Innovator 20+ Year Treasury Bond 9 Buffer ETF - July
$18.54+0.07 (+0.39%)
- 0.79%
- $8M
- −9.2%
- 0M sh
- $18.48
- low $18.24high $20.59
The ETF.net TBJL Grade
B
Score 56 out of 100
- 4 of 11
Score 56 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.A71 out of 100Rank 3 of 11Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D35 out of 100Rank 7 of 11Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C49 out of 100Rank 6 of 11Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B61 out of 100Rank 5 of 11
Our read on TBJL
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.
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 Holdings
- Other
- 3
- 105%
- Tlt 06/30/2027 0.86 C
TBJL Performance
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$9,080
Returns run to the Oct 12, 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.
| Period | TBJL |
|---|---|
| Year to date | −7.3% |
| 1 month | −2.1% |
| 3 months | −4.2% |
| 1 year | −9.2% |
| 3 years | +0.4% |
| 5 years | −5.1% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TBJL |
|---|---|---|
| 2026 YTD | −7.3% | |
| 2025 | +1.7% | |
| 2024 | −3.2% | |
| 2023 | +4.1% | |
| 2022 | −20.8% | |
| 2021 | −0.3% | |
| 2020 | −1.9% |
TBJL in the news
Week in Funds
ZOCT paid its cap, then reset at 9.43%
TBJL Dividends
No distributions in the last 12 months.
TBJL Risk
- 9.3%
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.
- −0.49
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.
- −28.6%
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.
- 0.41
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TBJL Cost
0.79%
TBJL0.79%
- The middle half of Other Buffered funds
- Median 0.85%
No Other Buffered fund charges less.
Other funds in Other Buffered
- BKBFRInnovator U.S. Small Cap Managed 10 Buffer ETFExpense ratio 0.79%1 year return —
- BIBUFInnovator International Developed 10 Buffer ETFExpense ratio 0.85%1 year return +10.6%
- BRSJNFT Vest U.S. Equity Equal Weight Buffer ETF - JuneExpense ratio 0.85%1 year return +13.0%
- CRSSEFT Vest U.S. Equity Equal Weight Buffer ETF - SeptemberExpense ratio 0.85%1 year return +13.3%
- CRSMRFT Vest U.S. Equity Equal Weight Buffer ETF - MarchExpense ratio 0.85%1 year return +13.6%