Innovator 20+ Year Treasury Bond 5 Floor ETF
$18.59+0.05 (+0.28%)
- 0.79%
- $10M
- −9.6%
- 0M sh
- $18.54
- low $18.35high $20.79
The ETF.net TFJL Grade
D
Score 36 out of 100
- 10 of 11
Score 36 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 100Rank 11 of 11Mission
Whether the fund did what it promised, tested against its stated mandate.B63 out of 100Rank 10 of 10Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C52 out of 100Rank 6 of 11Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C41 out of 100Rank 9 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.C48 out of 100Rank 7 of 11
Our read on TFJL
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.
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
- 3
- 100%
- Tlt 12/31/2026 0.19 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.
Not enough history yet.
TFJL$9,039
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 | TFJL |
|---|---|
| Year to date | −6.4% |
| 1 month | −0.4% |
| 3 months | −3.1% |
| 1 year | −9.6% |
| 3 years | −0.8% |
| 5 years | −4.5% |
| 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 | −6.4% | |
| 2025 | −0.9% | |
| 2024 | −6.8% | |
| 2023 | +8.2% | |
| 2022 | −17.2% | |
| 2021 | −2.5% | |
| 2020 | −2.0% |
TFJL in the news
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.
- −0.55
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.
- −24.6%
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.
- 0.24
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
0.79%
TFJL0.79%
- The middle half of Treasuries (20+ Year) funds
- Median 0.15%
Every other Treasuries (20+ Year) fund charges less.
Other funds in Treasuries (20+ Year)
- BUTHYUS Treasury 30 Year Bond ETFExpense ratio 0.15%1 year return −9.6%
- BUTWYUS Treasury 20 Year Bond ETFExpense ratio 0.15%1 year return −8.1%
- BZROZPIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded FundExpense ratio 0.15%1 year return −18.0%
- CGOVZiShares 25+ Year Treasury STRIPS Bond ETFExpense ratio 0.15%1 year return −17.9%
- FDWWNPrincipal Exchange-Traded Funds - Principal Long Duration ETFExpense ratio 0.19%1 year return —