At a glance
JANH charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $13.7M in assets, the 8th largest of that group; it paid 6.24% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +6.4% with distributions reinvested, the weakest of those 8 funds.
The short version
Innovator Premium Income 20 Barrier ETF - January (JANH) holds short-term Treasury bills and S&P 500 options, aiming to pay a set income rate each calendar year: 7.10% before fees for the 2026 period. It gives up stock gains but aims to avoid losses unless the S&P 500 ends the year down more than 20%; past a 21% drop, it takes the index's full loss. Its 0.79% fee is below the 0.86% peer average.
Price history
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JANH +6.4% 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 | |
|---|---|---|---|---|---|---|
| JANH official prospectus, to Dec 31, 2024 | — | +6.72% | — | — | — | — |
| JANH price data to Oct 27, 2026 | +5.8% | +6.4% | — | — | — | +6.8% |
- Over the year to Oct 27, 2026, JANH returned +6.4%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+6.3%); its best was 2025 (+6.3%).
- The deepest fall in its price history was 8% (Feb 18, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.8% | — |
| 2025 | +6.3% | +6.40% |
| 2024 | +7.0% | +7.09% |
| 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 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1700 | |
| 2025 | $1.5200 | -7.3% |
| 2024 | $1.6400 |
What's inside
As of Jul 31, 2026, the fund held 2 securities; the ten largest made up 100.94% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 99.38% | |
| TREASURY BILL Bonds and notes | 1.56% |
By country
United States 100.94%By issuer
US Treasury 100.94%The bonds mature in 0.4 years on average (weighted by size), with an average coupon of 0%.
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 $5.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.12%, +0.35%, +0.53%.
How it works
JANH is an actively managed ETF holding Treasury bills (short-term government debt) and FLEX Options (exchange-traded options with custom terms) on the S&P 500 Price Return Index, which excludes dividends. Each outcome period runs January 1 to December 31. At the start, the fund sets a Defined Distribution Rate based on its starting value per share: 7.10% before fees for the 2026 period. Treasury interest and option premiums fund quarterly payouts, and the rate can change each period.
The barrier is a loss threshold judged only on the index's full-period change. If the S&P 500 ends higher or down 20% or less, the fund aims to return the distribution rate minus fees, and no more. Between a 20% and 21% fall, its loss jumps from 0% to 21%; beyond that, it takes index losses one for one. Unlike a buffer fund, it doesn't absorb the first 20% of a bigger fall, and a holder could lose the entire investment apart from distributions.
As of July 31, 2026, two Treasury bills made up about 101% of net assets; sold and bought put options (which pay off if the index falls below a set level) expiring December 31, 2026, netted about -1%. Before expiry, the share price can drift from the target, and investing after January 1 changes the result.
What it really costs
- JANH charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JANH | $81 | $252 | $439 | $978 |
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.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its main purpose is a set quarterly payout from Treasury interest and option premiums, 7.10% before fees for the 2026 period, rather than growth.
JANH launched in January 2024, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. It returned 7.09% in 2024 and 6.40% in 2025, its weaker year. Its deepest drop was 8%, from February 18 to April 8, 2025; it recovered by May 12, 2025. That dip shows the barrier counts only at year-end: someone cashing out mid-year can lock in a loss. And if the S&P 500 falls more than 21% over the period, the fund takes the index's full loss, softened only by its payouts.
Its yield, based on the past year's quarterly payouts, was 6.24% as of October 27, 2026. It costs 0.79% a year, or $81 in the first year on $10,000 under the SEC's example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want a set quarterly payout, 7.10% before fees for the 2026 period, and accept giving up S&P 500 gains.
- Investors able to get in near January 1 and hold through December 31, since the barrier is measured over that full period.
- Those wanting calmer prices than stocks: its deepest drop was 8%, in 2025, and its 0.79% fee is below the 0.86% peer average.
Look elsewhere if
- Growth seekers: it gives up S&P 500 gains, and its 6.4% one-year return ranked last of eight similar funds as of October 27, 2026.
- Investors wanting protection in deep crashes: if the S&P 500 falls more than 21% over the period, the fund takes the full loss.
- Anyone wary of tiny funds: $13.7 million in assets as of July 31, 2026, with $5.6 million withdrawn over the prior three months.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JANH this fund | 0.79% | $13.7M | +6.4% | — |
| 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
Is JANH good for retirement income?
It may suit retirees who value a set quarterly payout over growth, but it has trade-offs. The Defined Distribution Rate is 7.10% before fees for the 2026 period, and the fund gives up any S&P 500 gains. It launched in January 2024, so it has no record in the 2008, 2020 or 2022 downturns. An index drop of more than 21% over a period would pass through in full. Its 0.79% fee is below the 0.86% peer average.
Does JANH pay monthly dividends?
No. JANH pays quarterly, to holders of record on the last business day of March, June, September and December, with payment on the first business day of the next month. Payouts come from Treasury bill interest and option premiums, not stock dividends. Over the past year it paid $1.55 a share, a yield of 6.24% as of October 27, 2026. For the 2026 outcome period, the Defined Distribution Rate is 7.10% before fees, and it can change each January.
What happens to JANH if the S&P 500 drops more than 20%?
If the S&P 500 ends the outcome period more than 20% below its January 1 level, JANH loses money. Between a 20% and 21% fall, the fund's loss jumps from 0% to 21%. Beyond 21%, it takes the index's loss one for one, unlike a buffer fund, which absorbs the first part of a fall. Only the period-end level counts, and falls of 20% or less are designed to cause no loss. Distributions soften losses, but the prospectus warns a holder could lose the entire investment.
What's the difference between JANH and PJAN?
PJAN seeks S&P 500 gains up to a cap, with a buffer that absorbs part of a loss; JANH gives up gains for a set income rate, 7.10% before fees for the 2026 period, and its barrier offers no cushion past a 21% fall. Both are Innovator January-series funds charging 0.79%. As of October 27, 2026, PJAN returned 10.5% over one year versus 6.4% for JANH. PJAN held $1.4 billion versus JANH's $13.7 million, both as of July 31, 2026.
What happens if I invest in JANH partway through the year?
Results can differ from the stated outcome. The barrier and payout rate are set from the S&P 500's level and the fund's value per share on January 1, and payouts are a set dollar amount per share for the period. A later investor starts from a different price, so their protection and income relative to cost can differ. Prices also swing mid-period: JANH fell 8% from February 18 to April 8, 2025, recovered by May 12, 2025, and still returned 6.40% for 2025.