At a glance
BENJ charges 0.4% a year. It has $346.7M in assets. Over the past year it returned +3.8% with distributions reinvested (S&P 500: +11.5%).
The short version
Horizon Landmark ETF (BENJ) is an actively managed fund from Horizon Investments. It aims for total return by holding short-term US Treasury bills and trading options, including spreads, straddles and collars. Its price has barely moved: volatility was 0.4% and the 1-year return was 3.8% as of October 27, 2026. It charges 0.40% a year and has recorded no distributions, so returns show up only in the share price.
Price history
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BENJ +3.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BENJ price data to Oct 27, 2026 | +3.0% | +3.8% | — | — | — | +3.8% |
- Over the year to Oct 27, 2026, BENJ returned +3.8%.
- The deepest fall in its price history was 0.4% (Jul 31, 2025 to Aug 1, 2025), recovered by Sep 10, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors added a net $128.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.27%, +0.36%, +0.26%.
How it works
BENJ does not track an index. Its adviser, Horizon Investments, LLC, picks positions using a mix of active management and quantitative (computer-driven) models, weighing price, duration, liquidity and risk. The fund invests mainly in US Treasury bills that mature in one to three months, or in ETFs that hold them. It also trades options on US stocks, ETFs and stock indexes. Some of these are FLEX options, which are customizable exchange-traded contracts whose settlement is guaranteed by the Options Clearing Corporation. Others trade over the counter, which means the fund depends on the other party to pay.
The prospectus allows a wide range of option trades. The fund can buy and sell puts and calls. It can use spreads, which pair options on the same asset with different strike prices or dates. It can also use straddles and collars. A collar buys a put for downside protection and sells a call that caps the gains. The prospectus sets no limit on the number or size of option trades, and the fund may trade often.
As of August 31, 2026, the holdings report showed three positions: a put option on the SPDR S&P 500 ETF Trust at about 74% of net assets, a call option on the same ETF at about 26%, and 0.25% in cash. Its 1-year beta, a measure of how closely it moves with the stock market, was 0.
What it really costs
- BENJ charges 0.4% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BENJ | $41 | $128 | $224 | $505 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
Its price has moved like a cash holding, with 0.4% volatility and a beta of 0 over the year to October 27, 2026, though it gets there with options rather than plain Treasury bills.
BENJ launched on January 22, 2025, so it has no record through the 2008, 2020 or 2022 downturns, and it has not yet completed a full calendar year. Its deepest drop was 0.4%, from July 31 to August 1, 2025, and it had recovered by September 10, 2025, about 1.3 months later. That steadiness could matter for money that might need to be spent in a bad year. But the fund is not insured, and its options positions can lose money in ways a Treasury bill fund cannot. It has recorded no distributions, so raising cash means selling shares. It costs 0.40% a year, or $41 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a very steady holding: BENJ's volatility was 0.4% over the year to October 27, 2026, and its deepest drop was 0.4%.
- Those comfortable with an actively managed options strategy on the SPDR S&P 500 ETF Trust, built on top of short-term Treasury bills.
- Investors focused on total return who don't need payouts, since BENJ has recorded no distributions.
Look elsewhere if
- Retirees who want regular income checks, because BENJ has recorded no distributions and cash must come from selling shares.
- Anyone wanting a long track record: the fund launched in January 2025 and has no history through the 2008, 2020 or 2022 downturns.
- Savers who want plain Treasury bill returns: BENJ's 1-year Sharpe ratio of -0.48 means it trailed the risk-free rate after its 0.40% fee.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does BENJ pay dividends?
No. BENJ had recorded no distributions as of October 27, 2026. The fund's stated objective is total return, so its gains have shown up in the share price instead. That matters for retirees who want regular cash, because they would need to sell shares to raise money. If the fund pays out in the future, keep in mind that gains from options are usually taxed as ordinary income rather than at the lower rate for qualified dividends.
What does BENJ actually hold?
According to its prospectus, BENJ holds short-term US Treasury bills, ETFs that own them, cash and options. Its holdings report as of August 31, 2026 showed three positions: a put option on the SPDR S&P 500 ETF Trust at about 74% of net assets, a call option on the same ETF at about 26%, and 0.25% in cash. The adviser, Horizon Investments, can change the options mix as it sees fit, using both judgment and quantitative models.
Is BENJ as safe as a money market fund?
No. BENJ's price has been very steady. Its volatility over the year to October 27, 2026 was 0.4%, and its deepest drop was 0.4%. But it is not a money market fund, and it is not federally insured. Its options can expire worthless, and over-the-counter options carry the risk that the other party fails to pay. The prospectus also warns that Horizon's allocation choices and models could position the fund poorly.
What is BENJ's expense ratio?
BENJ charges 0.40% a year, all of it a management fee, according to its prospectus filed March 26, 2026. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end of each period. On that basis, costs would total about $41 after one year, $128 after three, $224 after five and $505 after ten. Against the fund's 3.8% return over the year to October 27, 2026, that fee is a meaningful share of the gain.
How has BENJ performed since launch?
BENJ returned 3.8% over the year to October 27, 2026, and 3.0% in 2026 through that date. Monthly returns ran between 0.26% and 0.36% in the three months through August 31, 2026. Its 1-year Sharpe ratio, a measure of return for the risk taken, was -0.48. That means it earned less than a risk-free investment such as Treasury bills. The fund launched January 22, 2025, and its prospectus did not yet include official performance figures.