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TBJL

GradeBChicago Board Options Exchange

Innovator 20+ Year Treasury Bond 9 Buffer ETF - July

Buffered · Innovator · Inception 2020-08-18

$18.77−0.20 (−1.08%)

As of Sep 23, 2026, 2:19 PM EDT

Intraday session: down, 51 prints from 18.97 to 18.77. Range 18.76 to 18.95. Use the arrow keys to read each point.$18.80$18.85$18.90$18.9510 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$9M
1Y return
−5.3%
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0M sh
NAV per share
$18.90
52W range
low $18.80high $20.59

The ETF.net TBJL Grade

B

59/ 100

Rank 3 of 11 in Other Buffered⁠

Confidence Medium

Six-pillar profile for TBJL. Scores out of 100: Cost 71, Risk 40, Mission not scored, Tradability 54, Holdings not scored, Durability 61. Strongest: Cost (71). Weakest: Risk (40). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 59 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 71
    Category rank4/11 · top 36%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 40
    Category rank7/11 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 54
    Category rank6/11 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 61
    Category rank6/11 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on TBJL

ETF.net Research

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

  1. 01Buffer 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
  2. 020.79% a year undercuts the typical buffer-fund fee, and the fund stands among the stronger implementations in its buffer peer group.
  3. 03Live 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

  1. 01The 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
  2. 02It 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.
  3. 03A 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

As of Sep 22, 2026, 10:01 PM
Asset class
Other
Holdings
6
Top-10 weight
102%
Largest holding
TLT 06/30/2027 0.86 C95.1%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—TLT 06/30/2027 0.86 C95.06%1,040$8M1
002—TLT 06/30/2027 86.42 P7.14%1,040$610K1
003—US BANK MMDA - USBGFS 9 09/01/20370.24%20,405$20K161

Showing 1–3 of 3 holdings

TBJL Performance

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

TBJL$9,473
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. TBJL $9,473. SPY $11,723. Use the arrow keys to read each point.$9,206$10,579$11,951Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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−4.7%
1 month+0.0%
3 months−4.4%
1 year−5.3%
3 years−0.2%per year
5 years−4.9%per year
10 yearsFund is under 10 years old—per year

As of the close, 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−4.7%
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

ETF.net Research hasn’t filed on TBJL yet — coverage lands here as it’s written.

TBJL Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

TBJL Risk

How much the fund’s monthly returns vary, scaled to a year.
9.6%
Annualised · 36 months to Aug 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.
−0.54
vs 3-month T-bills · to Aug 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.

TBJL Cost

Expense ratio0.79%
  • The middle half of Other Buffered funds
  • Median 0.85%

No Other Buffered fund charges less.

TBJL costs $79.00 a year on $10,000. The median Other Buffered fund costs $85.00.