At a glance
UJAN charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $269.1M in assets, the 8th largest of that group. Over the past year it returned +9.9% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +13.9% a year. At its worst it fell 8.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months after the low.
The short version
Innovator U.S. Equity Ultra Buffer ETF - January (UJAN) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). The options aim to match SPY's return up to a cap and to absorb SPY losses between 5% and 35% over each calendar-year outcome period. For January 1 to December 31, 2026, gains are capped at 11.40% before fees. Its 0.79% expense ratio is below the 0.86% average for similar buffer funds, but the fund pays no distributions.
Price history
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UJAN +9.9% 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 | |
|---|---|---|---|---|---|---|
| UJAN official prospectus, to Dec 31, 2024 | — | +11.07% | — | +7.72% | — | +8.09% |
| UJAN price data to Oct 27, 2026 | +8.0% | +9.9% | +13.9% | +8.2% | — | +8.6% |
- Over the year to Oct 27, 2026, UJAN returned +9.9%, 7th of 8 among similar funds.
- Its 5-year annualized return was +8.2%.
- Its worst full calendar year was 2022 (-6.0%); its best was 2023 (+15.9%).
- The deepest fall in its price history was 9% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.0% | — |
| 2025 | +11.1% | +11.07% |
| 2024 | +13.1% | +13.16% |
| 2023 | +15.9% | +15.60% |
| 2022 | -6.0% | -5.73% |
| 2021 | +5.8% | +5.91% |
| 2020 | — | +6.93% |
| 2019 | — | +11.12% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.7% over that stretch · deepest drop along the way 8.8%, back to its old high 11 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 $62.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.82%, +0.01%, +0.65%.
How it works
UJAN does not buy stocks directly. It holds FLEX options, which are exchange-traded options with customized strike prices and expiration dates. They reference the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500. As of July 31, 2026, four option positions made up about 99.8% of the fund, with 0.28% in cash. Innovator Capital Management is the adviser and Milliman Financial Risk Management is the sub-adviser.
The options work as a package. A deep in-the-money call option, about 103% of assets, tracks SPY's moves. A bought put and a sold put create the buffer. A sold call, about -3.8% of assets, sets the cap. For the 2026 period the cap is 11.40% before fees, or 10.61% after the 0.79% fee. Holders take the first 5% of SPY losses. The fund absorbs the next 30 percentage points, and any loss beyond 35% passes through one for one. In the prospectus examples, a 20% SPY drop means a 5% fund loss, and a 50% drop means a 20% loss.
At the end of each December the options expire. The fund collects their cash value and buys new one-year options, which sets a new cap. The stated outcomes apply only to shareholders who hold for the whole period. They are measured on net asset value, not the market price of the shares. Portfolio turnover was 0%.
What it really costs
- UJAN 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 |
|---|---|---|---|---|
| UJAN | $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 offers S&P 500 exposure with a buffer that has kept historical losses in single digits, at the cost of capped gains.
UJAN could serve as a lower-volatility stock holding. Its record is short. It launched in January 2019, so it has no history from 2008. It lost 8.07% in the first quarter of 2020. In the 2022 bear market it fell 8.8% from January 3 to June 16, 2022, and took 11 months to recover. Its loss for calendar 2022 was 5.73%. Its deepest drop, 9%, ran from February 19 to April 8, 2025, and was recovered by June 24, 2025. That means a retiree who had to raise cash in those bad stretches would have faced only single-digit losses.
The trade-offs are capped gains and no income. The fund recorded no distributions, so any cash has to come from redeeming shares. It costs 0.79% a year, or $81 in the first year on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan should weigh 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 deep buffer against SPY losses of 5% to 35%, and who accept gains capped at 11.40% for 2026.
- Holders willing to invest near January 1 and stay the full calendar year, since the stated cap and buffer apply only over that period.
- Cost-conscious buffer investors: its 0.79% expense ratio ties for lowest among eight similar funds and is below the 0.86% peer average.
Look elsewhere if
- Anyone seeking income: the fund recorded no distributions, so cash needs would have to be met by redeeming shares.
- Investors wanting full stock gains: its one- and three-year returns ranked 7th of 8 similar funds as of October 27, 2026.
- Those wanting crash protection beyond 35%, or entering mid-year: losses past that level fall fully on holders, and late entrants face different outcomes.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| UJAN this fund | 0.79% | $269.1M | +9.9% | +13.9% |
| 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 UJAN pay dividends?
No. The fund has recorded no distributions. UJAN holds FLEX options on the SPDR S&P 500 ETF Trust rather than the stocks themselves, and its outcomes are measured on SPY's share price. Investors who want regular cash from this fund would have to redeem shares. Anyone who needs steady payouts may want to compare dividend-paying stock or bond funds.
Can you lose money in UJAN?
Yes. Holders take the first 5% of SPY losses in each outcome period, plus every loss beyond 35%. After the 0.79% fee, the net buffer runs from 4.21% to 34.21%. In the prospectus examples, a 50% fall in SPY leaves the fund down 20% before fees, and a 100% fall leaves it down 70%. The buffer is not guaranteed and only applies in full to shareholders who hold for the entire period.
What happens if I invest in UJAN in the middle of the year?
Your results can differ a lot from the stated cap and buffer, which assume you hold from January 1 to December 31. Through October 27, 2026, the fund was up 8.02% for the year. A late entrant therefore had less room left below the 10.61% after-fee cap, and a different buffer position. Innovator's website, innovatoretfs.com/ujan, publishes updated outcome figures daily.
What's the difference between UJAN and PJAN?
Both are Innovator funds that use FLEX options on the S&P 500 with January outcome periods, and both charge 0.79%. UJAN's "ultra" buffer kicks in after a 5% loss and covers losses up to 35%. PJAN is Innovator's Power Buffer version, which has a different protection design. PJAN is much larger, with $1.44 billion in net assets versus UJAN's $269 million. It also returned 10.5% over one year versus UJAN's 9.9%, as of October 27, 2026.
How much does UJAN cost?
UJAN's expense ratio is 0.79%, according to the prospectus filed February 27, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would pay about $81 in costs over one year, $252 over three years, $439 over five years and $978 over ten years. That is below the 0.86% average for similar buffer funds. FT Vest's comparable funds charge 0.85% to 0.95%.