At a glance
PJAN charges 0.79% a year, below the 0.87% average of the 7 funds most like it (the cheapest of 8). It has $1.44B in assets, the 4th largest of that group. Over the past year it returned +10.5% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +14.8% a year. At its worst it fell 21.2% in the 2020 crash (S&P 500: 33.7%) and 11.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 6 months after the lows.
The short version
Innovator U.S. Equity Power Buffer ETF - January (PJAN) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). It seeks to match SPY's gains up to a cap and absorb the first 15% of its losses over a one-year outcome period that resets each January 1. Its 0.79% fee ties its sibling PDEC for lowest among eight similar buffer funds. Capped gains put it seventh of eight on three-year returns through October 27, 2026.
Price history
The interactive chart needs JavaScript.
PJAN +10.5% 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 | |
|---|---|---|---|---|---|---|
| PJAN official prospectus, to Dec 31, 2024 | — | +11.28% | — | +8.99% | — | +9.38% |
| PJAN price data to Oct 27, 2026 | +8.7% | +10.5% | +14.8% | +9.1% | — | +9.4% |
- Over the year to Oct 27, 2026, PJAN returned +10.5%, 7th of 8 among similar funds.
- Its 5-year annualized return was +9.1%.
- In the 2020 COVID crash it fell 21.2% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2022 (-5.3%); its best was 2023 (+18.2%).
- The deepest fall in its price history was 21.2% (Feb 19, 2020 to Mar 23, 2020), recovered by Aug 5, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.7% | — |
| 2025 | +11.3% | +11.28% |
| 2024 | +13.4% | +13.48% |
| 2023 | +18.2% | +18.05% |
| 2022 | -5.3% | -5.22% |
| 2021 | +8.8% | +8.87% |
| 2020 | +7.7% | +7.73% |
| 2019 | +12.3% | +13.05% |
| 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 21.2% over that stretch · deepest drop along the way 21.2%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 11.9% over that stretch · deepest drop along the way 11.9%, back to its old high 6 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 $192.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.08%, -0.02%, +0.67%.
How it works
PJAN does not pick stocks. It normally puts at least 80% of net assets into investments tied to the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 Index. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser. The fund mainly holds FLEX options. These are exchange-traded options whose strike prices and expiration dates can be customized. As of July 31, 2026, it held four. A deep in-the-money SPY call, worth about 102% of assets, moves almost one-for-one with SPY. A bought put and a sold put together form the buffer. A sold call sets the cap.
For the outcome period from January 1 to December 31, 2026, the cap is 12.30% and the buffer covers the first 15% of SPY losses, both before fees. After the 0.79% fee, they are 11.51% and 14.21%. In the prospectus example, a 20% SPY drop means a 5% fund loss before fees. Losses past 15% pass through one-for-one. When the period ends, the options settle in cash. The fund then buys a new one-year set, and the new cap may differ.
These outcomes apply only to shares held for the whole period. They are based on net asset value, not market price. Someone who buys after January 1 may get a very different result. Innovator updates the outcome figures daily on the fund's web page.
What it really costs
- PJAN charges 0.79% a year, versus an average of 0.87% 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 |
|---|---|---|---|---|
| PJAN | $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 trades some stock-market upside for a cushion against moderate S&P 500 losses, which tends to shrink yearly swings.
PJAN launched in January 2019, so it has no record from 2008. In the 2020 COVID crash it fell 21.2% between February 19 and March 23, 2020. That is more than the 15% buffer might suggest, because the buffer fully applies only at the end of the outcome period. It recovered by August 5, 2020, about 4.4 months later. In the 2022 bear market it dropped 11.9% from peak to trough and took about six months to recover. Even so, it finished 2022 down only 5.22%, its worst calendar year. The fund has recorded no distributions. A retiree who needs cash would have to sell shares, and selling in the middle of a drop may lock in more loss than the buffer implies. In the SEC's $10,000 example, costs come to $81 for one year and $978 over 10 years. Past results don't predict future ones, 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 S&P 500 exposure with a cushion on the first 15% of SPY losses, and who accept a 12.30% cap before fees for 2026.
- Buyers who can buy near January 1 and hold until December 31, when the stated cap and buffer fully apply.
- Buffer-fund shoppers focused on cost: its 0.79% expense ratio compares with a 0.87% average for similar buffer funds.
Look elsewhere if
- Anyone who needs regular income from a holding: the fund has recorded no distributions.
- Investors who want full stock-market gains: its 14.8% annual three-year return ranked seventh of eight similar funds through October 27, 2026.
- People who may sell mid-period or want protection from deep crashes: it fell 21.2% in early 2020, and losses beyond 15% pass through.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PJAN this fund | 0.79% | $1.44B | +10.5% | +14.8% |
| 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% |
| 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% |
| FJUL FT Vest U.S. Equity Buffer ETF - July | 0.85% | $1.29B | +11.2% | +18.2% |
Questions investors ask
Does PJAN pay dividends?
No. The fund has recorded no distributions. It holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not a portfolio of dividend-paying stocks, so any return shows up only in the share price. An investor who needs cash from PJAN would have to sell shares. That matters more for retirees, because a sale partway through an outcome period may not get the full benefit of the buffer.
How does the PJAN buffer work?
PJAN aims to absorb the first 15% of SPY's losses over each one-year outcome period, before fees. After its 0.79% fee, the net buffer for the period from January 1 to December 31, 2026, is 14.21%. Losses beyond 15% pass through one-for-one, so a 50% SPY drop would mean about a 35% fund loss before fees. In exchange, gains are capped at 12.30% before fees, or 11.51% after fees.
What happens if I buy PJAN in the middle of the year?
You may get a very different outcome from the stated cap and buffer. Those apply only to shares held from January 1 to December 31. If SPY has already risen, less upside may be left before the cap. If SPY has fallen, part of the buffer may already be used up. Innovator updates outcome figures daily on the fund's web page, and they are worth checking before buying partway through a period.
PJAN vs FJAN: what's the difference?
Both are January-reset buffer ETFs on U.S. stocks, but they come from different issuers. PJAN is from Innovator. FJAN, the FT Vest US Equity Buffer ETF - January, is from FT Vest. PJAN costs less: 0.79% a year against 0.85%. FJAN returned more as of October 27, 2026: 12.3% over one year and 17.4% a year over three years, compared with PJAN's 10.5% and 14.8%. Their caps and buffers are set differently, so each prospectus is worth comparing.
Is PJAN good for retirement?
It may suit retirees who want stock exposure with smaller swings, but it has limits. Its worst calendar year was 2022, at -5.22%, and its one-year beta was 0.41 as of October 27, 2026, meaning it moved much less than the market. Still, it fell 21.2% during the 2020 crash before recovering in about 4.4 months. It pays no income, its gains are capped, and it costs 0.79% a year.