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BENJ vs DEFR

Horizon Landmark ETF

BENJANYSE Arca

Aptus Deferred Income ETF

DEFRCCboe

Overlap

0.0%by weight

Expense ratio

BENJ −0.39pt a year

BENJ0.40%DEFR0.79%

Avg volume · 30D

BENJ 2.0×the volume

BENJ38.5KDEFR19.7K

BENJ vs DEFR Performance

Oct 31, 2025 – Oct 30, 2026

+3.8%BENJ+0.4%DEFR

Oct 31, 2025 to Oct 30, 2026. BENJ +3.8%. DEFR +0.4%. Use the arrow keys to read each point.−2%−1%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
BENJ 0.40%, better
DEFR 0.79%
Fund size
BENJ $359M
DEFR $161M
1Y total return
BENJ +3.8%, better
DEFR +0.4%
Holdings
BENJ 3
DEFR 5
Avg volume (30D)
BENJ 38.5K sh, better
DEFR 19.7K sh
NAV per share
BENJ $53.46
DEFR $26.55
52W range

ETF.net Grade

BENJ: Cost 77, Risk 87, Mission not scored, Tradability 86, Holdings 59, Durability 57. DEFR: Cost 31, Risk 39, Mission not scored, Tradability 49, Holdings 51, Durability 45.
Pillar letters and Scores for BENJ, DEFR, with each pillar’s weight
PillarBENJDEFR
Cost30% weightA77HigherD31
Mission25% weightNot scoredNot scored
Risk15% weightA87HigherD39
Tradability15% weightA86HigherC49
Holdings10% weightB59HigherC51
Durability5% weightB57HigherC45

Rank among Treasury Option Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BENJ and DEFR are both graded against the same 13 Treasury Option Income funds, so their Grades compare head to head.

Treasury Option Income⁠

Category · 13 funds
See all 13 ›

BENJ ranks 1st and DEFR 8th of 13 funds in the Treasury Option Income Category.

  1. Rank 1ABENJHorizon Landmark ETFScore 76
  2. Rank 2ATLTWiShares 20+ Year Treasury Bond BuyWrite Strategy ETFScore 75
  3. Rank 7CUSDXSGI Enhanced Core ETFScore 42
  4. Rank 8CDEFRAptus Deferred Income ETFScore 40
  5. Rank 8CLQDMAmplify LQD Investment Grade 12% Target Income ETFScore 40

Our read on each fund

ETF.net Research

BENJAHorizon Landmark ETF

DEFRCAptus Deferred Income ETF

In short

BENJ Most 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.

DEFR No data

Stated mandate

BENJ 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.

DEFR No data

Why people hold it

  • BENJ 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.

DEFR No data

Worth knowing

  • BENJ 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.

DEFR No data

Full BENJ profile⁠

Full DEFR profile⁠

BENJ vs DEFR Holdings

How BENJ and DEFR differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BENJ and 0.0% of DEFR.

Level by level

  • Asset classFixed Income, Equity0.0%
  • Holdings0 in both0.0%

Sector

No Sector split for BENJ.

Country, concentration and asset class

Country by domicile

No country split for BENJ.

Concentration

Weight in the 10 largest Holdings

  • BENJ100.0%
  • DEFR102.4%

Securities held

  • BENJ3
  • DEFR5

Asset class

BENJ
Fixed Income
DEFR
Equity

Holdings

  • Only in BENJ3
  • In both0
  • Only in DEFR5

Only in BENJ

3 securities, 100% of BENJ by weight

  • Spy 12/18/2026 3003 P74.71%
  • Spy 12/18/2026 3 C25.22%
  • First American Government Obligations Fund 12/01/20310.10%

Only in DEFR

5 securities, 100% of DEFR by weight

  • Qqq 11/20/2026 100 C57.10%
  • Qqq 11/20/2026 1100 P39.31%
  • United States Treasury Bill 07/08/20273.99%

Weight gaps

BENJ and DEFR share no securities.

All 3 BENJ holdings⁠All DEFR holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BENJ vs DEFR Cost

Overpaying DEFR vs BENJ

$7,084

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

  • BENJ 0.40%

    $8,090

  • DEFR 0.79%

    $15,174

$10,000
30 years

Cost over time

  • BENJ 0.40%
  • DEFR 0.79%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DEFR $15,174BENJ $8,090

Year by year

YearBENJDEFROverpaying
10$723$1,405$682
20$2,793$5,331$2,538
30$8,090$15,174$7,084

Expense ratio

  • 0.40%BENJ, cheaper
  • 0.79%DEFR
  • Middle half of Treasury Option Income funds
  • Median 0.65%

BENJ 3rd cheapest of 13 funds

DEFR 8th cheapest of 13 funds

BENJ vs DEFR Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
BENJ None
DEFR None

Distribution history

BENJAll BENJ payments⁠

No distribution history available.

DEFRAll DEFR payments⁠

No distribution history available.

BENJ vs DEFR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BENJ 0.5%since Feb 2025DEFR 5.0%since Jun 2025
Return per unit of riskSharpe ratio, 3 years
BENJ −0.43since Feb 2025DEFR 0.004since Jun 2025
Worst fallMax drawdown, 5 years
BENJ −0.4%since Jan 2025DEFR −5.0%since May 2025
Market sensitivityBeta, 5 years
BENJ 0.0004DEFR 0.12

Popular comparisons

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    Expense ratio
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