Innovator 20+ Year Treasury Bond 5 Floor ETF
$18.57−0.06 (−0.34%)
- Expense ratio
- 0.79%
- Fund size
- $6M
- 1Y return
- −7.7%
- Yield · Last 12 months
- —
- Holdings
- 5
- Volume · 30D
- 0M sh
- NAV per share
- $18.60
- 52W range
The ETF.net TFJL Grade
Score 23 of 100 sits in the F band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.FScore 4Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 50Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 31Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.Not scoredDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.CScore 43Category rank
Our read on TFJL
FLong Treasuries can swing like stocks. TFJL wraps a 20+ year Treasury ETF in a quarterly contract: hold the full period and loss participation is targeted at 5%, with upside capped in exchange. Defined outcome mechanics, pointed at duration.
The fund uses a quarterly defined-outcome strategy intended to provide upside participation in the price return of the iShares 20+ Year Treasury Bond ETF, subject to a cap, while limiting its targeted loss participation to 5% for investors holding through the outcome period.
Why people hold it
- The 5% floor is written into the mandate, not a hope. Hold a full outcome period and targeted loss participation stops at 5%, with a cap on the upside as the price of that trade.innovatoretfs.com
- The outcome period runs a quarter, not a year, so the floor and cap reset four times as often as the annual defined-outcome norm.
- The reference asset is a plain vanilla long-Treasury fund, the iShares 20+ Year Treasury Bond ETF (TLT), so you can see exactly what the payoff is keyed to.innovatoretfs.com
- Structured as a regular 1940 Act ETF, not a bank-issued note, so the defined outcome doesn't ride on an issuer's credit.
Worth knowing
- 0.79% a year, versus a 0.15% median for long-Treasury funds and 0.03% at the cheap end (VGLT). The floor is what that gap buys.
- The contract tracks price return, so Treasury coupon income doesn't flow through to shareholders as it would in a straight bond fund.
- It's one of the smaller, more thinly traded names in the long-Treasury group, so the spread you cross can matter alongside the fee.
TFJL Holdings
- Other
- 5
- 100%
- TLT 09/30/2026 0.22 C
TFJL Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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.
| Period | TFJL |
|---|---|
| Year to date | −5.9% |
| 1 month | −0.6% |
| 3 months | −4.5% |
| 1 year | −7.7% |
| 3 years | −1.2% |
| 5 years | −4.8% |
| 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 | TFJL |
|---|---|---|
| 2026 YTD | −5.9% | |
| 2025 | −0.9% | |
| 2024 | −6.8% | |
| 2023 | +8.2% | |
| 2022 | −17.2% | |
| 2021 | −2.5% | |
| 2020 | −2.0% |
TFJL in the news
ETF.net Research hasn’t filed on TFJL yet — coverage lands here as it’s written.
TFJL Dividends
No distributions in the last 12 months.
TFJL Risk
- 9.7%
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.
- −0.56
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.
- −23.8%
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.
- 0.24
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TFJL Cost
- The middle half of Treasuries (20+ Year) funds
- Median 0.15%
Every other Treasuries (20+ Year) fund charges less.