Innovator U.S. Equity Power Buffer ETF
$51.180.00 (+0.04%)
- 0.79%
- $1.4B
- +12.7%
- 0.1M sh
- $51.22
- low $45.23high $51.26
The ETF.net PJAN Grade
C
Score 50 out of 100
- 17 of 61
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.D35 out of 100Rank 34 of 61Mission
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 32 of 57Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A71 out of 100Rank 7 of 59Holdings
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.A89 out of 100Rank 3 of 61
Our read on PJAN
CThe January edition of Innovator's 15% Power Buffer series: it absorbs the first 15% of an S&P 500 price drop over the year in exchange for a capped upside, then resets every January 1. One of the originals, running since 2019.
The fund uses a defined-outcome strategy tied to SPY, seeking to track its return up to a cap while protecting the first 15% of losses during the annual outcome period.
Why people hold it
- Launched January 2019, one of the first calendar-year buffer ETFs, and now among the larger funds in the buffer space with many reset cycles behind it.innovatoretfs.com
- The mechanic is simple: the first 15% of SPY's price decline over the outcome period is absorbed, upside runs to a cap set at the start of each January, then it all resets.sec.gov
- The 0.79% fee sits right at the median for buffer funds, and this is one of the stronger implementations in a crowded 15%-buffer peer group.
- Moderately traded with a full twelve-month sibling lineup behind it, so the January vintage is a deliberate pick rather than the only door in.
Worth knowing
- The buffer and cap are designed for investors who hold from the start of the outcome period to its end. Buy mid-period and your effective cushion and remaining upside differ.sec.gov
- It follows SPY's price return only. The fund does not receive the underlying ETF's dividends, and it is not built as an income vehicle.sec.gov
- One start date, one calendar. Siblings like PAPR, PJUL and POCT run the same 15% buffer off other months, and BUFF ladders across the year.
PJAN Holdings
- Stocks
- 3
- 104%
- Spy 12/31/2026 6.82 C
PJAN 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.
PJAN$11,268
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 | PJAN |
|---|---|
| Year to date | +8.8% |
| 1 month | +1.2% |
| 3 months | +2.7% |
| 1 year | +12.7% |
| 3 years | +13.3% |
| 5 years | +9.3% |
| 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 | PJAN |
|---|---|---|
| 2026 YTD | +8.8% | |
| 2025 | +11.3% | |
| 2024 | +13.5% | |
| 2023 | +18.2% | |
| 2022 | −5.3% | |
| 2021 | +8.8% | |
| 2020 | +7.7% |
PJAN in the news
PJAN Dividends
No distributions in the last 12 months.
PJAN Risk
- 6.4%
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.
- 1.31
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.
- −11.9%
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.
- 0.50
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PJAN Cost
0.79%
PJAN0.79%
- The middle half of S&P 500 Buffer 15% funds
- Median 0.79%
23 of the 51 S&P 500 Buffer 15% funds charge less.
Other funds in S&P 500 Buffer 15%
- CQBSFAIM ETF Products Trust - AllianzIM U.S. Equity Buffer15 ETFExpense ratio 0.64%1 year return +8.3%
- CPMAYInnovator U.S. Equity Power Buffer ETF - MayExpense ratio 0.79%1 year return +10.3%
- CLOCTInnovator Premium Income 15 Buffer ETFExpense ratio 0.79%1 year return +6.2%
- CPAUGInnovator U.S. Equity Power Buffer ETF - AugustExpense ratio 0.79%1 year return +12.1%
- CPJULInnovator U.S. Equity Power Buffer ETFExpense ratio 0.79%1 year return +11.1%