Skip to content
etf.net

Launched

Innovator U.S. Equity Power Buffer ETF

PJANCboeInnovatorC

$50.65−0.12 (−0.24%)

At close: Nov 2, 2026, 4:00 PM ET

C51/ 100

Rank 18 of 61 in S&P 500 Buffer 15%

C51/100Rank 18 of 61inS&P 500 Buffer 15%
Intraday session: down, 78 prints from 50.77 to 50.65. Range 50.65 to 51.09. Use the arrow keys to read each point.50.7050.9051.0051.1010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$1.41B
1Y total return
+10.1%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
52.8K sh
52W range
low $45.23high $51.27
Launched

The ETF.net PJAN Grade

Based on 4 of 6 pillars

C

Score 51 out of 100

Category
S&P 500 Buffer 15%⁠
Rank
18 of 61
Six-pillar profile for PJAN. Scores out of 100: Cost 35, Risk 52, Mission not scored, Tradability 72, Holdings not scored, Durability 88. Strongest: Durability (88). Weakest: Cost (35). Based on 4 of 6 pillars.

Score 51 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 100
    Rank 34 of 61

  • 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.
    C52 out of 100
    Rank 33 of 60

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A72 out of 100
    Rank 9 of 61

  • 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.
    A88 out of 100
    Rank 1 of 61

Our read on PJAN

ETF.net Research

In short

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.

Stated mandate

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 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.
PJAN$11,008
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. PJAN $11,008. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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 PJAN. Periods over one year show the average yearly return.
PeriodPJAN
Year to date+8.0%
1 month+0.1%
3 months+1.8%
1 year+10.1%
3 yearsper year+14.1%
5 yearsper year+8.9%
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 PJAN
YearReturn barPJAN
2026 YTD+8.0%
2025+11.3%
2024+13.5%
2023+18.2%
2022−5.3%
2021+8.8%
2020+7.7%

PJAN in the news

PJAN Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

PJAN Risk

Risk pillarC52 out of 100Rank 33 of 60 in S&P 500 Buffer 15%
How much the fund’s monthly returns vary, scaled to a year.
6.2%
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.
1.45
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.
−11.9%
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.
0.50
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.

PJAN Cost

Compare PJAN and CAUG

Overpaying vs CAUG, tied cheapest in S&P 500 Buffer 15%

$9,025

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

  • PJAN 0.79%

    $15,174

  • CAUG 0.30% Tied cheapest

    $6,149

$10,000
30 years

Cost over time

  • PJAN 0.79%
  • CAUG 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PJAN $15,174CAUG $6,149

Year by year

YearPJANCAUGOverpaying
10$1,405$545$860
20$5,331$2,113$3,218
30$15,174$6,149$9,025

Other funds in S&P 500 Buffer 15%

See others