Innovator U.S. Equity Buffer ETF
$61.34+0.07 (+0.11%)
- 0.79%
- $351M
- +17.0%
- 0.00%
- 0M sh
- $61.31
- low $52.14high $61.34
The ETF.net BJAN Grade
C
Score 50 out of 100
- 37 of 77
Score 50 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C40 out of 100Rank 34 of 77Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C49 out of 100Rank 45 of 76Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B63 out of 100Rank 26 of 77Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A83 out of 100Rank 10 of 77
Our read on BJAN
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.
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
- The 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
- Trading since January 2019, so the January series has rolled through real market cycles rather than arriving on the back of a model.
- The 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.
- Stands in the upper half of its buffer-fund peer group, with a long operating record doing the most to hold it there.
Worth knowing
- The 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
- Trades 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.
- Cheaper 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
- Stocks
- 3
- 102%
- Spy 12/31/2026 6.83 C
Sectors
- Technology40.1%
- Financials11.3%
- Communication9.9%
- Health Care9.4%
- Consumer Discretionary8.7%
- Industrials7.6%
- Consumer Staples4.4%
- Energy3.4%
- Utilities1.9%
- Real Estate1.7%
- Materials1.6%
BJAN Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
BJAN$11,702
Returns run to the Oct 12, 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.
| Period | BJAN |
|---|---|
| Year to date | +11.3% |
| 1 month | +1.5% |
| 3 months | +3.3% |
| 1 year | +17.0% |
| 3 years | +18.0% |
| 5 years | +11.0% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | BJAN |
|---|---|---|
| 2026 YTD | +11.3% | |
| 2025 | +14.8% | |
| 2024 | +17.4% | |
| 2023 | +23.7% | |
| 2022 | −11.4% | |
| 2021 | +13.9% | |
| 2020 | +12.5% |
BJAN in the news
Filings Digest
AllianzIM launches OCTI and resets October buffer terms
BJAN Dividends
- 0.00%
No distributions in the last 12 months.
Distribution history
BJAN Risk
- 8.8%
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.
- 1.45
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.
- −17.4%
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.
- 0.71
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
0.79%
BJAN0.79%
- 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.
Other funds in S&P 500 Buffer 9-12%
- CNVBTAllianzIM U.S. Equity Buffer10 Nov ETFExpense ratio 0.74%1 year return +15.3%
- CBDECInnovator U.S. Equity Buffer ETFExpense ratio 0.79%1 year return +17.5%
- CBMAYInnovator U.S. Equity Buffer ETFExpense ratio 0.79%1 year return +13.1%
- CFFEBFT Vest U.S. Equity Buffer ETF - FebruaryExpense ratio 0.85%1 year return +16.2%
- CFMARFT Vest U.S. Equity Buffer ETF - MarchExpense ratio 0.85%1 year return +17.3%