each point.53.4853.4853.4910 AM12 PM2 PM4 PM
Expense ratio
0.40%
Fund size
$359M
1Y total return
+3.8%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
38.5K sh
52W range
low $51.52high $53.48
Launched

The ETF.net BENJ Grade

Based on 5 of 6 pillars

A

Score 76 out of 100

Category
Treasury Option Income⁠
Rank
1 of 14
Six-pillar profile for BENJ. Scores out of 100: Cost 77, Risk 87, Mission not scored, Tradability 86, Holdings 59, Durability 57. Strongest: Risk (87). Weakest: Durability (57). Based on 5 of 6 pillars.

Score 76 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A77 out of 100
    Rank 4 of 14

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A87 out of 100
    Rank 2 of 14

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A86 out of 100
    Rank 2 of 14

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B59 out of 100
    Rank 4 of 13

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B57 out of 100
    Rank 7 of 14

Our read on BENJ

ETF.net Research

In short

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

  • Costs 0.40%, under the 0.58% median for its option-income Treasury cohort and well below OVT at 0.80%.
  • The 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.
  • Fully active, not rule-locked: the manager can write options across single stocks, ETFs and equity indexes rather than one fixed index overlay.
  • Sits in the upper half of a small, crowded peer group of Treasury-plus-options funds.

Worth knowing

  • Launched 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.
  • Thinly traded, which can mean wider bid-ask spreads than the expense ratio alone suggests.
  • Built for total return, not a set payout calendar. It has not run on the monthly-distribution cadence common elsewhere in option-income land.

BENJ Performance

Launched Jan 22, 2025

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

Not enough history yet.Not enough history yet.Not enough history yet.
BENJ$10,378
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. BENJ $10,378. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+3.1%
1 month+0.3%
3 months+0.9%
1 year+3.8%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+3.1%
2025+3.7%

History from Jan 23, 2025

BENJ in the news

BENJ Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

BENJ Risk

Risk pillarA87 out of 100Rank 2 of 14 in Treasury Option Income
How much the fund’s monthly returns vary, scaled to a year.
0.5%
Annualised · 21 months to Oct 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.
−0.43
vs 3-month T-bills · 21 months to Oct 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%
21 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.

FMP measures it over up to five years of monthly returns.

BENJ Cost

Compare BENJ and TLTW

Overpaying vs TLTW, cheapest in Treasury Option Income

$964

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BENJ 0.40%

    $8,090

  • TLTW 0.35% Cheapest

    $7,126

$10,000
30 years

Cost over time

  • BENJ 0.40%
  • TLTW 0.35%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530BENJ $8,090TLTW $7,126

Year by year

YearBENJTLTWOverpaying
10$723$634$89
20$2,793$2,454$339
30$8,090$7,126$964

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