BENJ vs FIYY

BENJAHorizon Landmark ETF

FIYYFGraniteshares YieldBOOST 20Y+ Treasuries 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.

FIYY Most Treasury option-income funds sell options on bonds. FIYY sells them on a 3x leveraged Treasury ETF, chasing three times the premium of a plain 20+ year Treasury overlay, with its own upside capped.

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.

FIYY The fund seeks to earn three times the income produced by selling options on the ICE U.S. Treasury 20+ Year Bond Index, using options on leveraged ETFs targeting three times the index’s daily performance. It also seeks exposure to that leveraged ETF, subject to a gain cap.

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.

• FIYY Rather than writing options on Treasury bonds, it writes them on a 3x leveraged Treasury ETF, aiming for three times the income of selling options on the 20+ year Treasury index.graniteshares.com
• Premium isn't the whole story: the fund also seeks exposure to that leveraged Treasury ETF, so a rally in long bonds can contribute, up to a stated gain cap.graniteshares.com
• It's a standard 1940 Act ETF, so the option selling happens inside one ticker: no margin agreement, no option approvals, no contracts to roll yourself.graniteshares.com

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.

• FIYY At 1.07% a year, it costs roughly triple the plain 20+ year buy-writes TLTW and BUCK (0.35% each). The fee buys a leveraged engine, not a cheaper one.
• Writing options on a 3x fund means long-rate moves land about three times as hard, while the fund's own upside is limited by a gain cap.
• Launched in 2026, so there's little history behind it, and the prospectus discloses that distributions may include return of capital.

Full BENJ profile⁠

Full FIYY profile⁠