Innovator U.S. Equity Buffer ETF - January

Innovator U.S. Equity Buffer ETF - January is an actively managed exchange-traded fund designed to provide exposure to U.S. large-cap equities through options-based strategies tied to the SPDR S&P 500 ETF Trust. The fund seeks to participate in a portion of the S&P 500’s price gains while using a defined buffer to help limit the impact of the first losses over a set outcome period. Its January series structure resets annually, allowing the strategy to be maintained continuously from one outcome period to the next. BJAN primarily uses FLEX Options and collateral rather than holding a traditional stock portfolio, making it part of the defined-outcome ETF category. The fund is used by investors looking for systematic, rule-based equity exposure with built-in downside and upside parameters, and it plays a specialized role in the U.S. ETF market as a hedging-oriented large-cap equity solution.