At a glance
TBJL charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $10.9M in assets, the 8th largest of that group. Over the past year it returned −7.3% with distributions reinvested, the weakest of those 8 funds; over three years it returned +2.0% a year. At its worst it fell 20.9% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
Innovator 20+ Year Treasury Bond 9 Buffer ETF - July (TBJL) is a buffer ETF that seeks to absorb the first 9% of losses in the iShares 20+ Year Treasury Bond ETF each July-to-June period, using options and accepting capped gains. Its 0.79% expense ratio undercuts the 0.86% average of seven mostly stock-focused buffer funds, but it has no recorded distributions and is small: $10.9 million in net assets as of July 31, 2026.
Price history
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TBJL -7.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TBJL official prospectus, to Dec 31, 2024 | — | +2.01% | — | -4.05% | — | -4.03% |
| TBJL price data to Oct 27, 2026 | -4.5% | -7.3% | +2.0% | -4.9% | — | -3.5% |
- Over the year to Oct 27, 2026, TBJL returned -7.3%, 8th of 8 among similar funds.
- Its 5-year annualized return was -4.9%.
- Its worst full calendar year was 2022 (-20.8%); its best was 2023 (+4.1%).
- The deepest fall in its price history was 28.6% (Dec 3, 2021 to Oct 20, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -4.5% | — |
| 2025 | +1.7% | +2.01% |
| 2024 | -3.2% | -3.34% |
| 2023 | +4.1% | +4.27% |
| 2022 | -20.8% | -20.98% |
| 2021 | — | +0.13% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.2% over that stretch · deepest drop along the way 20.9%, not recovered by the end of the data |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $11.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.19%, +0.07%, -4.62%.
How it works
TBJL aims to match the returns of the iShares 20+ Year Treasury Bond ETF (the Underlying ETF), which tracks an index of U.S. Treasury bonds with more than 20 years to maturity, within limits over an “outcome period” running July 1 to June 30. It does this with FLEX Options, customizable exchange-traded options on that ETF; as of July 31, 2026, four option positions made up about 99.8% of assets. Because it owns options rather than bonds, it collects no bond interest and has no recorded distributions.
The options create two limits. The buffer seeks to absorb the first 9% of the Underlying ETF's losses over the period (8.21% after fees); losses beyond that pass through one for one, so a 20% drop would mean about an 11% loss before fees. The cap sets the maximum gain: 48.65% before fees (47.86% after the 0.79% fee) for the period from July 1, 2025 to June 30, 2026. Each July, the fund rolls into new one-year options and a new cap is set.
The limits apply only to shares held for a full period. Buyers who enter mid-period, or sellers who exit early, may get very different outcomes, and prices swing in between: the fund fell 10.39% in the quarter ended September 30, 2023. Innovator posts updated figures daily at innovatoretfs.com/tbjl.
What it really costs
- TBJL charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TBJL | $81 | $252 | $439 | $978 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It offers buffered long-term Treasury exposure that moved little with the broad market (a one-year beta of 0.09 as of October 27, 2026), but deep 2022 losses and no income make it a poor fit as a defensive or income holding.
TBJL could add long-term Treasury exposure with a cushion against modest losses; in the year to October 27, 2026, it moved little with the broad market (a beta of 0.09). Its price record begins in February 2021, after the 2008 and 2020 crashes. During the 2022 stock bear market it fell 20.9% from January to October, and it lost 20.98% for calendar 2022, its worst year. Selling near that low meant a loss more than twice the 9% buffer. Its deepest drop, 28.6% from December 3, 2021 to October 20, 2023, had not been recovered as of October 27, 2026.
With no recorded distributions, it provides no income, so withdrawals would mean selling shares. Its 0.79% fee totals $439 over five years in the SEC's $10,000 example. Past results don't predict future ones, and a retirement plan needs to consider the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting long-term Treasury exposure with the first 9% of losses cushioned each July-to-June period, who accept a cap on gains.
- Buy-and-hold investors able to enter near July 1 and stay to June 30, when the stated buffer and cap fully apply.
- Those wanting a diversifier with little broad-market link (a one-year beta of 0.09) at 0.79% a year, below the 0.86% buffer-fund average.
Look elsewhere if
- Retirees who need income: no distributions are on record, because the fund holds options rather than interest-paying Treasury bonds.
- Anyone expecting firm downside protection: it lost 20.98% in 2022, and its 28.6% deepest drop was unrecovered as of October 27, 2026.
- Investors wary of tiny funds: net assets were $10.9 million as of July 31, 2026, after $11.4 million of net outflows in three months.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| TBJL this fund | 0.79% | $10.9M | -7.3% | +2.0% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does TBJL pay dividends?
No. There are no distributions on record for TBJL. The fund holds FLEX options on the iShares 20+ Year Treasury Bond ETF rather than the bonds themselves; as of July 31, 2026, options made up about 99.8% of assets and cash 0.32%. Option holders don't receive the interest that ETF pays out, so none of that bond income reaches TBJL shareholders. Investors relying on bond interest for spending money would get none here.
How does the TBJL buffer work?
TBJL aims to absorb the first 9% of the iShares 20+ Year Treasury Bond ETF's losses over each outcome period, which runs July 1 to June 30. Losses beyond 9% pass through one for one, and gains are capped. For July 1, 2025 to June 30, 2026, the cap was 48.65% before fees (47.86% after), and the buffer was 8.21% after fees. Both apply in full only to shareholders who hold for the entire period; mid-period buyers may see very different results.
Why did TBJL lose money in 2022 if it has a buffer?
Because the buffer only covers the first 9% of the iShares 20+ Year Treasury Bond ETF's losses in each July-to-June outcome period, and only for shares held the whole period. Losses past 9% pass through one for one. Long-term Treasuries are very sensitive to interest rates: when rates rise, their prices fall, and large drops can exceed the buffer. TBJL lost 20.98% in calendar 2022, and its deepest decline, 28.6% from December 2021 to October 2023, had not been recovered as of October 27, 2026.
What's the difference between TBJL and TLT?
TBJL owns options on TLT, while TLT owns the bonds. TLT, the iShares 20+ Year Treasury Bond ETF, tracks an index of U.S. Treasury bonds with more than 20 years to maturity. TBJL's options aim to buffer the first 9% of TLT's losses each July-to-June period and cap gains (48.65% before fees for July 2025 to June 2026). TBJL charges 0.79% a year and has no recorded distributions. Owning TLT directly means taking on its full gains, losses and interest income.
How does TBJL's expense ratio compare with other buffer ETFs?
It's at the low end. TBJL's 0.79% expense ratio, per its February 27, 2026 prospectus, ties Innovator's PJAN and PDEC for lowest among eight buffer funds and sits below the 0.86% average of the other seven; FT Vest's BUFR and BUFD charge 0.95%. In the SEC's standard example, $10,000 earning 5% a year would incur $81 in costs over one year and $978 over 10 years. PJAN, PDEC and FT Vest's US Equity Buffer ETFs track stocks, not Treasuries, so their returns aren't a like-for-like comparison.