At a glance
EJAN charges 0.89% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $145.0M in assets, the 8th largest of that group. Over the past year it returned +10.1% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +11.0% a year. At its worst it fell 20.7% in the 2020 crash (S&P 500: 33.7%) and 17.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 19 months after the lows.
The short version
Innovator Emerging Markets Power Buffer ETF January (EJAN) holds FLEX options on the iShares MSCI Emerging Markets ETF. The options are set up to absorb the first 15% of that ETF's losses over each January-to-December period, in exchange for a cap on gains of 14.45% before fees for 2026. The buffer funds it is usually compared with hold US stocks, but EJAN targets emerging markets. Its 0.89% expense ratio is above the 0.86% peer average, and it is the smallest fund in that group.
Price history
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EJAN +10.1% 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 | |
|---|---|---|---|---|---|---|
| EJAN official prospectus, to Dec 31, 2024 | — | +14.41% | — | +3.90% | — | — |
| EJAN price data to Oct 27, 2026 | +8.8% | +10.1% | +11.0% | +4.0% | — | +4.5% |
- Over the year to Oct 27, 2026, EJAN returned +10.1%, 7th of 8 among similar funds.
- Its 5-year annualized return was +4.0%.
- In the 2020 COVID crash it fell 20.7% and regained its old high 4.1 months after the low.
- Its worst full calendar year was 2022 (-8.0%); its best was 2025 (+14.8%).
- The deepest fall in its price history was 22.2% (Jan 13, 2020 to Mar 18, 2020), recovered by Aug 25, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.8% | — |
| 2025 | +14.8% | +14.41% |
| 2024 | +2.7% | +3.12% |
| 2023 | +5.4% | +5.17% |
| 2022 | -8.0% | -8.31% |
| 2021 | -1.5% | -1.13% |
| 2020 | +10.5% | +11.86% |
| 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 | Lost 19.5% over that stretch · deepest drop along the way 20.7%, back to its old high 4.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.4% over that stretch · deepest drop along the way 17.4%, back to its old high 19.2 months after the low |
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 $11.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.86%, +0.35%, -0.40%.
How it works
EJAN does not hold stocks directly. Instead it holds FLEX Options on the iShares MSCI Emerging Markets ETF. FLEX Options are exchange-traded options whose strike prices and expiration dates can be customized. The underlying ETF tracks the MSCI Emerging Markets Index, which covers mid- and large-company stocks in emerging-market countries and is reviewed quarterly. As of July 31, 2026, four option positions made up 99.83% of net assets, and cash was 0.24%. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
The options are set on the first day of each one-year outcome period, which runs from January 1 to December 31, 2026. Over that period the fund seeks to match the underlying ETF's return up to a cap of 14.45%, or 13.56% after the 0.89% fee. It also seeks to absorb the first 15% of losses, or 14.11% after fees. Shareholders bear any losses beyond 15% one for one. In the prospectus examples, a 20% drop in the underlying ETF means a 5% fund loss before fees, and a 50% drop means a 35% loss.
These outcomes apply only to shares held for the whole period. They are measured on net asset value (the value of the fund's holdings per share), not on market price. When the period ends, the options settle in cash. The fund then invests in a new set of options that expire in about a year, and a new cap is set. The fund is classified as non-diversified.
What it really costs
- EJAN charges 0.89% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $91 in the first year and $1,096 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EJAN | $91 | $284 | $493 | $1,096 |
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.
In a retirement portfolio
It adds emerging-markets stock exposure with options that cushion yearly losses, but it caps gains and pays no income, so it fits alongside core holdings rather than replacing them.
EJAN could add emerging-markets stocks with smaller swings than a plain fund. Its three-year volatility was 9.7% as of October 27, 2026. But the buffer applies only over a full outcome period, and drops in the middle of a period can be deep. The fund fell 20.7% in the 2020 COVID crash and took about four months to recover. It fell 17.4% in 2022 and needed about 19 months to recover, until May 16, 2024. Its worst calendar year was 2022, when it lost 8.31%. It launched in 2020, so it has no record from 2008. Someone who has to cash out during a slump could lose far more than the buffer suggests. The fund recorded no distributions, so it provides no income. It costs 0.89% a year, which is $91 on $10,000 in the first year in the SEC's standard example. Past results don't predict future returns, 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 emerging-markets stock exposure with a 15% cushion on losses each period and accept gains capped at 14.45% before fees for 2026.
- Holders who can invest near January 1 and hold through December 31, when the stated buffer and cap fully apply.
- Investors comfortable with an options-only fund: as of July 31, 2026, four FLEX option positions on EEM made up nearly all net assets.
Look elsewhere if
- Investors who need income: no distributions were recorded for this fund.
- Cost-focused investors: the 0.89% expense ratio ranks 6th of 8 on cost among buffer peers and is above their 0.86% average.
- Investors who want full emerging-markets upside or may exit mid-period: gains are capped, and the fund fell 17.4% during the 2022 bear market.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| EJAN this fund | 0.89% | $145.0M | +10.1% | +11.0% |
| 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
How does the EJAN buffer work?
EJAN aims to absorb the first 15% of losses in the iShares MSCI Emerging Markets ETF from January 1 to December 31, 2026. In exchange, gains are capped at 14.45%. After the 0.89% fee, the buffer is 14.11% and the cap is 13.56%. Losses beyond 15% pass through one for one. The prospectus shows that a 20% drop in the underlying ETF means a fund loss of about 5% before fees. The buffer is not guaranteed.
Can I invest in EJAN after January?
Yes, but your results may be very different from the stated buffer and cap. Those outcomes apply only to investors who hold shares from the first day of the outcome period to the last. Someone who invests partway through starts at a different price, so the cushion and upside room left may be larger or smaller. Innovator posts updated figures daily at innovatoretfs.com/ejan. Swings within a period can be large: the fund fell 20.7% between February 19 and March 18, 2020.
Does EJAN pay dividends?
No distributions were recorded for EJAN, so it does not provide regular income. The fund holds options on the iShares MSCI Emerging Markets ETF rather than the stocks themselves, and its outcomes are built around that ETF's share price. Returns come from changes in the value of the options. At the end of each outcome period the options settle in cash, and the fund rolls the money into new options. Income-focused investors may prefer dividend-paying funds.
What's the difference between EJAN and PJAN?
Both are Innovator Power Buffer ETFs with January outcome periods, but they cover different markets. PJAN uses options tied to US stocks, while EJAN uses options on the iShares MSCI Emerging Markets ETF. PJAN costs 0.79% a year, compared with 0.89% for EJAN. PJAN is also much larger: about $1.4 billion in net assets versus about $145 million, both as of July 31, 2026. Over the three years to October 27, 2026, PJAN returned 14.8% a year and EJAN returned 11%.
Did EJAN protect against losses in 2022?
Partly. The fund lost 8.31% in calendar 2022, its worst year, according to the prospectus. Within that year, though, it fell as much as 17.4% from January 12 to October 11, 2022. It took about 19 months, until May 16, 2024, to recover. The buffer is measured over the full outcome period, so declines in the middle of a period can be deeper than the buffer suggests.