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JAJL vs MAXJ

Innovator Equity Defined Protection ETF

JAJLCCboe

iShares Large Cap Max Buffer Jun ETF

MAXJACboe

Overlap

Expense ratio

MAXJ −0.26pt a year

JAJL0.79%MAXJ0.53%

Avg volume · 30D

JAJL 1.2×the volume

JAJL46.9KMAXJ37.6K

JAJL vs MAXJ Performance

Oct 31, 2025 – Oct 30, 2026

+5.1%JAJL+5.8%MAXJ

Oct 31, 2025 to Oct 30, 2026. JAJL +5.1%. MAXJ +5.8%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025May 2026Oct 2026
Expense ratio
JAJL 0.79%
MAXJ 0.53%, better
Fund size
JAJL $304M
MAXJ $163M
1Y total return
JAJL +5.1%
MAXJ +5.8%, better
Yield (12M)
JAJL No data
MAXJ 0.96%
Holdings
JAJL 4
MAXJ 5
Avg volume (30D)
JAJL 46.9K sh, better
MAXJ 37.6K sh
NAV per share
JAJL $30.33
MAXJ $29.54
52W range

ETF.net Grade

JAJL: Cost 21, Risk 56, Mission not scored, Tradability 88, Holdings 58, Durability 87. MAXJ: Cost 83, Risk 51, Mission not scored, Tradability 82, Holdings 58, Durability 88.
Pillar letters and Scores for JAJL, MAXJ, with each pillar’s weight
PillarJAJLMAXJ
Cost30% weightF21A83Higher
Mission25% weightNot scoredNot scored
Risk15% weightB56HigherC51
Tradability15% weightA88HigherA82
Holdings10% weightB58B58
Durability5% weightA87A88Higher

Rank among S&P 500 Full Protection funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. JAJL and MAXJ are both graded against the same 27 S&P 500 Full Protection funds, so their Grades compare head to head.

S&P 500 Full Protection⁠

Category · 27 funds
See all 27 ›

MAXJ ranks 3rd and JAJL 13th of 27 funds in the S&P 500 Full Protection Category.

  1. Rank 1ACPSLCalamos Laddered S&P 500 Structured Alt Protection ETFScore 80
  2. Rank 2AMMAXiShares Large Cap Max Buffer Mar ETFScore 76
  3. Rank 3AMAXJiShares Large Cap Max Buffer Jun ETFScore 75
  4. Rank 4BCPSNCalamos S&P 500 Structured Alt Protection ETF – NovemberScore 59
  5. Rank 13CCPSRCalamos S&P 500 Structured Alt Protection ETF – MarchScore 49
  6. Rank 13CJAJLInnovator Equity Defined Protection ETFScore 49
  7. Rank 15CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryScore 48

Our read on each fund

ETF.net Research

JAJLCInnovator Equity Defined Protection ETF

MAXJAiShares Large Cap Max Buffer Jun ETF

In short

JAJL A 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.

MAXJ No data

Stated mandate

JAJL 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.

MAXJ No data

Why people hold it

  • JAJL 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.

MAXJ No data

Worth knowing

  • JAJL 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.

MAXJ No data

Full JAJL profile⁠

Full MAXJ profile⁠

JAJL vs MAXJ Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

JAJL vs MAXJ Cost

Overpaying JAJL vs MAXJ

$4,638

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

  • JAJL 0.79%

    $15,174

  • MAXJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • JAJL 0.79%
  • MAXJ 0.53%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530JAJL $15,174MAXJ $10,536

Year by year

YearJAJLMAXJOverpaying
10$1,405$953$452
20$5,331$3,658$1,673
30$15,174$10,536$4,638

Expense ratio

  • 0.79%JAJL
  • 0.53%MAXJ, cheaper
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

MAXJ 6th cheapest of 27 funds

JAJL 21st cheapest of 27 funds

JAJL vs MAXJ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
JAJL No data
MAXJ 0.96%
Payout (12M)
JAJL None
MAXJ $0.28
Last payment
JAJL No data
MAXJ $0.28
Ex-dividend
JAJL No data
MAXJ Dec 23, 2025
Paid on
JAJL No data
MAXJ Dec 29, 2025
Frequency
JAJL No data
MAXJ Annual

Distribution history

Per share, 2024 to 2026, same scale for both

JAJLAll JAJL payments⁠

No distribution history available.

MAXJAnnual · 2 paymentsAll MAXJ payments⁠
One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 30, 2024 $0.21; Dec 23, 2025 $0.28. Use the arrow keys to read each point.$0$0.252026YTD

JAJL vs MAXJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
JAJL 2.3%since Aug 2024MAXJ 4.1%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
JAJL 0.98since Aug 2024MAXJ 0.88since Aug 2024
Worst fallMax drawdown, 5 years
JAJL −2.1%since Jul 2024MAXJ −6.3%since Jul 2024
Market sensitivityBeta, 5 years
JAJL 0.17MAXJ 0.30

JAJL and MAXJ in the news

All news⁠

Popular comparisons

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    Innovator Equity Defined Protection ETF · Calamos Laddered S&P 500 Structured Alt Protection ETF

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