Horizon Landmark ETF (BENJ)

What does Horizon Landmark track?

The Horizon Landmark ETF holds real-estate and infrastructure assets linked to globally recognized landmarks, tourism destinations, and premium hospitality properties. The fund’s holdings are centred on properties and companies that operate high-profile, visitor-generating assets — properties that draw tourism revenue, cultural significance, or strategic infrastructure value. Rather than owning bricks and mortar directly, BENJ holds the securities of the publicly listed entities and real-estate investment trusts that own or operate these assets, providing liquid exposure to what are otherwise illiquid, long-lived real estate holdings.

Who sponsors this fund and how is it structured?

Horizon Asset Management, a specialized investment manager, created and manages this ETF. The fund is structured as a standard exchange-traded fund, not as a leveraged or inverse product — it does not use daily reset mechanics, and it does not amplify or reverse the movement of its underlying holdings. Investors can buy and sell BEMB shares on an exchange at prices that reflect intraday trading, providing liquidity that individual real-estate transactions cannot offer.

What are the costs and trading characteristics?

BEMB incurs an expense ratio that reflects the costs of managing and holding a diversified real-estate portfolio. Commissions and bid-ask spreads are typically tight because the fund trades substantial daily volume, making entry and exit efficient. The fund’s underlying properties generate income through rent, entrance fees, and hospitality spending, much of which flows through to shareholders as distributions over the course of a year.

What risks should an investor watch?

Real estate is cyclical. Tourism booms when the economy is healthy and discretionary spending rises, and it contracts when travel budgets tighten and leisure demand falls. Individual landmarks can face long-term shifts in visitor traffic — changing travel patterns, new competition, or shifts in how people experience culture and tourism. Because the fund is exposed to globally dispersed properties, currency fluctuations affect returns: a strong dollar makes international holdings less valuable when translated back to dollars. Large unexpected shocks — a pandemic, a terrorist event targeting tourism, a regional conflict — can suppress travel and reduce the income these properties generate.

Who is this fund for, and how would an investor research it?

BENJ suits investors who believe tourism and leisure infrastructure offer durable growth and believe in the long-term appeal of premium, well-known locations. It appeals to those seeking diversified real-estate exposure without the burden of direct property ownership or the concentration risk of a single REIT or property company. The fund’s prospectus and fact sheet lay out the exact holdings, the geographic and property-type breakdown, and the distribution history. An investor would compare the yield to that of other real-estate ETFs and consider how much of their portfolio should tilt toward tourism-dependent assets versus other property types — hotels, office, industrial, residential — that follow different economic cycles.

How does Horizon Landmark differ from other real-estate ETFs?

Most broad real-estate ETFs track indices that weight holdings by market capitalization, which means the largest, most established property companies and REITs dominate the fund. This approach is neutral but can miss the thematic opportunity of landmark and tourism properties specifically. By focusing on well-known, visitor-dependent assets, BENJ takes a narrower view — one that benefits when travel rebounds, when cultural tourism strengthens, and when premium-location properties command pricing power. A wide real-estate ETF might include industrial warehouses, suburban apartment complexes, and corporate office parks; BENJ tilts deliberately toward the high-profile, experience-driven segment of the property market.

What should an investor monitor?

The trajectory of international tourism is central. Economic data on leisure travel, average nightly rates at premium hospitality properties, and visitor volumes to major destinations all inform whether properties held by BENJ are seeing strengthening or weakening business. Seasonality plays a large role — summer travel booms in many parts of the world while winter softens, and major holidays or events create spikes. Currency movements also matter: a strong dollar reduces the appeal of international travel to American tourists, while a weak dollar makes foreign destinations cheaper and more attractive. Over the medium term, structural shifts — changes in how people prefer to travel, the rise of short-term rental platforms competing with hotels, or shifting preferences for adventure travel versus traditional destinations — shape the long-term returns of tourism-dependent real estate.