ZJAN — Innovator Equity Defined Protection ETF - 1 Yr January

ZJAN Fund Overview

ZJAN — Innovator Equity Defined Protection ETF - 1 Yr January is a US ETF managed by Innovator ETFs Trust, categorised as Alternative. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Innovator ETFs Trust
• Category: Alternative
• Assets under management: $115.34M
• 1-year return: 6.1%
• Ticker: ZJAN
• SEC CIK: 0001415726
• SEC series ID: S000088152
• Share class ID: C000254206

ZJAN Investment Objective and Strategy

Innovator Equity Defined Protection ETF - 1 Yr January describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Innovator ETFs Trust.

Investment objective

The Fund seeks to provide investors with returns that match the upside price return of the SPDR S&P 500 ETF Trust, up to the upside cap of 6.55% (prior to taking into account management fees and other fees) while providing a buffer against 100% of SPDR S&P 500 ETF Trust losses (prior to taking into account management fees and other fees), over the period from January 1, 2026 through December 31, 2026.

Principal investment strategy

General Strategy Description. The Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in FLexible EXchange Options ( FLEX Options ) that reference the SPDR S&P 500 ETF Trust (the Underlying ETF ). FLEX Options are exchange -traded option contracts with uniquely customizable terms. Although guaranteed for settlement by the Options Clearing Corporation (the OCC ), FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchange -traded option contracts. Due to the unique mechanics of the Funds strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles. It is important that an investor understand these characteristics before making an investment in the Fund.

In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price. The reference asset for all of the Funds FLEX Options is the Underlying ETF, an exchange -traded unit investment trust that seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index (the U.S. Equity Index ). The Underlying ETF invests in equity securities of companies, including companies with large capitalizations. To the extent the U.S. Equity Index concentrates (i.e., holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent.

As of the date of this prospectus, through its use of FLEX Options on the Underlying ETF, the Fund is concentrated in the information technology sector. For more information on the Underlying ETF, please see the section of the prospectus entitled Additional Information About the Funds Principal Investment Strategies. The pre -determined outcomes sought by the Fund, which include the buffer and cap discussed below (the Outcomes ), are based upon the performance of the Underlying ETFs share price over the period of January 1, 2026 through December 31, 2026. This period is referred to as the initial Outcome Period. Following the initial Outcome Period, each subsequent Outcome Period will be a one -year period that begins on January 1 and ends on December 31 of the current year. Upon conclusion of the Outcome Period, the Fund will receive the cash value of all the FLEX Options it held for the prior Outcome Period.

It will then invest in a new series of FLEX Options with an expiration date of approximately one year in the future, and a new Outcome Period will begin. Each FLEX Options value is ultimately derived from the performance of the Underlying ETFs share price during that time. As the terms of the FLEX Options do not change during each Outcome Period, the Outcomes, including the buffer and cap discussed below, will be measured to the Funds net asset value ( NAV ) on the first day of the Outcome Period. The Outcomes may only be realized by investors who continuously hold Shares from the commencement of the Outcome Period until its conclusion. Investors who purchase Shares after the Outcome Period has begun or sell Shares prior to the Outcome Periods conclusion may experience investment returns that are very different from those that the Fund seeks to provide.

The Funds strategy has been specifically designed to produce the Outcomes based upon the performance of the Underlying ETFs share price (or its price return) over the duration of the Outcome Period, subject to the Cap and Buffer described herein. The Fund will not receive or benefit from any dividend payments made by the Underlying ETF. The Fund is not an appropriate investment for income -seeking investors. The Fund seeks to protect shareholders that hold Shares for the entire Outcome Period from Fund NAV losses by providing a buffer (the Buffer ) against 100% of Underlying ETF losses over the course of the Outcome Period, as measured from the initial price of the Underlying ETF at the outset of the Outcome Period to the conclusion of the Outcome Period. If the Underlying ETFs share price decreases over the duration of the Outcome Period, the Fund (through the operation of the Buffer) seeks to protect investors that hold Shares for the entirety of the Outcome Period against all of such Underlying ETF losses.

