Innovator Emerging Markets Power Buffer ETF - January
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- Innovator Emerging Markets Power Buffer ETF - January (EJAN) is an exchange-traded fund that seeks to track the price return of the iShares MSCI Emerging Markets ETF (EEM), up to a predetermined annual cap, while providing a 15% downside buffer against the first 15% of losses over a one-year outcome period from January 1 to December 31 each year before fees and expenses; the fund utilizes FLEX options including purchased and sold calls and puts on EEM, along with collateral primarily consisting of US stocks and cash equivalents; it rebalances annually, offers tax efficiency through ETF structure with no credit risk from issuers, and trades on NYSE Arca with a net expense ratio of 0.89% and net assets of approximately $103.64 million as of September 30, 2025. The ETF targets investors seeking defined outcome exposure to emerging markets equities across broad-based total market segments in regions including Asia, Latin America, and other developing economies; holdings are highly concentrated with top positions in EEM options representing over 96% of assets; performance since inception on December 31, 2019, includes a 3-year annualized NAV return of 10.07% as of September 30, 2025, with lower volatility (standard deviation of 14.23%) and beta of 0.48 relative to the MSCI Emerging Markets Index. Launched in 2020 and domiciled in the United States, EJAN operates within the defined outcome ETF category pioneered by its issuer, Innovator Capital Management, LLC, founded in 2017 and headquartered in Wheaton, Illinois. In a major strategic development announced in December 2025, parent company Innovator Capital Management agreed to be acquired by Goldman Sachs Group Inc. for approximately $2 billion in a cash-and-equity transaction expected to close in Q2 2026 pending regulatory approval, significantly expanding Goldman Sachs Asset Management's ETF offerings to over 215 strategies and $75 billion in assets under supervision while integrating Innovator's defined outcome expertise; this follows Innovator's expansion of innovative products such as Dual Directional ETFs in November 2025.