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KJAN

GradeCChicago Board Options Exchange

Innovator U.S. Small Cap Power Buffer ETF - January

Buffered · Innovator · Inception 2020-01-01

$45.83−0.34 (−0.75%)

As of Sep 23, 2026, 3:07 PM EDT

Intraday session: down, 54 prints from 46.17 to 45.83. Range 45.81 to 46.07. Use the arrow keys to read each point.$45.90$46.00$46.1010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$321M
1Y return
+13.8%
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0M sh
NAV per share
$45.96
52W range
low $39.00high $46.51

The ETF.net KJAN Grade

C

44/ 100

Rank 10 of 21 in Russell 2000 Buffer 15%⁠

Confidence Medium

Six-pillar profile for KJAN. Scores out of 100: Cost 35, Risk 33, Mission not scored, Tradability 59, Holdings not scored, Durability 90. Strongest: Durability (90). Weakest: Risk (33). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 44 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.
    DScore 35
    Category rank12/21 · 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.
    DScore 33
    Category rank15/19 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 59
    Category rank8/21 · top 38%

  • 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 90
    Category rank1/21 · top 5%

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

Our read on KJAN

ETF.net Research

CMost buffer ETFs babysit the S&P 500. KJAN aims the same machinery at small caps: Russell 2000 exposure with the first 15% of losses absorbed, upside capped, and a fresh outcome period every January.

Stated mandate

The fund seeks to track the return of the iShares Russell 2000 ETF (IWM), subject to a predetermined cap, while protecting investors against the first 15% of losses during the outcome period.

Why people hold it

  1. 01The buffer points at the Russell 2000, not the S&P 500. Only a handful of funds run this trade in small caps, and this one owns the January reset.
  2. 02At 0.79% a year it sits right at the going rate for small-cap buffer funds and undercuts the FT Vest versions (SMAY, SNOV) at 0.90%.
  3. 03Running since 2020, it has cycled through full outcome periods again and again, and it lands in the upper half of its small-cap buffer peer group.

Worth knowing

  1. 01The cap is the price of the buffer. It is reset each January for the year ahead, so the ceiling for a given period isn't known until that period begins.
  2. 02Buying mid-period gets you whatever buffer and cap are left, not the headline 15%. The stated terms apply to a full January-to-December stretch, before the fee.
  3. 03It trades lightly next to the big S&P 500 buffer funds, so spreads can be wider and limit orders do more work than market orders.

KJAN Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
104%
Largest holding
IWM 12/31/2026 2.46 C103.1%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—IWM 12/31/2026 2.46 C103.12%11,754$331M1
002—IWM 12/31/2026 246.16 P0.71%11,754$2M1
003—US BANK MMDA - USBGFS 9 09/01/20370.25%786,741$787K161

Showing 1–3 of 3 holdings

KJAN Performance

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

KJAN$11,379
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. KJAN $11,379. 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 KJAN. Periods over one year show the average yearly return.
PeriodKJAN
Year to date+11.5%
1 month−0.4%
3 months+1.6%
1 year+13.8%
3 years+14.7%per year
5 years+8.2%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 KJAN
YearReturn barKJAN
2026 YTD+11.5%
2025+10.9%
2024+8.9%
2023+14.7%
2022−7.7%
2021+11.7%
2020+8.7%

History from Jan 2, 2020

KJAN in the news

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

KJAN Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

KJAN Risk

How much the fund’s monthly returns vary, scaled to a year.
11.9%
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.
0.70
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.
−16.8%
Trough Apr 2025
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.
0.65
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.

KJAN Cost

Expense ratio0.79%
  • The middle half of Russell 2000 Buffer 15% funds
  • Median 0.74%

8 of the 14 Russell 2000 Buffer 15% funds charge less.

KJAN costs $79.00 a year on $10,000. The median Russell 2000 Buffer 15% fund costs $74.00.