At a glance
AJAN charges 0.79% a year. It has $50.6M in assets. Over the past year it returned +4.0% with distributions reinvested (S&P 500: +11.5%).
The short version
Innovator Equity Defined Protection ETF - 2 Yr to January 2026 (AJAN) is an options-based stock fund. As its name suggests, it aims to protect against stock losses over a two-year period ending January 2026, in exchange for limits on gains. Its price has moved very little: as of October 27, 2026, its one-year volatility was 2.6% and its deepest drop was 4.1%. That stability costs 0.79% a year, and the fund pays no income.
Price history
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AJAN +4.0% 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 | |
|---|---|---|---|---|---|---|
| AJAN price data to Oct 27, 2026 | +3.2% | +4.0% | — | — | — | +6.0% |
- Over the year to Oct 27, 2026, AJAN returned +4.0%.
- Its worst full calendar year was 2025 (+6.1%); its best was 2025 (+6.1%).
- The deepest fall in its price history was 4.1% (Feb 20, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.2% |
| 2025 | +6.1% |
| 2024 | +7.8% |
| 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 | Before this security existed |
How it works
We could not find AJAN in SEC ticker files. It may have been renamed or closed. That means the details that define a fund like this, such as its reference index, its upside cap and its exact protection level, aren't available here. The rest of this section explains how defined protection ETFs generally work, based on what the fund's name describes.
A defined protection ETF usually holds a package of options on a stock index fund. An option is a contract that gives the right to buy or sell an asset at a set price by a set date. Together, the options aim to shield holders from losses on that reference asset over a fixed "outcome period." For AJAN, the name points to a two-year period ending January 2026. In return, holders give up any gains above a cap. The protection and the cap apply only to someone who holds from the first day of the period to the last. Fund fees come on top.
Investors who enter or leave partway through a period may get more or less protection than advertised, and a different cap. When a period ends, funds like this usually roll into new options with a new cap. AJAN's price history continues past January 2026, through October 27, 2026. The terms that applied after that point aren't covered here.
What it really costs
- AJAN charges 0.79% a year.
In a retirement portfolio
AJAN's options structure aims to limit stock-market losses over a set period, and its price history shows very small swings.
AJAN's main draw for a retirement portfolio is stability. As of October 27, 2026, its one-year volatility was 2.6%. Its beta, a measure of how much it moves with the stock market, was 0.17, so it moved far less than stocks. Its deepest drop was 4.1%, from February 20 to April 8, 2025, and it recovered by May 12, 2025, about a month later. It gained 7.78% in 2024 and 6.12% in 2025. Because it launched in January 2024, it has no record through the 2008, 2020 or 2022 downturns. The trade-offs are capped gains, no distributions recorded, and a 0.79% expense ratio. Someone who has to sell partway through an outcome period may not get the full protection. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want stock exposure with options-based protection against losses over a set period and accept a cap on gains in return.
- Retirees who value a smooth ride: one-year volatility of 2.6% and a deepest drop of 4.1% as of October 27, 2026.
- People who don't need this holding to produce income, since no distributions have been recorded for the fund.
Look elsewhere if
- Investors seeking full stock-market growth; the cap limits upside, and the fund returned 4% in the year to October 27, 2026.
- Cost-conscious investors; the 0.79% expense ratio is high next to plain stock index funds that don't use options.
- Anyone who wants to check the terms in SEC filings; this ticker wasn't found in SEC files, and its named period ran to January 2026.
Close alternatives
Matched by legacy category (no holdings report for this fund).
No close alternatives found.
Questions investors ask
What happens to AJAN after January 2026?
The fund's name points to a two-year outcome period ending January 2026. Its shares kept trading through at least October 27, 2026. Funds like this usually roll into new options with a new cap when a period ends. We could not find AJAN in SEC ticker files, so it may have been renamed or closed. Innovator is the place to confirm the terms that applied after January 2026.
Does AJAN pay dividends?
No. The fund has no recorded distributions. Defined protection funds hold options on a stock index fund instead of owning the stocks directly, and any return mostly shows up as a change in share price. Someone who needs a steady payout from a holding would have to sell shares to get cash, or use a different fund built for income.
What is the AJAN expense ratio?
AJAN's expense ratio is 0.79% a year. That covers the cost of running the options strategy, but it is well above what plain stock index funds typically charge. No comparison with similar funds was available for this fund. The fee comes out of the fund's returns, and any downside protection is measured before fees, so the fee lowers what a holder actually keeps.
How much can AJAN lose?
So far, not much. AJAN's deepest drop was 4.1%, from February 20 to April 8, 2025. It recovered by May 12, 2025, about a month later. Its one-year volatility was 2.6% as of October 27, 2026. Protection applies only to someone who holds for the full outcome period, and the fund launched in 2024, so it has never been through a long bear market.
How has AJAN performed since launch?
AJAN returned 7.78% in 2024 and 6.12% in 2025. It gained 3.16% in 2026 through October 27, which is not a full year. Since its launch on January 2, 2024, it has returned about 6% a year, and 4% over the one year to October 27, 2026. The steady, modest gains reflect a strategy that gives up upside in exchange for protection.