At a glance
NJAN charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $351.0M in assets, the 8th largest of that group. Over the past year it returned +12.6% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +14.4% a year. At its worst it fell 16.0% in the 2020 crash (S&P 500: 33.7%) and 20.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 15 months after the lows.
The short version
Innovator Growth-100 Power Buffer ETF - January (NJAN) holds FLEX options on the Invesco QQQ Trust, an ETF tracking the Nasdaq-100 Index, rather than the stocks themselves. From January 1 to December 31, 2026, it seeks to absorb the first 15% of QQQ's losses while capping gains at 14.65% before fees. Its 0.79% expense ratio ties for the lowest among eight buffer ETFs compared, which averaged 0.86%.
Price history
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NJAN +12.6% 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 | |
|---|---|---|---|---|---|---|
| NJAN official prospectus, to Dec 31, 2024 | — | +14.25% | — | +7.81% | — | — |
| NJAN price data to Oct 27, 2026 | +10.5% | +12.6% | +14.4% | +7.7% | — | +8.3% |
- Over the year to Oct 27, 2026, NJAN returned +12.6%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +7.7%.
- In the 2020 COVID crash it fell 16% and regained its old high 2.6 months after the low.
- Its worst full calendar year was 2022 (-18.9%); its best was 2023 (+20.9%).
- The deepest fall in its price history was 20.7% (Jan 3, 2022 to Oct 14, 2022), recovered by Jan 24, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.5% | — |
| 2025 | +14.2% | +14.25% |
| 2024 | +15.3% | +15.35% |
| 2023 | +20.9% | +20.75% |
| 2022 | -18.9% | -18.79% |
| 2021 | +11.6% | +11.72% |
| 2020 | +8.3% | +8.78% |
| 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 14.7% over that stretch · deepest drop along the way 16%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.2% over that stretch · deepest drop along the way 20.2%, back to its old high 15.4 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 $27.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.88%, -0.01%, -0.79%.
How it works
NJAN does not pick stocks. Under normal conditions, it invests at least 80% of its net assets in investments tied to the Invesco QQQ Trust, Series 1. That ETF tracks the Nasdaq-100 Index, the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market. NJAN gets its exposure mainly through FLEX options, which are exchange-listed options contracts with custom terms. The adviser is Innovator Capital Management and the sub-adviser is Milliman Financial Risk Management. As of July 31, 2026, four option positions on QQQ made up 99.79% of assets, and cash made up 0.28%.
Together, those options set two limits for each one-year "outcome period." For January 1 to December 31, 2026, the cap (the most the fund can gain) is 14.65% before fees, or 13.86% after the 0.79% management fee. The buffer covers the first 15% of QQQ's decline, or 14.21% after the fee. Any loss beyond that passes through one for one. So if QQQ fell 20%, the fund would aim to lose 5% before fees.
These outcomes apply only to shareholders who hold from the period's first day to its last. They are measured on net asset value, not market price. Someone who buys partway through gets a different remaining cap and buffer, which the issuer updates daily at innovatoretfs.com/njan. When a period ends, the options expire. The fund then buys a new set expiring about one year later, with a new cap.
What it really costs
- NJAN 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 |
|---|---|---|---|---|
| NJAN | $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
Its options give up Nasdaq-100 gains above a yearly cap in exchange for a buffer against the first 15% of losses, though it remains a stock fund that can fall sharply.
NJAN may give a retirement portfolio a smoother way to hold Nasdaq-100 stocks. Its record also shows the buffer's limits. It launched in 2020, so it has no 2008 history. In the 2020 COVID crash it fell 16% from February 19 to March 18, 2020, then recovered in under three months. In the 2022 bear market it dropped 20.2% and took about 15 months, until January 24, 2024, to get back to its peak. Its worst calendar year was 2022, at -18.79%. Anyone drawing cash in a year like that would be selling shares while they were down. The fund recorded no distributions, so it provides no income. Under the SEC's standard $10,000 example, its costs come to $81 after one year and $978 over 10 years. 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 Nasdaq-100 exposure through QQQ and would give up gains above 14.65% (before fees) for protection against the first 15% of losses.
- Holders who expect to keep shares for the full January 1 to December 31 outcome period, the only window where the stated cap and buffer apply.
- Buffer-fund shoppers focused on cost: its 0.79% expense ratio ties for the lowest among eight compared buffer ETFs, which averaged 0.86%.
Look elsewhere if
- Investors who need regular income: the fund recorded no distributions, so any cash would have to come from selling shares.
- Those who want the full Nasdaq-100 upside: gains above the cap are given up, and losses beyond 15% still pass through one for one.
- Anyone who wants broad diversification or a large fund: it is non-diversified, tied to one index, and the smallest of eight peers at $351 million.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NJAN this fund | 0.79% | $351.0M | +12.6% | +14.4% |
| 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 NJAN good for retirement?
NJAN may suit retirees who want some Nasdaq-100 exposure with smaller swings, but it is not a safe asset. As of October 27, 2026, its one-year volatility was 7.5% and its beta was 0.54, meaning it moved about half as much as the market. Even so, it lost 18.79% in 2022 and took about 15 months to get back to its earlier peak. It also pays no distributions, so it does not provide income.
How does the NJAN buffer work?
NJAN uses FLEX options on the Invesco QQQ Trust to absorb the first 15% of QQQ's losses over each one-year outcome period. For January 1 to December 31, 2026, gains are capped at 14.65% before fees (13.86% after the 0.79% fee). Losses beyond 15% pass through one for one, so a 50% QQQ drop would mean roughly a 35% fund loss before fees. The full cap and buffer apply only to shares held for the whole period.
Does NJAN pay dividends?
No. NJAN recorded no distributions. It holds FLEX options on the Invesco QQQ Trust rather than the Nasdaq-100 stocks themselves, and its design aims at price outcomes (a cap and a buffer) rather than paying out income. Investors who need regular cash from this fund would have to sell shares, and in a down year that could mean selling at a loss.
What's the difference between NJAN and PJAN?
Both are Innovator Power Buffer ETFs with January outcome periods and a 0.79% expense ratio. The difference is the underlying market. NJAN references the Invesco QQQ Trust, which tracks the Nasdaq-100, while PJAN uses U.S. equities more broadly. As of October 27, 2026, NJAN returned 12.6% over one year and 14.4% a year over three years, versus 10.5% and 14.8% for PJAN. PJAN is also much larger, at about $1.4 billion against NJAN's $351 million.
What happens if I buy NJAN in the middle of the year?
A mid-year buyer gets a different cap and buffer than the fund states for the full period. Through October 27, 2026, the fund was up 10.5% for the year, so much of the 13.86% after-fee cap had already been used. That left little room to gain. A late buyer may also have to absorb some losses before the buffer starts working. Innovator posts the remaining cap and buffer daily at innovatoretfs.com/njan.