There is no guarantee that the Fund will be successful in providing the sought -after Buffer. See Principal Investment StrategiesBuffer herein for additional information regarding the Buffer. If the Underlying ETFs share price increases over the duration of the Outcome Period, the Fund seeks to provide investors that hold Shares for the entire Outcome Period with an increase in value that approximately matches the percentage increase experienced by the Underlying ETFs share price over the duration of the Outcome Period (as measured from the initial price of the Underlying ETF at the outset of the Outcome Period to the conclusion of the Outcome Period), up to an upside return cap (the Cap ) that represents the maximum percentage return of Fund NAV an investor can achieve from an investment in the Fund for the Outcome Period.

Therefore, even though the Funds returns are based upon the performance of the Underlying ETFs share price, if the Underlying ETFs share price experiences returns for the Outcome Period in excess of the Cap, Fund shareholders will not participate in such excess returns. The Cap is based upon prevailing market conditions at the time the Fund enters into the FLEX Options on the first day of the Outcome Period and will be further reduced by any shareholder transaction fees and any extraordinary expenses incurred by the Fund. For the current Outcome Period, the Cap is 6.55% prior to taking into account any fees or expenses charged to shareholders. When the Funds annual Fund management fee of 0.79% of the Funds average daily net assets is taken into account for the Outcome Period, the Cap is 5.76%.

The Cap will be further reduced by any shareholder transaction fees and any extraordinary expenses incurred by the Fund. Since the Cap is based upon prevailing market conditions at the beginning of an Outcome Period, the Cap will rise or fall from one Outcome Period to the next. See Principal Investment StrategiesCap on Potential Upside Returns below for additional information regarding the Cap. As is discussed in further detail below, it is anticipated that during the Outcome Period the Funds NAV will not increase or decrease at the same rate as the Underlying ETFs share price. The Funds NAV is based upon the value of its portfolio, which is primarily composed of FLEX Options. Although the value of the Underlying ETFs share price is a significant component of the value of the Funds FLEX Options, the time remaining until those FLEX Options expire also affects their value.

The Funds investment sub -adviser , Milliman Financial Risk Management LLC ( Milliman or the Sub -Adviser ), generally anticipates that the Funds NAV will increase on days when the Underlying ETFs share price increases and will decrease on days when the Underlying ETFs share price decreases, but that the rate of such increase or decrease will be less than that experienced by the Underlying ETF. The two hypothetical graphical illustrations provided below are designed to illustrate the Outcomes that the Fund seeks to provide for investors who hold Shares for the entirety of the Outcome Period. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period. The returns that the Fund seeks to provide do not include the costs associated with purchasing Shares and certain expenses incurred by the Fund.

The following table contains hypothetical examples designed to illustrate the Outcomes the Fund seeks to provide over an Outcome Period, based upon the performance of the Underlying ETF from -100 % to 100%. The table is provided for illustrative purposes and does not provide every possible performance scenario for Shares over the course of an Outcome Period. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period . The table is not intended to predict or project the performance of the FLEX Options or the Fund. Fund shareholders should not take this information as an assurance of the expected performance of the Underlying ETF or return on Shares. The actual overall performance of the Fund will vary with fluctuations in the value of the FLEX Options during the Outcome Period, among other factors.

Please refer to the Funds website, www.innovatoretfs.com/zjan , which provides updated information relating to this table on a daily basis throughout the Outcome Period. Underlying ETF Performance (100 )% (50 )% (20 )% (10 )% (5 )% 0 % 5 % 10 % 15 % 20 % 50 % 100 % Fund Performance 0 %** 0 %** 0 %** 0 %** 0 %** 0 % 5 % 6.55 %* 6.55 %* 6.55 %* 6.55 %* 6.55 %* * The Cap is set on the first day of the Outcome Period and is 6.55% prior to taking into account any fees or expenses charged to shareholders. When the Funds annual Fund management fee of 0.79% of the Funds average daily net assets is taken into account, the Cap is 5.76%. The Funds annual management fee of 0.79% of the Funds average daily net assets, any shareholder transaction fees and any extraordinary expenses incurred by the Fund will have the effect of reducing the Cap amounts for Fund shareholders.

