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Launched

Horizon Landmark ETF

BENJNYSE ArcaA

$53.37+0.01 (+0.03%)

As of Oct 13, 2026, 3:39 PM

A74/ 100

Rank 1 of 14 in Treasury Option Income

A74/100Rank 1 of 14inTreasury Option Income
Intraday session: up, 14 prints from 53.35 to 53.37. Range 53.35 to 53.37. Use the arrow keys to read each point.53.3553.3653.3710 AM12 PM2 PM4 PM
Expense ratio
0.40%
Fund size
$358M
1Y total return
+3.8%
Yield · Last 12 months
—
Holdings
3
Avg volume · 30D
0M sh
NAV per share
$53.33
52W range
low $51.41high $53.37
Launched

The ETF.net BENJ Grade

Based on 5 of 6 pillars

A

Score 74 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 74, Holdings 57, Durability 57. Strongest: Risk (87). Weakest: Durability (57). Based on 5 of 6 pillars.

Score 74 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 1 of 14

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A74 out of 100
    Rank 2 of 14

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B57 out of 100
    Rank 6 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

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 Oct 12, 2026
Asset class
Bonds
Holdings
3
Top-10 weight
100%
Largest holding
Spy 12/18/2026 3003 P73.9%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Spy 12/18/2026 3003 P73.94%1,204$265M1
002—Spy 12/18/2026 3 C25.97%1,204$93M1
003—First American Government Obligations Fund 12/01/20310.10%368,935$369K529

Showing 1–3 of 3 holdings

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$10,377
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. BENJ $10,377. SPY $12,044. Use the arrow keys to read each point.$9,582$10,912$12,243Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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+2.9%
1 month+0.3%
3 months+1.0%
1 year+3.8%
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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+2.9%
2025+3.7%

History from Jan 23, 2025

BENJ in the news

Filtered to BENJ · Treasury Option Income

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 · 20 months to Sep 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.
−0.41
vs 3-month T-bills · 20 months to Sep 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%
20 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.

Other funds in Treasury Option Income

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