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IBUF vs TBJL

Innovator International Developed 10 Buffer ETF

IBUFBNYSE Arca

Innovator 20+ Year Treasury Bond 9 Buffer ETF - July

TBJLBCboe

Overlap

Expense ratio

TBJL −0.06pt a year

IBUF0.85%TBJL0.79%

Avg volume · 30D

IBUF 1.5×the volume

IBUF18KTBJL12.2K

IBUF vs TBJL Performance

Oct 31, 2025 – Oct 30, 2026

+9.8%IBUF−6.0%TBJL

Oct 31, 2025 to Oct 30, 2026. IBUF +9.8%. TBJL −6.0%. Use the arrow keys to read each point.−10%0%5%Oct 2025Apr 2026Oct 2026
Expense ratio
IBUF 0.85%
TBJL 0.79%, better
Fund size
IBUF $121M
TBJL $9M
1Y total return
IBUF +9.8%, better
TBJL −6.0%
Holdings
IBUF 3
TBJL 3
Avg volume (30D)
IBUF 18K sh, better
TBJL 12.2K sh
NAV per share
IBUF $31.34
TBJL $19.10
52W range

ETF.net Grade

IBUF: Cost 39, Risk 75, Mission 96, Tradability 74, Holdings not scored, Durability 80. TBJL: Cost 75, Risk 40, Mission not scored, Tradability 50, Holdings not scored, Durability 61.
Pillar letters and Scores for IBUF, TBJL, with each pillar’s weight
PillarIBUFTBJL
Cost30% weightD39A75Higher
Mission25% weightA96Not scored
Risk15% weightA75HigherC40
Tradability15% weightA74HigherC50
Holdings10% weightNot scoredNot scored
Durability5% weightA80HigherB61

Rank among Other Buffered funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. IBUF and TBJL are both graded against the same 9 Other Buffered funds, so their Grades compare head to head.

Other Buffered⁠

Category · 9 funds
See all 9 ›

TBJL ranks 2nd and IBUF 3rd of 9 funds in the Other Buffered Category.

  1. Rank 1BKBFRInnovator U.S. Small Cap Managed 10 Buffer ETFScore 63
  2. Rank 2BTBJLInnovator 20+ Year Treasury Bond 9 Buffer ETF - JulyScore 60
  3. Rank 3BIBUFInnovator International Developed 10 Buffer ETFScore 58
  4. Rank 4BRSJNFT Vest U.S. Equity Equal Weight Buffer ETF - JuneScore 57

Our read on each fund

ETF.net Research

IBUFBInnovator International Developed 10 Buffer ETF

TBJLBInnovator 20+ Year Treasury Bond 9 Buffer ETF - July

In short

IBUF Most buffer ETFs aim at the S&P 500. IBUF looks overseas, using the iShares MSCI EAFE ETF as its reference and buffering the first 10% of losses over each quarterly outcome period, with upside capped in return.

TBJL Buffer 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

IBUF The Fund uses a quarterly defined-outcome strategy based on the iShares MSCI EAFE ETF. It seeks to provide gains up to a cap while buffering the first 10% of reference-asset losses for investors holding through the full outcome period.

TBJL 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

  • IBUF Buffer funds crowd around US large caps. This one references the iShares MSCI EAFE ETF, so the 10% cushion sits on developed markets outside the US.
  • The outcome period runs a quarter, not a year, so the buffer and the cap reset four times annually rather than once.
  • At 0.85% a year, it comes in under the median fee among the buffer funds we track.
  • Sits among the strongest implementations in its buffer-fund peer group on our review.
  • TBJL 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

  • IBUF The price of the cushion is a ceiling. Gains above each quarter's cap are given up, and that cap is reset at the start of every outcome period.
  • The 10% buffer is designed for investors who hold a full outcome period. Buy mid-quarter and your actual cushion and cap differ from the stated terms.
  • Launched in July 2024 and lightly traded, so the track record is short and spreads can run wider than on large index funds.
  • TBJL 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.

Full IBUF profile⁠

Full TBJL profile⁠

IBUF vs TBJL Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IBUF vs TBJL Cost

Overpaying IBUF vs TBJL

$1,025

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

  • IBUF 0.85%

    $16,199

  • TBJL 0.79%

    $15,174

$10,000
30 years

Cost over time

  • IBUF 0.85%
  • TBJL 0.79%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530IBUF $16,199TBJL $15,174

Year by year

YearIBUFTBJLOverpaying
10$1,508$1,405$103
20$5,706$5,331$375
30$16,199$15,174$1,025

Expense ratio

  • 0.85%IBUF
  • 0.79%TBJL, cheaper
  • Middle half of Other Buffered funds
  • Median 0.85%

TBJL cheapest of 9 funds

IBUF 3rd cheapest of 9 funds

IBUF vs TBJL Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
IBUF None
TBJL None

Distribution history

IBUFAll IBUF payments⁠

No distribution history available.

TBJLAll TBJL payments⁠

No distribution history available.

IBUF vs TBJL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
IBUF 4.0%since Aug 2024TBJL 9.2%
Return per unit of riskSharpe ratio, 3 years
IBUF 1.40since Aug 2024TBJL −0.19
Worst fallMax drawdown, 5 years
IBUF −5.9%since Jul 2024TBJL −28.6%
Market sensitivityBeta, 5 years
IBUF 0.14TBJL 0.41

Popular comparisons

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    Innovator International Developed 10 Buffer ETF · Innovator U.S. Small Cap Managed 10 Buffer ETF

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