At a glance
KJAN charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $323.4M in assets, the 8th largest of that group. Over the past year it returned +11.1% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +16.0% a year. At its worst it fell 27.3% in the 2020 crash (S&P 500: 33.7%) and 15.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 13 months after the lows.
The short version
Innovator U.S. Small Cap Power Buffer ETF - January (KJAN) uses FLEX options on the iShares Russell 2000 ETF. It aims to deliver small-cap stock returns up to a cap, with a buffer against the first 15% of losses over each January-to-December outcome period. For the 2026 period, the cap is 17.33% before fees. At 0.79% a year, it is the cheapest of the eight buffer funds compared here, though also the smallest.
Price history
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KJAN +11.1% 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 | |
|---|---|---|---|---|---|---|
| KJAN official prospectus, to Dec 31, 2024 | — | +10.61% | — | +7.58% | — | — |
| KJAN price data to Oct 27, 2026 | +10.8% | +11.1% | +16.0% | +7.8% | — | +8.3% |
- Over the year to Oct 27, 2026, KJAN returned +11.1%, 6th of 8 among similar funds.
- Its 5-year annualized return was +7.8%.
- In the 2020 COVID crash it fell 27.3% and regained its old high 6.7 months after the low.
- Its worst full calendar year was 2022 (-7.7%); its best was 2023 (+14.7%).
- The deepest fall in its price history was 27.3% (Feb 20, 2020 to Mar 20, 2020), recovered by Oct 9, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.8% | — |
| 2025 | +10.9% | +10.61% |
| 2024 | +8.9% | +9.30% |
| 2023 | +14.7% | +14.32% |
| 2022 | -7.7% | -7.41% |
| 2021 | +11.7% | +11.76% |
| 2020 | +8.7% | +8.40% |
| 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 26.6% over that stretch · deepest drop along the way 27.3%, back to its old high 6.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.5% over that stretch · deepest drop along the way 15.2%, back to its old high 12.9 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 $14.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.16%, +1.65%, -0.18%.
How it works
KJAN doesn't pick stocks. It seeks to match the return of the iShares Russell 2000 ETF (IWM), which tracks about 2,000 of the smallest companies in the Russell 3000 Index, weighted by market value. Instead of owning IWM shares, the fund buys and sells FLEX options on IWM. FLEX options are customizable options that trade on an exchange. As of July 31, 2026, the fund held four options, all expiring in December, plus 0.27% in cash. A call with a strike price near zero tracks IWM's price. A bought put and a sold put form the 15% buffer, and a sold call sets the cap.
The options are set on the first day of each one-year outcome period. For January 1 to December 31, 2026, the cap is 17.33% before fees, or 16.54% after the 0.79% fee. The buffer is 15%, or 14.21% after fees. If IWM falls 20% over the period, the fund aims to lose 5%. If IWM falls 50%, it aims to lose 35%. At the end of the period, the options are cashed out and a new set is bought with a new cap.
These outcomes apply only to shares held from the first day to the last, measured at net asset value (NAV). Buying or selling partway through, or trading at a market price away from NAV, can produce very different results. Innovator Capital Management advises the fund, and Milliman Financial Risk Management is the sub-adviser.
What it really costs
- KJAN 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 |
|---|---|---|---|---|
| KJAN | $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.
In a retirement portfolio
It keeps small-cap stock exposure but uses options to absorb the first 15% of losses each outcome period, in exchange for a cap on gains.
KJAN could soften the swings of small-cap stocks, but its record shows the limits of the buffer. The fund launched just before the 2020 COVID crash. From February 20 to March 20, 2020, it fell 27.3%, its deepest drop, and it took about 6.7 months to recover. In the 2022 bear market it dropped 15.2% between January 3 and June 16 and needed 12.9 months to regain its peak. Its worst calendar year was 2022, at -7.41%. The fund did not exist in 2008. Because the buffer resets each January, someone who has to sell partway through a slump may not get the full protection. The fund has paid no distributions, so it provides no income. It costs 0.79% a year, or $81 in the first year under the SEC's standard $10,000 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
- Investors wanting Russell 2000 small-cap exposure with a 15% loss buffer, who can hold shares from January 1 through December 31.
- Cost-conscious buffer-fund buyers: its 0.79% expense ratio is below the 0.86% average of the similar buffer funds compared here.
- Those willing to give up gains above the cap (17.33% before fees for 2026) for milder swings; its one-year beta was 0.58.
Look elsewhere if
- Anyone needing income: no distributions have been recorded for this fund, so it offers no regular payouts.
- Investors buying partway through the year, since the cap and buffer apply fully only to shares held for the whole outcome period.
- Those wanting deep crash protection: losses beyond 15% pass through one-for-one, and the fund fell 27.3% in early 2020.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| KJAN this fund | 0.79% | $323.4M | +11.1% | +16.0% |
| 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
Does KJAN pay dividends?
No. No distributions have been recorded for KJAN. The fund holds FLEX options on the iShares Russell 2000 ETF rather than the small-company stocks themselves, and its cap and buffer are measured on that ETF's share price. Its return comes from changes in the value of those options, which show up in the fund's share price rather than as cash payouts. Investors looking for regular income from small-cap stocks would need a different kind of fund.
What happens if you buy KJAN in the middle of the year?
A buyer who joins partway through doesn't get the stated cap and buffer. KJAN's 17.33% cap and 15% buffer (before fees) apply to shares held for the whole outcome period, January 1 to December 31, 2026. A later buyer starts from wherever the fund's value is on the day they buy. If the fund has already gained, there is less room left under the cap. If it has fallen, part of the buffer may already be used up. As of October 27, 2026, the fund was up 10.8% year to date. Innovator posts updated figures daily at innovatoretfs.com/kjan.
What's the difference between KJAN and PJAN?
The main difference is what they track. Both are Innovator 'Power Buffer' ETFs that reset each January, and both charge 0.79% a year. KJAN uses options on the iShares Russell 2000 ETF, which holds small U.S. companies. PJAN is Innovator's U.S. Equity Power Buffer fund. As of October 27, 2026, KJAN returned 11.1% over one year and 16% a year over three years, against 10.5% and 14.8% for PJAN. PJAN is much larger, with $1.44 billion in net assets compared with KJAN's $323 million.
How much does KJAN cost?
KJAN charges 0.79% a year, the lowest of the eight buffer funds compared here, where the average is 0.86%. FT Vest's BUFR and BUFD charge 0.95%. In the SEC's standard example ($10,000 invested, 5% annual return), total costs would be about $81 after one year, $252 after three, $439 after five and $978 after ten. The fee also reduces the outcomes: after fees, the 2026 cap falls from 17.33% to 16.54%, and the buffer falls from 15% to 14.21%.
Did KJAN lose money in 2022?
Yes. KJAN returned -7.41% in 2022, its worst calendar year since it launched at the start of 2020. During that year it fell 15.2% from January 3 to June 16, 2022, and took 12.9 months to recover, by July 13, 2023. Its deepest drop came earlier: a 27.3% fall during the 2020 COVID crash, which shows that losses beyond the 15% buffer pass through. The fund rebounded with a 14.32% return in 2023.