Innovator U.S. Equity Ultra Buffer ETF

Frequently Asked Questions About UJAN

What does UJAN invest in?

The Innovator U.S. Equity Ultra Buffer ETF (UJAN) aims to replicate the returns of the SPDR S&P 500 ETF Trust (SPY), though its upside potential is constrained by a predetermined maximum. Simultaneously, it offers investors a degree of protection, mitigating losses that occur within the range of -5% to -35% during its specified outcome period. While the ETF can be held for an unlimited duration, its unique cap and buffer features are refreshed at the end of each outcome period, which typically concludes annually.

What is the expense ratio of UJAN?

Innovator U.S. Equity Ultra Buffer ETF (UJAN) charges an expense ratio of 0.79%. This is the annual fee deducted from fund assets to cover management and operations.

Is UJAN a good long-term hold?

UJAN is a leveraged fund designed to deliver a daily multiple of its underlying index. Daily reset compounding means returns over multi-day periods can diverge significantly from the headline multiple — typically negative drift in choppy markets. These funds are designed for short-term tactical use, not buy-and-hold. Review the fund's prospectus before holding more than a few days.

How does UJAN's daily reset work?

UJAN rebalances exposure each trading day to maintain its target leverage ratio against the next day's move. The daily reset means returns compound at the daily level — so a +1%, −1% sequence on the underlying doesn't return the underlying to flat after the leverage multiplier. Over time this path-dependence erodes returns in volatile markets and amplifies them in trending markets.

How big is UJAN?

Innovator U.S. Equity Ultra Buffer ETF (UJAN) manages $277.7M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is UJAN actively managed or an index fund?

UJAN's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.