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Launched

Innovator U.S. Equity Buffer ETF

BJANCboeInnovatorC

$59.83−0.33 (−0.55%)

As of Nov 10, 2026, 11:25 AM ET

C55/ 100

Rank 26 of 77 in S&P 500 Buffer 9-12%

C55/100Rank 26 of 77inS&P 500 Buffer 9-12%
Intraday session: down, 23 prints from 60.16 to 59.83. Range 59.76 to 60.08. Use the arrow keys to read each point.59.9060.0060.1010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$338M
1Y total return
+12.9%
Yield · Last 12 months
0.00%
Holdings
3
Avg volume · 30D
17.9K sh
52W range
low $52.14high $61.36
Launched

The ETF.net BJAN Grade

Based on 4 of 6 pillars

C

Score 55 out of 100

Category
S&P 500 Buffer 9-12%⁠
Rank
26 of 77
Six-pillar profile for BJAN. Scores out of 100: Cost 40, Risk 51, Mission not scored, Tradability 82, Holdings not scored, Durability 82. Strongest: Tradability (82). Weakest: Cost (40). Based on 4 of 6 pillars.

Score 55 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25. The letter stays C for now. A new letter must hold for 3 published runs before it replaces it.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C40 out of 100
    Rank 34 of 77

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C51 out of 100
    Rank 43 of 77

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A82 out of 100
    Rank 6 of 77

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A82 out of 100
    Rank 11 of 77

Our read on BJAN

ETF.net Research

In short

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

  • 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 Performance

Launched Jan 2, 2019

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$11,289
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. BJAN $11,289. SPY $11,339. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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+9.3%
1 month−1.9%
3 months−0.2%
1 year+12.9%
3 yearsper year+17.4%
5 yearsper year+10.2%
10 yearsFund is under 10 years oldper yearNo data

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+9.3%
2025+14.8%
2024+17.4%
2023+23.7%
2022−11.4%
2021+13.9%
2020+12.5%

BJAN in the news

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 Nov 9, 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

Risk pillarC51 out of 100Rank 43 of 77 in S&P 500 Buffer 9-12%
How much the fund’s monthly returns vary, scaled to a year.
8.6%
Annualised · 36 months to Oct 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.
1.55
vs 3-month T-bills · to Oct 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.
0.72
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.

FMP measures it over up to five years of monthly returns.

BJAN Cost

Compare BJAN and XTR

Overpaying vs XTR, cheapest in S&P 500 Buffer 9-12%

$10,015

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BJAN 0.79%

    $15,174

  • XTR 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • BJAN 0.79%
  • XTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BJAN $15,174XTR $5,159

Year by year

YearBJANXTROverpaying
10$1,405$455$950
20$5,331$1,769$3,562
30$15,174$5,159$10,015

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