Innovator International Developed Power Buffer ETF - January

IJANInnovatorEquityBuffer
Expense ratio0.85%
Net assets$260.1M
Holdings0
Yield (TTM)—
1 week-0.1%
1 month-1.0%
3 months+0.5%
6 months+3.2%
YTD+6.2%
1 year+8.1%
3 years*+12.6%
5 years*+7.2%

Total returns with distributions reinvested; * a year. Prices as of Oct 27, 2026 · filings through Jul 31, 2026 · page updated Nov 3, 2026

At a glance

IJAN charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $260.1M in assets, the 8th largest of that group. Over the past year it returned +8.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +12.6% a year. At its worst it fell 22.0% in the 2020 crash (S&P 500: 33.7%) and 16.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 4 months after the lows.

The short version

Innovator International Developed Power Buffer ETF - January (IJAN) holds FLEX options (customizable exchange-traded options) on the iShares MSCI EAFE ETF, which tracks large and mid-sized companies in developed markets outside the US and Canada. Over each calendar-year outcome period, it aims to absorb the first 15% of that ETF's losses while capping gains, at 13.79% before fees for the 2026 period. Its 0.85% fee is close to the 0.86% peer average.

Price history

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IJAN +8.1% over the year to Oct 27, 2026, total return with distributions reinvested.

Prices through Oct 27, 2026. Total return: the price with distributions reinvested.

How it has behaved

Volatility (1 year)7.9%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-6.1%3 years: -10.3% · all history: -22.7%
Beta vs S&P 5000.46moves less than the market
Sharpe ratio (1 year)0.52return above cash per unit of risk
Since launch+6.7%a year over 6.8 years
Total over 5 years+41%
52-week range$35.05 – $39.22
Last price $38.39 on Oct 27, 2026, 2.1% below the 52-week high · above its 200-day average ($37.75).
YTD1 yr3 yr5 yr10 yrSince start
IJAN official prospectus, to Dec 31, 2024—+19.40%—+6.71%——
IJAN price data to Oct 27, 2026+6.2%+8.1%+12.6%+7.2%—+6.7%
Multi-year figures are annualized total returns with distributions reinvested. "Official" figures are the SEC-standard returns from the fund's prospectus; the price-data row is computed from daily prices.
  • Over the year to Oct 27, 2026, IJAN returned +8.1%, 8th of 8 among similar funds.
  • Its 5-year annualized return was +7.2%.
  • In the 2020 COVID crash it fell 22% and regained its old high 7.8 months after the low.
  • Its worst full calendar year was 2022 (-2.5%); its best was 2025 (+19.6%).
  • The deepest fall in its price history was 22.7% (Jan 17, 2020 to Mar 18, 2020), recovered by Nov 16, 2020.
3%20207%2021-3%202214%2023-0.6%202420%20256%2026*
3%20207%2021-3%202214%2023-0.6%202420%20256%2026*
Calendar-year total returns from price data, distributions reinvested. * 2026 is year to date. From the prospectus: best quarter +15.64% (Dec 31, 2022), worst -11.89% (Mar 31, 2020).
Show as a table
YearPrice dataProspectus (official)
2026 (to date)+6.2%—
2025+19.6%+19.40%
2024-0.6%-0.49%
2023+13.8%+13.93%
2022-2.5%-2.40%
2021+7.3%+6.75%
2020+3.5%+4.70%
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 20.6% over that stretch · deepest drop along the way 22%, back to its old high 7.8 months after the low
2022 bear market
stocks fell Jan 3, 2022 – Oct 12, 2022
Lost 16.2% over that stretch · deepest drop along the way 16.7%, back to its old high 3.5 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.

HoldingWeight

By country

By asset type

Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.

What changed recently

  • Over the three months to Jul 31, 2026, investors withdrew a net $12.4M (creations minus redemptions, per the N-PORT report).
  • Monthly total returns reported for that quarter: +1.58%, +0.59%, +1.37%.

How it works

IJAN does not pick stocks. It keeps at least 80% of net assets in investments tied to the iShares MSCI EAFE ETF. That ETF tracks the MSCI EAFE Index of large and mid-sized companies in developed markets outside the US and Canada, weighted by market value. Instead of owning that ETF outright, IJAN uses FLEX options. These are customizable exchange-traded contracts to buy or sell at a set price by a set date. As of July 31, 2026, it held four December-dated options and 0.27% cash: a deep in-the-money call for market exposure, a bought put near the starting price, a sold put about 15% lower and a sold call at the cap.

The outcome period runs from January 1 to December 31, 2026. Gains are capped at 13.79%, or 12.94% after the 0.85% fee. The buffer absorbs the first 15% of the ETF's losses, or 14.15% after fees. Deeper losses pass through one for one, so a 20% fall would mean about a 5% loss before fees. When a period ends, the options settle in cash, and a new one-year set with a new cap begins.

These outcomes apply only to shares held for the full period, and they are measured on net asset value. Buying or selling partway through can give very different results. Innovator's website, www.innovatoretfs.com/ijan, updates the remaining cap and buffer daily.

