Innovator Equity Defined Protection ETF
$30.45+0.04 (+0.15%)
- 0.79%
- $303M
- +6.2%
- 0M sh
- $30.44
- low $28.63high $30.48
The ETF.net JAJL Grade
C
Score 49 out of 100
- 14 of 39
Score 49 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F21 out of 100Rank 23 of 39Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B55 out of 100Rank 11 of 38Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A90 out of 100Rank 1 of 39Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B58 out of 100Rank 3 of 12Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A87 out of 100Rank 2 of 39
Our read on JAJL
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.
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
- Protection 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
- Outcome 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.
- The 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
- At 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.
- The 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
- Volume is light, so bid-ask spreads deserve attention, and with no distribution stream the entire result shows up in the share price.
JAJL Holdings
- Stocks
- 4
- 103%
- VOO
Sectors
- Technology38.7%
- Financials12.0%
- Communication9.5%
- Consumer Discretionary9.3%
- Health Care9.3%
- Industrials7.8%
- Consumer Staples4.5%
- Energy3.5%
- Utilities2.0%
- Real Estate1.8%
- Materials1.7%
Geography
- United States100.00%
JAJL Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
JAJL$10,622
Returns run to the Oct 12, 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.
| Period | JAJL |
|---|---|
| Year to date | +4.6% |
| 1 month | +0.6% |
| 3 months | +1.3% |
| 1 year | +6.2% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | JAJL |
|---|---|---|
| 2026 YTD | +4.6% | |
| 2025 | +6.6% | |
| 2024 | +4.5% |
JAJL in the news
JAJL Dividends
No distributions in the last 12 months.
JAJL Risk
- 2.3%
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.
- 1.06
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.
- −2.1%
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.
- 0.17
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
0.79%
JAJL0.79%
- The middle half of S&P 500 Full Protection funds
- Median 0.69%
20 of the 27 S&P 500 Full Protection funds charge less.
Other funds in S&P 500 Full Protection
- CCPSDCalamos ETF Trust - Calamos S&P 500 Structured Alt Protection ETF - DecemberExpense ratio 0.69%1 year return +7.0%
- CCPSUCalamos S&P 500 Structured Alt Protection ETF – JuneExpense ratio 0.69%1 year return +5.2%
- CZJULInnovator ETFs Trust - Innovator Equity Defined Protection ETF - 1 Yr JulyExpense ratio 0.79%1 year return +6.0%
- CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryExpense ratio 0.69%1 year return +6.5%
- CCPSRCalamos S&P 500 Structured Alt Protection ETF – MarchExpense ratio 0.69%1 year return +6.2%