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PJAN

GradeCChicago Board Options Exchange

Innovator U.S. Equity Power Buffer ETF

Buffered · Innovator · Inception 2019-01-02

$50.81−0.12 (−0.23%)

As of Sep 23, 2026, 2:15 PM EDT

Intraday session: down, 51 prints from 50.93 to 50.81. Range 50.76 to 50.91. Use the arrow keys to read each point.$50.75$50.85$50.9010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$1.4B
1Y return
+11.4%
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0.1M sh
NAV per share
$50.67
52W range
low $45.23high $50.96

The ETF.net PJAN Grade

C

51/ 100

Rank 15 of 61 in S&P 500 Buffer 15%⁠

Confidence Medium

Six-pillar profile for PJAN. Scores out of 100: Cost 35, Risk 52, Mission not scored, Tradability 71, Holdings not scored, Durability 89. Strongest: Durability (89). Weakest: Cost (35). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 51 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 rank39/61 · 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.
    CScore 52
    Category rank25/57 · top 44%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 71
    Category rank9/61 · top 15%

  • 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 89
    Category rank2/61 · top 3%

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

Our read on PJAN

ETF.net Research

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

  1. 01Launched 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
  2. 02The 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
  3. 03The 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.
  4. 04Moderately 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

  1. 01The 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
  2. 02It 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
  3. 03One 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

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
105%
Largest holding
SPY 12/31/2026 6.82 C103.8%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 12/31/2026 6.82 C103.77%19,368$1.5B1
002—SPY 12/31/2026 681.92 P0.65%19,368$9M2
003—US BANK MMDA - USBGFS 9 09/01/20370.24%3,476,687$3M161

Showing 1–3 of 3 holdings

PJAN Performance

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

PJAN$11,140
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. PJAN $11,140. 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 PJAN. Periods over one year show the average yearly return.
PeriodPJAN
Year to date+8.3%
1 month+0.9%
3 months+3.0%
1 year+11.4%
3 years+13.3%per year
5 years+9.2%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 PJAN
YearReturn barPJAN
2026 YTD+8.3%
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.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

PJAN Risk

How much the fund’s monthly returns vary, scaled to a year.
6.7%
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.
1.10
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.
−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.
0.49
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.

PJAN Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

22 of the 50 S&P 500 Buffer 15% funds charge less.

PJAN costs $79.00 a year on $10,000. The median S&P 500 Buffer 15% fund costs $79.00.