What it really costs

  • IJAN charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
  • Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
Cost of $10,000 (SEC example)1 yr3 yrs5 yrs10 yrs
IJAN$87$271$471$1,049
SEC standard example: $10,000 invested, 5% annual return, shares sold at the end of each period.

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

RoleDefensive

Its options aim to absorb the first 15% of yearly losses on developed international stocks in exchange for giving up gains above a cap.

IJAN may soften losses in the international stock part of a portfolio, but the buffer is not a floor on daily prices. Its deepest drop was 22.7%, from January 17 to March 18, 2020, during the COVID crash, and it took about 8 months to recover. In the 2022 bear market it fell 16.7% by September 27, 2022, yet ended its worst calendar year down only 2.4%, because the buffer is measured at the end of each outcome period. Anyone forced to sell mid-year would have locked in the deeper loss. It launched at the end of 2019, so it has no 2008 record.

The fund has made no distributions, so drawing cash means selling shares. Under the SEC's standard $10,000 example, costs come to $87 after one year and $1,049 after 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

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Who it may suit — and who should look elsewhere

May suit

  • Investors wanting developed-market stocks outside the US and Canada with the first 15% of yearly losses buffered, accepting a cap (13.79% before fees for 2026).
  • Holders able to buy near January 1 and hold through December 31, the only window in which the stated buffer and cap fully apply.
  • Investors who value smaller yearly swings: its worst calendar year was 2022, down 2.4%, and one-year volatility was 7.9% as of October 27, 2026.

Look elsewhere if

  • Income seekers: the fund has made no distributions, so any cash drawn from this holding must come from selling shares.
  • Anyone who may need to sell mid-year: it fell 16.7% during 2022 even though the full calendar year ended down just 2.4%.
  • Investors wanting full upside: gains above the cap are forfeited, and its 8.1% one-year return ranked last of eight buffer funds through October 27, 2026.

Close alternatives

Matched by other buffer (defined-outcome) funds, largest first.

FundCostNet assets1 yr3 yr
IJAN this fund0.85%$260.1M+8.1%+12.6%
BUFR FT Vest Laddered Buffer ETF0.95%$10.49B+11.6%+16.8%
BUFD FT Vest Laddered Deep Buffer ETF0.95%$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 - December0.85%$1.31B+12.9%+18.5%
FJAN FT Vest US Equity Buffer ETF - January0.85%$1.47B+12.3%+17.4%
FFEB FT Vest U.S. Equity Buffer Fund - February0.85%$1.42B+12.9%+18.6%
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.

Questions investors ask

Does IJAN pay dividends?

No. IJAN has no recorded distributions. The fund holds FLEX options on the iShares MSCI EAFE ETF rather than the stocks themselves, and its buffer and cap are based on that ETF's share price. Investors who need regular cash from this part of a portfolio would have to sell shares. That can be awkward mid-year, before the buffer has fully taken effect.

How does the IJAN buffer work?

It aims to absorb the first 15% of losses in the iShares MSCI EAFE ETF over the January 1 to December 31, 2026 outcome period. After the 0.85% fee, the buffer is 14.15%. Losses beyond that pass through one for one. In the prospectus examples, a 20% drop in the ETF means a 5% fund loss and a 50% drop means a 35% loss, before fees. The buffer applies only to shares held for the whole period.

What is the IJAN upside cap for 2026?

For the January 1 to December 31, 2026 outcome period, the cap is 13.79% before fees, or 12.94% after the 0.85% management fee. If the iShares MSCI EAFE ETF rises more than that, holders don't share in the extra gain. The fund's price return was 6.2% year to date as of October 27, 2026. Innovator's website, www.innovatoretfs.com/ijan, shows the remaining cap and buffer daily.

What's the difference between IJAN and PJAN?

Both are Innovator Power Buffer ETFs with January outcome periods, but they cover different markets. IJAN uses options on the iShares MSCI EAFE ETF, which holds developed-market stocks outside the US and Canada. PJAN, the Innovator U.S. Equity Power Buffer ETF - January, focuses on US stocks. PJAN charges 0.79% versus IJAN's 0.85%. As of July 31, 2026, PJAN had $1.44 billion in net assets and IJAN had $260 million. Over the year to October 27, 2026, PJAN returned 10.5% and IJAN 8.1%.

Can you lose money in IJAN?

Yes. Losses beyond 15% in the underlying ETF pass through to the fund, and the buffer applies only to shares held for the full outcome period. Prices can fall sharply along the way. IJAN's deepest drop was 22.7%, from January 17 to March 18, 2020, and it took about 8 months to recover. Buying after January 1 or selling before December 31 can produce results very different from the stated outcomes.

Sources

  • 485BPOS prospectus (risk/return XBRL), filed Feb 27, 2026 — SEC EDGAR
  • N-PORT holdings report, filed Sep 28, 2026 — SEC EDGAR
  • Prices: daily prices and distributions through Oct 27, 2026

For education only, not investment advice. Past performance does not predict future results.