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JAJL

GradeCChicago Board Options Exchange

Innovator Equity Defined Protection ETF

Floor Protected · Innovator · Inception 2024-07-01

$30.30−0.04 (−0.13%)

As of Sep 23, 2026, 3:07 PM EDT

History starts Jul 1, 2024.
Intraday session: down, 42 prints from 30.34 to 30.30. Range 30.28 to 30.34. Use the arrow keys to read each point.$30.28$30.32$30.3410 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$298M
1Y return
+5.8%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$30.23
52W range
low $28.59high $30.36

The ETF.net JAJL Grade

C

50/ 100

Rank 14 of 39 in S&P 500 Full Protection⁠

Confidence Medium

Six-pillar profile for JAJL. Scores out of 100: Cost 21, Risk 59, Mission not scored, Tradability 90, Holdings 59, Durability 87. Strongest: Tradability (90). Weakest: Cost (21). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 50 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 21
    Category rank26/39 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 59
    Category rank9/37 · top 24%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 90
    Category rank4/39 · top 10%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 59
    Category rank4/12 · top 33%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 87
    Category rank2/39 · top 5%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on JAJL

ETF.net Research

CA floor under the S&P 500, rented about six months at a time. JAJL is built to absorb 100% of losses over each outcome period, and in exchange your upside stops at a cap fixed the day that period starts.

Stated mandate

The actively managed ETF uses a defined-outcome strategy tied to an S&P 500-tracking ETF over an approximately six-month period. It seeks to replicate the underlying ETF subject to a 4.10% pre-fee cap and protection against 100% of losses during the current outcome period.

Why people hold it

  1. 01Protection is total by design, not partial: the strategy targets 100% of downside over the outcome period rather than absorbing a slice of it.innovatoretfs.com
  2. 02Outcome periods run roughly six months, so the cap gets rebuilt on current option pricing twice a year instead of being locked in for a full year.
  3. 03The reference is the S&P 500 itself, delivered through an S&P 500 tracking ETF, so the exposure being protected is the index you already follow.

Worth knowing

  1. 01At 0.79% a year it prices above the norm for S&P 500 full-protection funds (the Calamos versions like CPSJ and CPSR charge 0.69%), and fees come out of an already capped upside.
  2. 02The cap is quoted before fees, and both cap and protection are measured to the end of the outcome period. Buy mid-period and your personal terms differ from the headline ones.innovatoretfs.com
  3. 03Volume is light, so bid-ask spreads deserve attention, and with no distribution stream the entire result shows up in the share price.

JAJL Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
5
Top-10 weight
103%
Largest holding
VOO101.4%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001VOOVanguard S&P 500 ETF101.45%429,537$306M57
002—VOO 12/31/2026 686.81 P1.66%4,341$5M1
003—US BANK MMDA - USBGFS 9 09/01/20370.16%477,623$478K161
004—VOO 12/31/2026 700.55 C0.05%46$148K1

Showing 1–4 of 4 holdings

JAJL Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

JAJL$10,585
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. JAJL $10,585. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for JAJL. Periods over one year show the average yearly return.
PeriodJAJL
Year to date+4.3%
1 month+0.3%
3 months+1.5%
1 year+5.8%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for JAJL
YearReturn barJAJL
2026 YTD+4.3%
2025+6.6%
2024+4.5%

Since listing, Jul 1, 2024

JAJL in the news

ETF.net Research hasn’t filed on JAJL yet — coverage lands here as it’s written.

JAJL Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

JAJL Risk

How much the fund’s monthly returns vary, scaled to a year.
2.4%
Annualised · 25 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.14
vs 3-month T-bills · 25 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−2.1%
26 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.17
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

JAJL Cost

Expense ratio0.79%
  • The middle half of S&P 500 Full Protection funds
  • Median 0.69%

19 of the 26 S&P 500 Full Protection funds charge less.

JAJL costs $79.00 a year on $10,000. The median S&P 500 Full Protection fund costs $69.00.