TBJLInnovator 20+ Year Treasury Bond Buffer ETF – July
Replicates the iShares 20+ Year Treasury Bond ETF with a 9% downside buffer, subject to an upside cap, over each one-year Outcome Period (July–June).
By Innovator ETFs · Launched 2020
0.79%
#4,215 of 5,861 · expensive
$18M
#4,518 of 5,861 · small
-3.5%
5 years
#2,123 of 5,861 · seasoned
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundWhat it actually holds
By weightAsset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Listing
- Exchange
- Cboe BZX
Full fund details
- Objective
- Replicates the iShares 20+ Year Treasury Bond ETF with a 9% downside buffer, subject to an upside cap, over each one-year Outcome Period (July–June).
- Strategy
- Actively managed defined-outcome buffer ETF investing in FLEX Options referencing the iShares 20+ Year Treasury Bond ETF (Underlying ETF, which tracks long-dated U.S. Treasury bonds), and may invest directly in that ETF or its constituents. Targets the Underlying ETF's price return buffered against the first 9% of losses with an upside cap, reset annually each July 1 through June 30.
- Inception date
- August 17, 2020
- Fund family
- Innovator ETFs
Similar funds
Same asset class, closest by strategy & exposureOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
You can build this cheaper yourself
Defined-outcome funds cap your gains (often 8% to 20%) in exchange for cushioning losses by 9% to 30%, priced with options. The fee runs about 0.70% or more, against 0.03% to 0.10% for a plain index fund. For most investors, a simple stock-and-bond mix gives similar protection for far less.
Sources: Morningstar, 'Buffer Funds Are on the Rise, but They May Not Make Sense for Most Investors' (2025)
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
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Data updated on 2026-08-04