At a glance
TJAN charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $32.6M in assets, the 8th largest of that group. Over the past year it returned +5.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator Equity Defined Protection ETF (TJAN) uses options on State Street's SPDR S&P 500 ETF Trust to match that fund's gains up to a 15.93% cap (before fees), while aiming to absorb 100% of its losses from January 1, 2025, through December 31, 2026. Its 0.79% annual fee ties for lowest among eight buffer funds compared, but the protection has a price: its 5.7% one-year return to October 27, 2026, trailed all seven peers.
Price history
The interactive chart needs JavaScript.
TJAN +5.7% 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 | |
|---|---|---|---|---|---|---|
| TJAN official prospectus, to Dec 31, 2024 | — | +7.73% | — | — | — | +7.73% |
| TJAN price data to Oct 27, 2026 | +5.2% | +5.7% | — | — | — | +7.0% |
- Over the year to Oct 27, 2026, TJAN returned +5.7%, 8th of 8 among similar funds.
- The deepest fall in its price history was 4.8% (Feb 19, 2025 to Apr 7, 2025), recovered by May 15, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.2% | — |
| 2025 | +7.4% | +7.73% |
| 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 $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.96%, +0.20%, +0.58%.
How it works
TJAN owns no stocks directly. As of July 31, 2026, 99.68% of its assets were in three FLEX options (customizable exchange-traded options) on the SPDR S&P 500 ETF Trust, which tracks the S&P 500. A call option (the right to purchase at a set price, called the strike) with a very low $10.55 strike behaves almost like owning that ETF. A put option, which gains value as the ETF falls below $586.08, provides the protection. A call the fund wrote at $679.50 gives away gains above that level, creating the cap.
These terms cover one two-year outcome period: January 1, 2025, through December 31, 2026. The cap is 15.93% before fees, or 14.35% after the 0.79% annual fee. The buffer aims to absorb 100% of losses, or 98.42% after fees, so a small loss is still possible. The results apply only to shares held for the full period, measured on net asset value (the per-share worth of the holdings). Investors who purchase midway or exit early may see very different results, and the buffer isn't guaranteed.
When the period ends, the options settle in cash and the fund invests in new ones expiring about two years later, setting a fresh cap on the first day. Innovator posts updated outcome figures daily at innovatoretfs.com/tjan.
What it really costs
- TJAN 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 |
|---|---|---|---|---|
| TJAN | $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 aim to absorb all S&P 500 ETF losses over a full two-year outcome period, and its price swings were small (2.6% one-year volatility as of October 27, 2026), at the cost of capped gains.
TJAN could stand in for part of a stock allocation with a cushion against losses. It launched January 2, 2025, so it has no record in the 2008, 2020 or 2022 downturns; its only full calendar year, 2025, returned 7.73%. Its deepest drop was 4.8%, from February 19 to April 7, 2025, and it recovered by May 15, 2025, about 1.2 months later. That dip shows the buffer fully applies only at the period's end. Before then, share prices can fall, so someone drawing cash in a bad stretch could lock in a loss.
No distributions have been recorded, so it provides no income. Its 0.79% fee works out to $81 in the first year and $978 over 10 years on $10,000, using the SEC's standard 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 who can hold for an entire two-year outcome period, start to finish, which is when the 100% buffer is designed to apply.
- Cautious investors who value small price swings (2.6% one-year volatility to October 27, 2026) and accept a 14.35% after-fee cap over 2025–2026.
- Cost-conscious investors comparing buffer funds: its 0.79% fee ties PJAN and PDEC as lowest among eight compared, below BUFR and BUFD at 0.95%.
Look elsewhere if
- Investors who need regular income: no distributions have been recorded, and its options don't pass along S&P 500 dividends.
- Growth-focused investors: its 5.7% one-year return to October 27, 2026, ranked last of eight buffer funds compared, with gains capped each period.
- Investors entering midway through an outcome period, when remaining upside and protection can differ sharply from the stated 15.93% cap and 100% buffer.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| TJAN this fund | 0.79% | $32.6M | +5.7% | — |
| 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
Can you lose money in TJAN?
Yes, though the design aims to limit losses for full-period holders. The options seek to absorb 100% of the SPDR S&P 500 ETF Trust's losses from January 1, 2025, through December 31, 2026, but after the 0.79% fee the buffer is 98.42%, so a small loss remains possible. Investors who purchase midway or exit early can lose more, and the fund fell 4.8% between February 19 and April 7, 2025. The buffer is not guaranteed.
Does TJAN pay dividends?
No. No distributions have been recorded since the fund launched in January 2025. Because it holds FLEX options on the SPDR S&P 500 ETF Trust rather than shares of that ETF, it doesn't collect the dividends S&P 500 companies pay. Its return comes from changes in the options' value, within the cap and buffer. That matters for anyone who relies on a fund for regular cash payouts.
What happens when TJAN's outcome period ends?
It starts over. The outcome period that began January 1, 2025, ends December 31, 2026, and the fund receives the cash value of its FLEX options. It then invests in a new set expiring about two years later, and a new cap is set on the first day. Shares stay invested through the reset, but the new cap may differ from the original 15.93%, and Innovator posts daily updates at innovatoretfs.com/tjan.
TJAN vs PJAN: what's the difference?
The biggest differences are protection terms, results and size. Both come from Innovator and charge 0.79% a year. TJAN aims to absorb 100% of S&P 500 ETF losses over a two-year period, with gains capped at 15.93% before fees; PJAN, the Innovator U.S. Equity Power Buffer ETF - January, has its own buffer and cap terms. Over the year to October 27, 2026, PJAN returned 10.5% versus TJAN's 5.7%. PJAN held $1.4 billion in net assets as of July 31, 2026, against TJAN's $32.6 million.
What is TJAN's expense ratio?
TJAN's expense ratio, the annual fee taken from fund assets, is 0.79%, all of it management fee, according to its prospectus filed February 27, 2026. In the SEC's standard example, $10,000 growing 5% a year would incur about $81 in costs after one year, $252 after three, $439 after five and $978 after 10. That ties PJAN and PDEC for lowest among eight buffer funds compared. The other seven average 0.86%, and FT Vest's BUFR and BUFD charge 0.95%.