BENJ vs TLTI

BENJAHorizon Landmark ETF

TLTICNEOS Enhanced Income 20+ Year Treasury Bond 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.

TLTI TLTI takes an odd route to Treasury income: it holds 20+ year Treasuries and sells S&P 500 put spreads on the side, so the payout leans on equity volatility while the bond leg keeps its own upside. Distributions monthly.

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.

TLTI The Fund seeks monthly income through a portfolio focused on U.S. Treasury securities with maturities of at least 20 years, supplemented by an actively managed S&P 500 put-option strategy.

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.

• TLTI The income engine sits outside the bonds. Premiums come from SPX put spreads sold against the portfolio, so the long-Treasury sleeve isn't capped by calls written on it.neosfunds.comneosfunds.com 2
• Built for tax-aware income: the SPX index options qualify as Section 1256 contracts, and the fund discloses that distributions have been classified as return of capital.neosfunds.com
• 0.58% is exactly the median fee among Treasury option-income funds, so the active overlay costs the going rate rather than a premium.
• Hands-on options book: the adviser can adjust the written and purchased puts before expiration instead of running a fixed roll on autopilot.neosfunds.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.

• TLTI Two risk dials, not one: 20+ year Treasuries move sharply with rates, and the short S&P 500 puts lose value in an equity selloff (the purchased puts bound how far).neosfunds.com
• Cheaper neighbors exist in the same lane: TLTW runs a buy-write on long Treasuries at 0.35% versus 0.58% here, though it writes calls on the bonds themselves.
• Launched December 2024, still a small fund that trades lightly. Short record to judge, and limit orders plus a glance at the spread are worth the extra click.

Full BENJ profile⁠

Full TLTI profile⁠