At a glance
ZJAN charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $115.3M in assets, the 8th largest of that group. Over the past year it returned +5.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN) uses FLEX options on the SPDR S&P 500 ETF Trust. It seeks to match that fund's gains up to a cap while buffering 100% of its losses over a one-year outcome period that resets each January. For 2026, the cap is 6.55% before fees. Its 0.79% expense ratio ties for lowest among eight buffer funds compared, below their 0.86% average.
Price history
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ZJAN +5.5% 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 | |
|---|---|---|---|---|---|---|
| ZJAN official prospectus, to Dec 31, 2024 | — | +6.79% | — | — | — | +6.79% |
| ZJAN price data to Oct 27, 2026 | +4.3% | +5.5% | — | — | — | +6.1% |
- Over the year to Oct 27, 2026, ZJAN returned +5.5%, 8th of 8 among similar funds.
- The deepest fall in its price history was 3.2% (Feb 19, 2025 to Apr 8, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.3% | — |
| 2025 | +6.8% | +6.79% |
| 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 withdrew a net $1.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.75%, +0.08%, +0.50%.
How it works
ZJAN does not pick stocks. Under normal conditions, it puts at least 80% of its net assets into investments tied to the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 Index. It does this mainly through FLEX options. These are exchange-traded options whose strike prices and expiration dates can be customized. As of July 31, 2026, it held three December options on SPY. A call with a very low strike price (about 105% of assets) follows SPY's price. A put at a strike of 681.96 (about 1.7%) provides the loss protection. A sold call at 726.65 (about -7.0%) sets the cap.
Each outcome period lasts one year. For January 1 to December 31, 2026, the cap is 6.55% before fees, or 5.76% after the 0.79% management fee. The buffer seeks to absorb 100% of SPY's losses, or 99.21% after fees. When the period ends, the options settle in cash. The fund then buys a new set expiring about a year later, and a new cap is set.
These outcomes apply only to shareholders who hold for the full period, and they are measured on net asset value (NAV). If you buy after the period starts or sell before it ends, your results may be very different. Gaps between the market price and NAV also matter. Innovator's website posts updated figures daily. The protection is not guaranteed.
What it really costs
- ZJAN 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 |
|---|---|---|---|---|
| ZJAN | $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 aims to give stock-market gains up to a modest cap while buffering nearly all S&P 500 losses over each calendar-year outcome period.
ZJAN may suit money that needs some stock exposure but little room for loss within a year. Its record is short. It launched January 2, 2025, so it has no history in the 2008, 2020 or 2022 downturns. Its deepest drop was 3.2%, from February 19 to April 8, 2025. It recovered by May 16, 2025, about 1.2 months later. Its only full calendar year, 2025, returned 6.79%. The fund has paid no distributions, so drawing income means selling shares. Selling before the period ends may mean the buffer does not fully apply. In the SEC's standard example, $10,000 would cost $81 in fees in year one and $978 over ten years. In strong markets, the cap can leave returns far behind stocks. 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 want S&P 500 exposure with a buffer against 100% of losses before fees, and accept a 6.55% cap for 2026.
- People who can buy near January 1 and hold through December 31, when the fund's stated outcomes apply.
- Those comparing buffer funds on cost: the 0.79% expense ratio is below the 0.86% average of eight similar funds.
Look elsewhere if
- Investors who need regular income: the fund has recorded no distributions, so withdrawals require selling shares.
- People seeking more upside: over one year to October 27, 2026, ZJAN returned 5.5%, last of eight buffer funds compared.
- Those wanting a long track record or a large fund: ZJAN launched in 2025 and is the smallest of eight peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ZJAN this fund | 0.79% | $115.3M | +5.5% | — |
| 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 ZJAN really protect against 100% of losses?
It tries to, but only under certain conditions. The fund seeks to buffer 100% of losses in the SPDR S&P 500 ETF Trust before fees, or 99.21% after its 0.79% fee. That protection applies only to shareholders who hold from January 1 to December 31 of the outcome period. It is measured on net asset value, not market price. The prospectus says there is no guarantee the strategy will work, and FLEX options carry their own risks.
What is the ZJAN upside cap for 2026?
The cap for the January 1 to December 31, 2026 outcome period is 6.55% before fees, or 5.76% after the 0.79% management fee. If the SPDR S&P 500 ETF Trust rises more than that over the period, ZJAN holders who held the whole year will not get the extra gain. A new cap is set at the start of each January, when the fund buys a fresh set of FLEX options.
Does ZJAN pay dividends?
No distributions have been recorded for ZJAN. The fund holds options on the SPDR S&P 500 ETF Trust rather than the stocks themselves, so its return comes from changes in option values, not dividend payments. Retirees who want cash flow from this fund would have to sell shares. Selling before an outcome period ends can produce results different from the stated buffer and cap.
What's the difference between ZJAN and PJAN?
Both are Innovator funds tied to the S&P 500 that reset in January, and both charge 0.79%. ZJAN aims to buffer 100% of losses. PJAN, the Innovator U.S. Equity Power Buffer ETF - January, uses a different buffer design. Over one year to October 27, 2026, PJAN returned 10.5% and ZJAN returned 5.5%. PJAN is also much larger, with about $1.4 billion in net assets versus about $115 million for ZJAN as of July 31, 2026.
What happens if I buy ZJAN in the middle of the year?
Your results may differ a lot from the stated cap and buffer. Those outcomes apply only to investors who hold for the full January-to-December period. If you buy mid-period after the fund has gained, you may have less upside left before the cap and less protection than 100%. Innovator's website, www.innovatoretfs.com/zjan, posts updated figures daily during the outcome period, so a buyer can see where the fund stands.