ETF Evaluator:
Horizon Landmark ETF (BENJ)
Follow This ETF
(as of Sep 03)
Best Performing in Ultrashort Bond Over the Last Year
| 6.2% | iShares Interest Rate Hdg L/T Corp BdETF (IGBH) |
| 5.8% | Simplify Treasury Option Income ETF (BUCK) |
| 5.7% | iShares Interest Rate Hedged Corp Bd ETF (LQDH) |
| 5.3% | iShares Interest Rt Hdg U.S. Aggt Bd ETF (AGRH) |
| 5.3% | NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI) |
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ETF Details
Horizon Landmark ETF Overview
Horizon Landmark ETF (BENJ) is an actively managed Taxable Bond Ultrashort Bond exchange-traded fund (ETF). Horizon Investments launched the ETF in 2025.
The investment seeks total return.
The fund is an actively managed exchange-traded fund (ETF) that sees to achieve its investment objective primarily by investing in U.S. Treasury Bills with maturities ranging from one to three months (and ETFs that have substantial exposure to such Treasury Bills), and by engaging in options transactions.
About Horizon Landmark ETF (BENJ)
There are 3 members of the management team with an average tenure of 1.52 years: Scott Ladner (2025), Zachary Hill (2025) and Clark Allen (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Horizon Landmark ETF has 5 securities in its portfolio. The top 10 holdings constitute 199.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Horizon Landmark ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Horizon Landmark ETF has 1.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 197.9% There is 1.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Horizon Landmark ETF has -98.9% of the portfolio in cash.
Assets Under Management
The fund has $270 million in total assets, which is below the $5 billion average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BENJ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Horizon Landmark ETF expense ratio is average compared to funds in the Ultrashort Bond category. Horizon Landmark ETF has an expense ratio of 0.40%, which is 81% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Horizon Landmark ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 57% for the Ultrashort Bond category.
Recently, in the month of July 2026, Horizon Landmark ETF returned 0.4%, which earned it a grade of A, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Horizon Landmark ETF has a trailing yield of 0.00%, which is below the 4.07% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Horizon Landmark ETF Grades
Year to date, the ETF has returned 2.1%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.8% over the past year (grade of F).
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BENJ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BENJ Return (NAV) | 0.4% | 0.9% | 3.8% | na | na | na |
| BENJ Return (Price) | 0.5% | 1.0% | 3.4% | na | na | na |
| NAV +/- Price Return | -0.105% | -0.088% | 0.390% | na | na | na |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.2% | 5.2% | 3.9% | 3.0% |
| BENJ Grade (NAV) | A | C | F | na | na | na |
| +/- Category (NAV) | 0.1% | -0.0% | -0.4% | na | na | na |
| BENJ Tax-Cost Ratio | na | na | 0.0% | na | na | na |
BENJ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BENJ Return (NAV) | 2.1% | na | na | na | na | na | na | na | na | na | na |
| BENJ Return (Price) | 2.1% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.034% | na | na | na | na | na | na | na | na | na | na |
| Ultrashort Bond Avg | 2.2% | 4.8% | 5.8% | 6.1% | 0.4% | 0.3% | 1.4% | 3.6% | 1.4% | 2.3% | 1.9% |
| BENJ Grade (NAV) | D | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.1% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 271 Mil |
| Share Class Assets: | $ 271 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.40% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.5 years | |||
| Average Tenure: 1.5 years | |||
| Managers (Year): Ladner Scott (2025), Hill Zachary (2025), Allen Clark (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 5 |
| % in Top 10 Holdings: | 199.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.0% |
Portfolio Allocation |
|
| Domestic Stock: | 197.9% |
| Foreign Stock: | 1.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | -98.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Horizon Investments |
| Phone Number: | 855-754-7932 |
| Website: | www.horizonmutualfunds.com |
| Inception Date: | January 22, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.40% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.22% |
