ETF Evaluator:
Innovator 20+ Yr Trsy Bd 5 Fl ETF™ Qutly ()
Follow This ETF
(as of Aug 26)
Best Performing in Defined Outcome Over the Last Year
| 23.7% | Innovator U.S. Small Cp Pwr Buf ETF -Nov (KNOV) |
| 23.2% | Innovator U.S. Small Cp Pwr Buf ETF -Feb (KFEB) |
| 21.9% | Innovator U.S. Small Cp Pwr Buf ETF -Mar (KMAR) |
| 21.9% | Innovator US Small Cap Pwr Buff ETF™ Oct (KOCT) |
| 21.1% | FT Vest U.S. Small Cap Mod Buf ETF-Feb (SFEB) |
Risk
Index
Risk
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ETF Details
Innovator 20+ Yr Trsy Bd 5 Fl ETF™ Qutly Overview
Innovator 20+ Yr Trsy Bd 5 Fl ETF™ Qutly (TFJL) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). Innovator ETFs launched the ETF in 2020.
The investment seeks to provide investors with returns that match the return of the Underlying ETF (prior to taking into account management fees and other fees) up to the upside cap of 50.00% while providing a maximum loss of 5% (prior to taking into account management fees and other fees) of Underlying ETF losses, over the period from July 1, 2026 to September 30, 2026.
The fund invests at least 80% of its net assets in FLexible EXchange® Options that reference the iShares 20+ Year Treasury Bond ETF. FLEX Options are exchange-traded options contracts with uniquely customizable terms. It is non-diversified.
About Innovator 20+ Yr Trsy Bd 5 Fl ETF™ Qutly (TFJL)
There are 4 members of the management team with an average tenure of 2.27 years: Jeff Greco (2025), Maria Schiopu (2025), Robert Cummings (2020) and Rebekah Lipp (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P U.S. Aggregate Bd TR USD index with a weighting of 100% and ICE U.S. Treasury 20+ Year Bond TR USD index with a weighting of 100%. Innovator 20+ Yr Trsy Bd 5 Fl ETF™ Qutly has 3 securities in its portfolio. The top 10 holdings constitute 100.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Innovator 20+ Yr Trsy Bd 5 Fl ETF™ Qutly is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Innovator 20+ Yr Trsy Bd 5 Fl ETF™ Qutly has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.0% (100.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Innovator 20+ Yr Trsy Bd 5 Fl ETF™ Qutly has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $7 million in total assets, which is below the $183 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TFJL Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Innovator 20+ Yr Trsy Bd 5 Fl ETF™ Qutly expense ratio is above average compared to funds in the Defined Outcome category. Innovator 20+ Yr Trsy Bd 5 Fl ETF™ Qutly has an expense ratio of 0.79%, which is 10% higher than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Innovator 20+ Yr Trsy Bd 5 Fl ETF™ Qutly has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.
Recently, in the month of July 2026, Innovator 20+ Yr Trsy Bd 5 Fl ETF™ Qutly returned -3.8%, which earned it a grade of F, as the Defined Outcome category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Innovator 20+ Yr Trsy Bd 5 Fl ETF™ Qutly has a trailing yield of 0.00%, which is below the 0.48% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Innovator 20+ Yr Trsy Bd 5 Fl ETF™ Qutly Grades
Year to date, the ETF has returned -4.8%, 10.6 percentage points worse than the category, which translates into a grade of F. The fund has returned -4.9% over the past year (grade of F), -1.9% over the past three years (grade of F) and -4.4% per year over the past five years (grade of F).
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TFJL Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TFJL Return (NAV) | -3.8% | -2.9% | -4.9% | -1.9% | -4.4% | na |
| TFJL Return (Price) | -3.8% | -2.8% | -4.9% | -1.7% | -4.3% | na |
| NAV +/- Price Return | -0.033% | -0.098% | -0.009% | -0.109% | -0.037% | na |
| Defined Outcome Avg | 0.2% | 2.2% | 11.3% | 11.8% | 8.6% | na |
| TFJL Grade (NAV) | F | F | F | F | F | na |
| +/- Category (NAV) | -4.0% | -5.1% | -16.2% | -13.6% | -13.0% | na |
| TFJL Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
TFJL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TFJL Return (NAV) | -4.8% | -1.0% | -6.9% | 8.2% | -17.4% | -1.5% | na | na | na | na | na |
| TFJL Return (Price) | -4.9% | -0.8% | -6.8% | 8.2% | -17.2% | -2.5% | na | na | na | na | na |
| NAV +/- Price Ret | 0.022% | -0.196% | -0.010% | -0.002% | -0.012% | 0.607% | na | na | na | na | na |
| Defined Outcome Avg | 5.8% | 11.3% | 12.4% | 18.5% | -8.8% | 9.7% | 7.7% | 16.4% | -6.7% | 15.8% | na |
| TFJL Grade (NAV) | F | F | F | F | F | F | na | na | na | na | na |
| +/- Category | -10.6% | -12.3% | -19.2% | -10.2% | -8.6% | -11.2% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.27 |
| R-Squared: | 13% |
| Standard Deviation: | 10.0% |
| Category Risk Index: | 1.34 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.82 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 7 Mil |
| Share Class Assets: | $ 7 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.79% |
| Index Fund: | No |
| Index Tracked: | S&P U.S. Aggregate Bd TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 6.0 years | |||
| Average Tenure: 2.3 years | |||
| Managers (Year): Cummings Robert (2020), Lipp Rebekah (2025), Greco Jeff (2025), Schiopu Maria (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 3 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 100.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Innovator ETFs |
| Phone Number: | 800-208-5212 |
| Website: | www.innovatorfunds.com |
| Inception Date: | August 17, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.79% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.72% |
