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KBFR vs TBJL

Innovator U.S. Small Cap Managed 10 Buffer ETF

KBFRBNYSE Arca

Innovator 20+ Year Treasury Bond 9 Buffer ETF - July

TBJLBCboe

Overlap

0.2%by weight

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

KBFR0.79%TBJL0.79%

Avg volume · 30D

TBJL 3.8×the volume

KBFR3.25KTBJL12.2K

KBFR vs TBJL Performance

Jul 31, 2026 – Oct 30, 2026

−0.8%KBFR+1.0%TBJL

Jul 31, 2026 to Oct 30, 2026. KBFR −0.8%. TBJL +1.0%. Use the arrow keys to read each point.−2%2%4%Jul 2026Sep 2026Oct 2026
Expense ratio
KBFR 0.79%
TBJL 0.79%
Fund size
KBFR $13M
TBJL $9M
1Y total return
KBFR No data
TBJL −6.0%
Holdings
KBFR 833
TBJL 3
Avg volume (30D)
KBFR 3.25K sh
TBJL 12.2K sh, better
NAV per share
KBFR $26.76
TBJL $19.10
52W range

ETF.net Grade

KBFR: Cost 75, Risk 48, Mission not scored, Tradability 42, Holdings 88, Durability 48. TBJL: Cost 75, Risk 40, Mission not scored, Tradability 50, Holdings not scored, Durability 61.
Pillar letters and Scores for KBFR, TBJL, with each pillar’s weight
PillarKBFRTBJL
Cost30% weightA75A75
Mission25% weightNot scoredNot scored
Risk15% weightC48HigherC40
Tradability15% weightC42C50Higher
Holdings10% weightA88Not scored
Durability5% weightC48B61Higher

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. KBFR 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 ›

KBFR ranks 1st and TBJL 2nd 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

Our read on each fund

ETF.net Research

KBFRBInnovator U.S. Small Cap Managed 10 Buffer ETF

TBJLBInnovator 20+ Year Treasury Bond 9 Buffer ETF - July

In short

KBFR Small caps with a seatbelt. Innovator's actively managed fund owns roughly 800 U.S. small caps and layers options on top, built around the 10% buffer in its name, and it undercuts the typical buffer fund on fee.

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

KBFR The Fund seeks long-term capital gains while mitigating overall market risk. It is actively managed and uses equity and option positions to provide risk-managed U.S. small-cap exposure.

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

  • KBFR Costs 0.79% a year, below the 0.89% typical of buffer funds in its group.
  • Actively managed and holds about 800 small caps outright, with the option positions layered on top rather than standing in for the stocks.
  • Buffered small-cap exposure is a thin shelf. Its nearest cohort peers cushion international stocks (IBUF), equal-weight U.S. (RSJN) or long Treasuries (TBJL).
  • Adds up to one of the stronger overall packages among the buffer funds we grade.
  • 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

  • KBFR Launched in 2026, so there is little live history behind any read on how it handles a real drawdown.
  • Small and thinly traded, so bid-ask spreads and premiums can run wider than in the big buffer names.
  • The buffer absorbs a slice of losses, not all of them, and the option overlay means results can part ways with the small-cap market in both directions.
  • 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 KBFR profile⁠

Full TBJL profile⁠

KBFR vs TBJL Holdings

How KBFR and TBJL differ

Overlap by weight

0.2%

Shared holdings make up 2.3% of KBFR and 0.2% of TBJL.

Level by level

  • Holdings1 in both0.2%
  • Asset classAlternatives100%

Sector

No Sector split for KBFR and TBJL.

Country, concentration and asset class

Country by domicile

No country split for TBJL.

Concentration

Weight in the 10 largest Holdings

  • KBFR8.6%
  • TBJL102.8%

Securities held

  • KBFR832
  • TBJL3

Asset class

KBFR
Alternatives
TBJL
Alternatives

Holdings

  • Only in KBFR831
  • In both1
  • Only in TBJL2

Only in KBFR

831 securities, 99.6% of KBFR by weight

  • Iwm 06/30/2027 300 P2.24%
  • Iwm 09/30/2027 279 P1.42%
  • Iwm 03/31/2027 247 P0.40%

Only in TBJL

2 securities, 100% of TBJL by weight

  • Tlt 06/30/2027 0.86 C94.90%
  • Tlt 06/30/2027 86.42 P7.68%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in KBFR and TBJL, widest gap first
HoldingMore in KBFRMore in TBJL
Us Bank Mmda - Usbgfs 9 09/01/2037KBFR +2.17 points

All 839 KBFR holdings⁠All 6 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.

KBFR vs TBJL Cost

Same expense ratio

$15,174

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

  • KBFR 0.79%

    $15,174

  • TBJL 0.79%

    $15,174

$10,000
30 years

Cost over time

  • KBFR 0.79%
  • TBJL 0.79%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530KBFR $15,174TBJL $15,174

Year by year

YearKBFRTBJL
10$1,405$1,405
20$5,331$5,331
30$15,174$15,174

Expense ratio

  • 0.79%KBFR
  • 0.79%TBJL
  • Middle half of Other Buffered funds
  • Median 0.85%

KBFR cheapest of 9 funds

TBJL cheapest of 9 funds

KBFR vs TBJL Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
KBFR No data
TBJL None
Last payment
KBFR $0.04
TBJL No data
Ex-dividend
KBFR Sep 30, 2026
TBJL No data
Paid on
KBFR Oct 2, 2026
TBJL No data
Frequency
KBFR Quarterly
TBJL No data

Distribution history

Per share, 2026, same scale for both

KBFRQuarterly · 3 paymentsAll KBFR payments⁠
One bar per payment. 3 payments in 2026 YTD. Mar 31, 2026 $0.03; Jun 30, 2026 $0.05; Sep 30, 2026 $0.04. Use the arrow keys to read each point.$0$0.052026YTD
TBJLAll TBJL payments⁠

No distribution history available.

KBFR vs TBJL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
KBFR No dataTBJL 9.2%
Return per unit of riskSharpe ratio, 3 years
KBFR No dataTBJL −0.19
Worst fallMax drawdown, 5 years
KBFR No dataTBJL −28.6%
Market sensitivityBeta, 5 years
KBFR 0.24TBJL 0.41

Popular comparisons

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

    Expense ratio
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    Category
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  • TBJLBvsIBUFB

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    Expense ratio
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