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Launched

Innovator Equity Defined Protection ETF

JAJLCboeInnovatorC

$30.27−0.03 (−0.12%)

As of Nov 2, 2026, 3:59 PM ET

C49/ 100

Rank 13 of 39 in S&P 500 Full Protection

C49/100Rank 13 of 39inS&P 500 Full Protection
Intraday session: down, 79 prints from 30.30 to 30.27. Range 30.25 to 30.39. Use the arrow keys to read each point.30.2530.3230.3530.3810 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$304M
1Y total return
+5.1%
Yield · Last 12 months
No data
Holdings
4
Avg volume · 30D
46.9K sh
52W range
low $28.71high $30.55
Launched

The ETF.net JAJL Grade

Based on 5 of 6 pillars

C

Score 49 out of 100

Category
S&P 500 Full Protection⁠
Rank
13 of 39
Six-pillar profile for JAJL. Scores out of 100: Cost 21, Risk 56, Mission not scored, Tradability 88, Holdings 58, Durability 87. Strongest: Tradability (88). Weakest: Cost (21). Based on 5 of 6 pillars.

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 100
    Rank 23 of 39

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B56 out of 100
    Rank 9 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A88 out of 100
    Rank 1 of 39

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B58 out of 100
    Rank 3 of 13

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A87 out of 100
    Rank 3 of 39

Our read on JAJL

ETF.net Research

In short

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

  • 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 Performance

Launched Jul 1, 2024

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$10,514
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. JAJL $10,514. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+4.2%
1 month+0.1%
3 months+0.9%
1 year+5.1%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+4.2%
2025+6.6%
2024+4.5%

Since listing, Jul 1, 2024

JAJL in the news

JAJL Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

JAJL Risk

Risk pillarB56 out of 100Rank 9 of 39 in S&P 500 Full Protection
How much the fund’s monthly returns vary, scaled to a year.
2.3%
Annualised · 27 months to Oct 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.
0.98
vs 3-month T-bills · 27 months to Oct 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%
27 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.

FMP measures it over up to five years of monthly returns.

JAJL Cost

Compare JAJL and CPSL

Overpaying vs CPSL, cheapest in S&P 500 Full Protection

$13,068

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • JAJL 0.79%

    $15,174

  • CPSL 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • JAJL 0.79%
  • CPSL 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530JAJL $15,174CPSL $2,106

Year by year

YearJAJLCPSLOverpaying
10$1,405$183$1,222
20$5,331$717$4,614
30$15,174$2,106$13,068

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