** The Buffer is set on the first day of the Outcome Period and seeks to provide protection against 100% of Underlying ETF losses, prior to taking into account any fees or expenses charged to shareholders. The Buffer will be reduced by the Funds annual management fee of 0.79% of the Funds average daily net assets is taken into account, and any shareholder transaction fees and any extraordinary expenses incurred by the Fund. Use of FLEX Options. The Outcomes may be achieved by purchasing and selling call FLEX Options and purchasing put FLEX Options to create layers within the Funds portfolio. The Sub -Adviser has constructed a portfolio principally composed of FLEX Options that reference the Underlying ETF that are each set to expire on the last day of the Outcome Period. The customizable nature of FLEX Options allows the Sub -Adviser to select the share price at which the Underlying ETF will be exercised at the expiration of each FLEX Option.

This is commonly known as the strike price. At the commencement of the Outcome Period, the Sub -Adviser specifically selects the strike price for each FLEX Option such that when the FLEX Options are exercised on the final day of the Outcome Period, the Outcomes may be obtained, depending on the performance of the Underlying ETFs share price over the duration of the Outcome Period. The Fund utilizes European style option contracts, which are exercisable only on the expiration date of the option contract. To achieve these returns, the Fund may purchase and sell a combination of call option contracts and put option contracts. A call option contract gives the buyer of the call option contract the right (but not the obligation) to buy, and the seller of the call option contract ( i.e. , the writer) the obligation to sell, a specified amount of an underlying security at a pre -determined price.

A put option contract gives the buyer of the put option contract the right (but not the obligation) to sell, and the writer of the put option contract the obligation to buy (if the option is exercised), a specified amount of an underlying security at a pre -determined price. The effect of the Funds call option contracts is to provide exposure to the increases in the price of the Underlying ETF, subject to the Cap.

ZJAN Holdings

Top 1 holdings of Innovator Equity Defined Protection ETF - 1 Yr January by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all ZJAN holdings

ZJAN Portfolio Allocation

Asset-class allocation of Innovator Equity Defined Protection ETF - 1 Yr January by percentage of net assets, from the latest SEC N-PORT filing.

ZJAN Performance

Total returns for ZJAN (as of 2026-10-01), from SEC filings.

ZJAN Risk Information

Risk metrics for ZJAN, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 2.0%

ZJAN Costs and Fees

ZJAN costs about $79 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.79%
• Gross expense ratio: 0.79%
• Portfolio turnover: 0%
• Brokerage commissions: 0.72 bps of average net assets (SEC N-CEN)

ZJAN Cashflows

Over the 12 months to 2026-07, Innovator Equity Defined Protection ETF - 1 Yr January had net inflows of $55.46M, from monthly SEC N-PORT filings.

ZJAN Debt Constituents

No individual debt constituents are reported in Innovator Equity Defined Protection ETF - 1 Yr January's latest SEC N-PORT filing.

ZJAN Prospectus and SEC Filings

Official Innovator Equity Defined Protection ETF - 1 Yr January filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-02-27
• Prospectus supplement (497) — filed 2026-01-02
• Prospectus supplement (497) — filed 2025-01-02
• Portfolio holdings (N-PORT) — filed 2026-09-28
• Portfolio holdings (N-PORT) — filed 2026-06-26
• Portfolio holdings (N-PORT) — filed 2026-03-27
• Annual census (N-CEN) — filed 2026-01-13

Related Funds

Other Alternative funds tracked on ABC INVEST:

• iShares 0-3 Month Treasury Bond ETF (SGOV)
• Vanguard Short-Term Inflation-Protected Securities Index Fund (VTAPX)
• SPDR® Bloomberg Barclays 1-3 Month T-Bill ETF (BIL)
• Vanguard Inflation-Protected Securities Fund (VIPSX)
• iShares 0-1 Year Treasury Bond ETF (SHV)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.