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Launched

Innovator 20+ Year Treasury Bond 9 Buffer ETF - July

TBJLCboeInnovatorB

$19.09+0.04 (+0.21%)

At close: Nov 2, 2026, 4:00 PM ET

B60/ 100

Rank 2 of 11 in Other Buffered

B60/100Rank 2 of 11inOther Buffered
Intraday session: up, 78 prints from 19.05 to 19.09. Range 19.09 to 19.15. Use the arrow keys to read each point.19.1219.1410 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$9M
1Y total return
−6.0%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
12.2K sh
52W range
low $18.24high $20.41
Launched

The ETF.net TBJL Grade

Based on 4 of 6 pillars

B

Score 60 out of 100

Category
Other Buffered⁠
Rank
2 of 11
Six-pillar profile for TBJL. Scores out of 100: Cost 75, Risk 40, Mission not scored, Tradability 50, Holdings not scored, Durability 61. Strongest: Cost (75). Weakest: Risk (40). Based on 4 of 6 pillars.

Score 60 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A75 out of 100
    Rank 2 of 11

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C40 out of 100
    Rank 7 of 11

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C50 out of 100
    Rank 5 of 11

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B61 out of 100
    Rank 5 of 11

Our read on TBJL

ETF.net Research

In short

BBuffer ETFs almost always wrap the S&P 500. This one wraps long-dated Treasuries, absorbing the first 9% of a 12-month price decline in exchange for a cap that resets every July. Duration risk with guardrails.

Stated mandate

The fund seeks to track the price return of the iShares 20+ Year Treasury Bond ETF (TLT), subject to a 52.27% upside cap and protection against the first 9% of losses during the stated annual outcome period.

Why people hold it

  • Buffer mechanics pointed at 20+ year Treasuries instead of stocks: the first 9% of the reference fund's price decline over the outcome period is absorbed before losses reach you.innovatoretfs.com
  • 0.79% a year undercuts the typical buffer-fund fee, and the fund stands among the stronger implementations in its buffer peer group.
  • Live since 2020, resetting the same July-to-June outcome period year after year, which covers the rate shock that hammered long-duration bonds.

Worth knowing

  • The price of the buffer is a ceiling. Each period's upside cap is fixed when the period starts, and a Treasury rally beyond it doesn't reach you.innovatoretfs.com
  • It targets the reference fund's price return, so the coupon income a Treasury bond fund passes along isn't part of the package. Distributions have not been part of the pattern.
  • A small, thinly traded fund, so limit orders matter. Buy mid-period and your own buffer and cap differ from the stated terms until the July reset.

TBJL Performance

Launched Aug 18, 2020

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
TBJL$9,403
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. TBJL $9,403. SPY $11,199. Use the arrow keys to read each point.$9,000$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for TBJL. Periods over one year show the average yearly return.
PeriodTBJL
Year to date−4.3%
1 month+3.8%
3 months+1.0%
1 year−6.0%
3 yearsper year+2.3%
5 yearsper year−4.8%
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TBJL
YearReturn barTBJL
2026 YTD−4.3%
2025+1.7%
2024−3.2%
2023+4.1%
2022−20.8%
2021−0.3%
2020−1.9%

Since listing, Aug 18, 2020

TBJL in the news

TBJL Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

TBJL Risk

Risk pillarC40 out of 100Rank 7 of 11 in Other Buffered
How much the fund’s monthly returns vary, scaled to a year.
9.2%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.19
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−28.6%
Trough Oct 2023
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.41
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

TBJL Cost

Tied cheapest in Other Buffered

$15,174

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TBJL 0.79%

    $15,174

$10,000
30 years

Cost over time

  • TBJL 0.79%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TBJL $15,174

Year by year

YearTBJL
10$1,405
20$5,331
30$15,174

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