BENJ vs LTTI

BENJAHorizon Landmark ETF

LTTIDFT Vest 20+ Year Treasury & Target 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.

LTTI Most long-bond option-income funds advertise a headline yield. LTTI aims at a moving one: roughly 5 percentage points above the yield of the 20+ year Treasury ETF it writes options on, funded by Treasuries plus a call spread.

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.

LTTI The Fund seeks current income and, secondarily, capital appreciation. It combines U.S. Treasury investments with purchased and written call options on an underlying ETF.

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.

• LTTI The income target is a formula, not a slogan: an annual rate about 5 percentage points above the underlying long Treasury ETF's own yield, so the goal shifts as rates do.ftportfolios.com
• It buys calls as well as writing them on one long-bond ETF, a spread rather than a plain covered call, so the payoff is shaped differently than a straight buy-write like TLTW.ftportfolios.com
• The collateral is US Treasuries, not credit, and it pays monthly inside a standard 1940 Act ETF wrapper (no K-1).

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.

• LTTI At 0.65% a year it costs more than the typical fund in its group, and TLTW runs a buy-write on the same long-bond exposure for 0.35%.
• Launched in 2025, it is a small, lightly traded fund, so spreads can widen and the record to judge it on is short.
• The written calls trade away part of any long Treasury rally in exchange for income, and the Treasury leg still moves with long rates.

Full BENJ profile⁠

Full LTTI profile⁠