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BJAN

GradeCChicago Board Options Exchange

Innovator U.S. Equity Buffer ETF

Buffered · Innovator · Inception 2019-01-02

$60.68−0.22 (−0.35%)

As of Sep 23, 2026, 2:23 PM EDT

Intraday session: down, 58 prints from 60.90 to 60.68. Range 60.63 to 60.85. Use the arrow keys to read each point.$60.60$60.8010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$349M
1Y return
+15.0%
Yield · Last 12 months
0.00%
Holdings
6
Volume · 30D
0M sh
NAV per share
$60.37
52W range
low $52.14high $60.98

The ETF.net BJAN Grade

C

50/ 100

Rank 36 of 77 in S&P 500 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for BJAN. Scores out of 100: Cost 40, Risk 52, Mission not scored, Tradability 61, Holdings not scored, Durability 81. Strongest: Durability (81). Weakest: Cost (40). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 50 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 40
    Category rank40/77 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 52
    Category rank38/73 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 61
    Category rank25/77 · top 32%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 81
    Category rank15/77 · top 19%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on BJAN

ETF.net Research

CA written-down deal instead of a forecast: BJAN absorbs the first 9% of SPDR S&P 500 ETF Trust losses over a one-year outcome period that resets every January, and gives up upside above a cap in exchange. It has run that same playbook since 2019.

Stated mandate

The Fund seeks to match the return of the SPDR S&P 500 ETF Trust up to a stated upside cap while protecting against the first 9% of losses during the applicable outcome period.

Why people hold it

  1. 01The terms are spelled out in the prospectus, not implied: first 9% of reference losses absorbed, upside capped, one-year outcome period starting each January.innovatoretfs.com
  2. 02Trading since January 2019, so the January series has rolled through real market cycles rather than arriving on the back of a model.
  3. 03The 0.79% expense ratio sits right at the median for buffer funds built on the same reference, so you are paying the going rate for the structure.
  4. 04Stands in the upper half of its buffer-fund peer group, with a long operating record doing the most to hold it there.

Worth knowing

  1. 01The cap is reset each January and set by option pricing at the time. Buy mid-period and you get the buffer and upside that remain, not the headline terms.innovatoretfs.com
  2. 02Trades lightly next to the busiest buffer funds, which can mean wider spreads. Limit orders do more work here than in a mega-cap index fund.
  3. 03Cheaper routes to a similar trade exist in the same cohort: BUFB ladders buffers across months at 0.10%, ZALT runs a quarterly reset at 0.69%.

BJAN Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
102%
Largest holding
SPY 12/31/2026 6.83 C101.5%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 12/31/2026 6.83 C101.51%4,668$357M1
002—SPY 12/31/2026 681.93 P0.62%4,668$2M1
003—US BANK MMDA - USBGFS 9 09/01/20370.26%921,011$921K161

Showing 1–3 of 3 holdings

BJAN Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

BJAN$11,496
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BJAN $11,496. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BJAN. Periods over one year show the average yearly return.
PeriodBJAN
Year to date+10.6%
1 month+1.2%
3 months+3.6%
1 year+15.0%
3 years+18.1%per year
5 years+10.9%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BJAN
YearReturn barBJAN
2026 YTD+10.6%
2025+14.8%
2024+17.4%
2023+23.7%
2022−11.4%
2021+13.9%
2020+12.5%

BJAN in the news

ETF.net Research hasn’t filed on BJAN yet — coverage lands here as it’s written.

BJAN Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2019

One bar per payment. 1 payment in 2019. Nov 19, 2019 $1.36. Use the arrow keys to read each point.2019
Ex-datePay dateAmount per share
Nov 19, 2019Nov 21, 2019$1.36

BJAN Risk

How much the fund’s monthly returns vary, scaled to a year.
9.3%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.20
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−17.4%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.70
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

BJAN Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

33 of the 77 S&P 500 Buffer 9-12% funds charge less.

BJAN costs $79.00 a year on $10,000. The median S&P 500 Buffer 9-12% fund costs $79.00.