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Launched

Innovator 20+ Year Treasury Bond 5 Floor ETF

TFJLCboeInnovatorD

$19.34+0.09 (+0.44%)

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

D38/ 100

Rank 10 of 11 in Treasuries (20+ Year)

D38/100Rank 10 of 11inTreasuries (20+ Year)
Intraday session: up, 78 prints from 19.25 to 19.34. Range 19.30 to 19.43. Use the arrow keys to read each point.19.3019.4010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$11M
1Y total return
−5.1%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
7.53K sh
52W range
low $18.35high $20.53
Launched

The ETF.net TFJL Grade

Based on 5 of 6 pillars

D

Score 38 out of 100

Category
Treasuries (20+ Year)⁠
Rank
10 of 11
Six-pillar profile for TFJL. Scores out of 100: Cost 4, Risk 59, Mission 63, Tradability 44, Holdings not scored, Durability 46. Strongest: Mission (63). Weakest: Cost (4). Based on 5 of 6 pillars.

Score 38 of 100 falls in the D 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.
    F4 out of 100
    Rank 11 of 11

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    B63 out of 100
    Rank 10 of 10

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B59 out of 100
    Rank 3 of 11

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C44 out of 100
    Rank 8 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.
    C46 out of 100
    Rank 7 of 11

Our read on TFJL

ETF.net Research

In short

DLong 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.

Stated mandate

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 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.
TFJL$9,492
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. TFJL $9,492. SPY $11,146. Use the arrow keys to read each point.$9,000$10,000$11,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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 TFJL. Periods over one year show the average yearly return.
PeriodTFJL
Year to date−2.3%
1 month+4.6%
3 months+2.7%
1 year−5.1%
3 yearsper year+0.5%
5 yearsper year−4.0%
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 TFJL
YearReturn barTFJL
2026 YTD−2.3%
2025−0.9%
2024−6.8%
2023+8.2%
2022−17.2%
2021−2.5%
2020−2.0%

Since listing, Aug 18, 2020

TFJL in the news

TFJL Dividends

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

No distributions in the last 12 months.

TFJL Risk

Risk pillarB59 out of 100Rank 3 of 11 in Treasuries (20+ Year)
How much the fund’s monthly returns vary, scaled to a year.
9.8%
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.
−0.32
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.
−24.6%
Trough Oct 2026
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.
0.24
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.

TFJL Cost

Compare TFJL and VGLT

Overpaying vs VGLT, cheapest in Treasuries (20+ Year)

$14,536

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

  • TFJL 0.79%

    $15,174

  • VGLT 0.03% Cheapest

    $638

$10,000
30 years

Cost over time

  • TFJL 0.79%
  • VGLT 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TFJL $15,174VGLT $638

Year by year

YearTFJLVGLTOverpaying
10$1,405$55$1,350
20$5,331$216$5,115
30$15,174$638$14,536

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