BENJ vs USDX

BENJAHorizon Landmark ETF

USDXCSGI Enhanced Core 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.

USDX Most of this peer group writes options on long Treasury bonds. USDX keeps the money in government money market funds and sells very short-dated, far out-of-the-money S&P 500 puts and calls.

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.

USDX The Fund seeks income through an actively managed combination of higher-yielding, high-quality short-term money-market investments and a frequently traded short-dated put-and-call options strategy. The options strategy seeks income from exposure to the S&P 500 Index or other broad benchmark indices.

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.

• USDX The collateral is government and Treasury money market funds, so no long-bond duration. Option premium, not coupons, does the income work.sgiam.com
• Prospectus terms: deep out-of-the-money strikes, generally expiring in one to seven days. Positions reset constantly instead of riding one long contract.sec.gov
• Actively managed with no index to replicate, and it pays monthly. The manager sets strikes and sizing as conditions change.sec.gov
• Built as described: a money-market sleeve dominates the portfolio and the options sit on top of it, matching the filed strategy.sgiam.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.

• USDX Fee is 1.08%, above the median of its 14-fund category and above Treasury buy-write peers like TLTX (0.29%) and BUCK (0.35%).
• Income comes from selling S&P 500 options, so equity swings, not the cash sleeve, drive surprises. Sold out-of-the-money options cap participation in index moves.sec.gov
• Opened in 2024, so the record is short, and it is not among the busiest tickers in its category.

Full BENJ profile⁠

Full USDX profile⁠