At a glance
QTJA charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $20.4M in assets, the 8th largest of that group. Over the past year it returned +17.5% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +18.4% a year.
The short version
Innovator Growth Accelerated Plus ETF - January (QTJA) uses options on the Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, to seek three times QQQ's gains each calendar year, up to a cap of 19.35% before fees for 2026. Unlike many defined-outcome funds, it has no loss buffer, and it may appeal to investors who expect modest Nasdaq-100 gains. Its 0.79% annual fee is below the 0.86% average of seven comparable buffer ETFs.
Price history
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QTJA +17.5% 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 | |
|---|---|---|---|---|---|---|
| QTJA official prospectus, to Dec 31, 2024 | — | +18.68% | — | — | — | +4.02% |
| QTJA price data to Oct 27, 2026 | +15.6% | +17.5% | +18.4% | — | — | +6.4% |
- Over the year to Oct 27, 2026, QTJA returned +17.5%, 1st of 8 among similar funds.
- Its worst full calendar year was 2024 (+18.5%); its best was 2023 (+25.6%).
- The deepest fall in its price history was 35.4% (Jan 4, 2022 to Dec 28, 2022), recovered by Jan 17, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.6% | — |
| 2025 | +18.9% | +18.68% |
| 2024 | +18.5% | +18.55% |
| 2023 | +25.6% | +25.49% |
| 2022 | -33.9% | -33.69% |
| 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 |
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 added a net $3.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.98%, -0.12%, -0.90%.
How it works
QTJA invests mainly in FLEX options, which are exchange-traded options with customized terms, on the Invesco QQQ Trust (QQQ). QQQ tracks the Nasdaq-100 Index of the largest nonfinancial companies listed on Nasdaq. As of July 31, 2026, the fund held three call options (rights to buy QQQ at a set price, called the strike) and 0.42% cash. A call with a $6.16 strike moves almost in step with QQQ. Two more calls, one bought at a $614.31 strike and one sold at $653.99, add the extra upside and set the cap.
For the outcome period from January 1 through December 31, 2026, the fund seeks three times QQQ's gain, up to a cap of 19.35% before fees, or 18.56% after its 0.79% fee. In the prospectus table, a 5% QQQ rise means 15% for the fund, and a rise of 10% or more hits the cap. There is no buffer: if QQQ falls 20%, the fund aims to fall about 20%.
These outcomes apply only to holders who own shares for the whole period. Investing after the start or selling early can give very different results, and the fund's website posts updated figures daily. When a period ends, the fund cashes out its options and buys a new set expiring about a year later. A new cap, which may differ, is then set.
What it really costs
- QTJA 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 |
|---|---|---|---|---|
| QTJA | $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 takes on the Invesco QQQ Trust's losses with no buffer, caps gains each year and has no recorded income, so it fits a small growth sleeve rather than a portfolio's core.
QTJA aims to outpace the Invesco QQQ Trust in modestly rising years, but it caps gains and has no loss buffer. It launched on January 3, 2022, so it has no record from the 2008 or 2020 crashes. It did go straight into the 2022 bear market, and 2022 was its worst calendar year, with a 33.69% loss. It fell about 35% from January 4 to December 28, 2022, then took about 25 months to recover, in January 2025. Selling shares in a year like that would lock in deep losses.
The fund has no recorded distributions, so spending cash must come from selling shares. Its 0.79% expense ratio is below the 0.86% average for similar defined-outcome funds. The SEC's standard example puts costs on $10,000 at $81 after one year and $978 after 10 years. 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 expecting modest Nasdaq-100 gains, since QTJA seeks three times QQQ's rise up to a cap of 18.56% after fees for 2026.
- Those able to hold from January 1 through December 31, the only holding period the fund's stated outcomes apply to.
- Cost-conscious investors: its 0.79% expense ratio ties for lowest among eight defined-outcome funds compared, below the others' 0.86% average.
Look elsewhere if
- Anyone wanting downside protection: unlike buffer ETFs such as PJAN or BUFR, QTJA roughly matches QQQ's losses and fell 33.69% in 2022.
- Income seekers: the fund has no recorded distributions, so spending money would have to come from selling shares.
- Investors expecting big Nasdaq-100 rallies: gains stop at the cap, so a 20% or 50% QQQ rise still means 19.35% before fees.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QTJA this fund | 0.79% | $20.4M | +17.5% | +18.4% |
| 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
Does QTJA protect against losses?
No. Unlike many defined-outcome ETFs, QTJA has no buffer. For shareholders who hold through the full outcome period, January 1 through December 31, 2026, it aims to fall about as much as the Invesco QQQ Trust. In the prospectus table, a 20% QQQ drop means a 20% fund drop before fees. In return for that full downside, it seeks three times QQQ's gains, up to a 19.35% cap before fees, or 18.56% after its 0.79% fee.
What's the difference between QTJA and PJAN?
The main difference is downside protection. Innovator's PJAN is a buffer fund built to absorb a set range of U.S. stock losses. QTJA has no buffer and instead seeks three times the Invesco QQQ Trust's gains up to a cap. Both charge 0.79%. As of October 27, 2026, QTJA returned 17.5% over one year and 18.4% a year over three years, versus 10.5% and 14.8% for PJAN. PJAN is far larger: $1.4 billion versus $20.4 million in net assets as of July 31, 2026.
Does QTJA pay dividends?
No, QTJA has no recorded distributions. As of July 31, 2026, it held FLEX options on the Invesco QQQ Trust and a small cash balance, not the Nasdaq-100 stocks themselves. Its return comes from changes in the options' value. Anyone relying on it for spending money would have to sell shares. In a year like 2022, when the fund lost 33.69%, that would have meant selling at a loss.
What happens if you invest in QTJA mid-year?
Results can differ sharply from the stated outcomes, which apply only to shareholders who hold from January 1 through December 31. The cap is measured from the fund's value at the start of the period, so a later investor's remaining upside depends on how far the fund has already moved. By October 27, 2026, QTJA was up 15.6% year to date. That left limited room below its 18.56% after-fee cap, while the fund was still exposed to declines. The fund's website posts updated outcome figures daily.
How has QTJA performed since launch?
It lost heavily in its first year and has gained in every full calendar year since. Its prospectus shows returns of -33.69% in 2022, 25.49% in 2023, 18.55% in 2024 and 18.68% in 2025. As of October 27, 2026, it was up 15.6% year to date. Based on market price, it had returned 6.4% a year since its January 2022 start. Its deepest drop, about 35% during 2022, took until January 2025 to recover.