Innovator Growth-100 Power Buffer ETF
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- Innovator Growth-100 Power Buffer ETF - January (NJAN) is an exchange-traded fund that seeks to track the price return of the Invesco QQQ Trust, Series 1 (QQQ), up to a predetermined cap, while providing a buffer against the first 15% of losses over a one-year outcome period from January 1 to December 31 each year; it invests at least 80% of its net assets in FLEX Flexible Exchange Options referencing QQQ performance, offering defined downside protection, exposure to Nasdaq-100 growth stocks across sectors including information technology, communication services, and consumer discretionary, tax efficiency, liquidity, and transparency without single-issuer credit risk. The ETF, part of Innovator ETFs Trust and managed by Innovator Capital Management, LLC (co-managed by Milliman Financial Risk Management LLC), rebalances annually, maintains an expense ratio of 0.79%, and had net assets of approximately $295 million as of September 30, 2025. Launched on January 1, 2020, and listed on Cboe BZX, it targets retail and institutional investors seeking risk-managed equity exposure to large-cap growth via QQQ. Innovator Capital Management, LLC, founded in 2017 and headquartered in Wheaton, Illinois, pioneered the world's first Defined Outcome ETFs, including Buffer ETF series, and manages a broad suite of 159 such products across income, buffer, and growth strategies with $28 billion in assets under supervision as of September 30, 2025. The firm operates primarily in the United States, serving investors through exchange-listed funds focused on outcome-based strategies using derivatives for targeted risk management. In a major strategic development announced on December 1, 2025, Goldman Sachs agreed to acquire Innovator Capital Management for approximately $2 billion in cash and equity (subject to performance targets), a 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 while integrating Innovator's team of over 60 employees. This acquisition underscores Innovator's leadership in the fast-growing active defined outcome ETF category and follows no other major recent partnerships, funding rounds, or product launches specific to NJAN within the last 1-2 years. NJAN continues its annual outcome periods with updated caps and buffers, such as a starting 15% buffer for the January 2025-2026 period.