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JAJL vs MMAX

Innovator Equity Defined Protection ETF

JAJLCCboe

iShares Large Cap Max Buffer Mar ETF

MMAXACboe

Overlap

Expense ratio

MMAX −0.26pt a year

JAJL0.79%MMAX0.53%

Avg volume · 30D

JAJL 11.4×the volume

JAJL46.9KMMAX4.12K

JAJL vs MMAX Performance

Oct 31, 2025 – Oct 30, 2026

+5.1%JAJL+6.5%MMAX

Oct 31, 2025 to Oct 30, 2026. JAJL +5.1%. MMAX +6.5%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025May 2026Oct 2026
Expense ratio
JAJL 0.79%
MMAX 0.53%, better
Fund size
JAJL $304M
MMAX $74M
1Y total return
JAJL +5.1%
MMAX +6.5%, better
Holdings
JAJL 4
MMAX 4
Avg volume (30D)
JAJL 46.9K sh, better
MMAX 4.12K sh
NAV per share
JAJL $30.33
MMAX $27.58
52W range

ETF.net Grade

JAJL: Cost 21, Risk 56, Mission not scored, Tradability 88, Holdings 58, Durability 87. MMAX: Cost 83, Risk 81, Mission not scored, Tradability 64, Holdings 50, Durability 62.
Pillar letters and Scores for JAJL, MMAX, with each pillar’s weight
PillarJAJLMMAX
Cost30% weightF21A83Higher
Mission25% weightNot scoredNot scored
Risk15% weightB56A81Higher
Tradability15% weightA88HigherB64
Holdings10% weightB58HigherC50
Durability5% weightA87HigherB62

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 MMAX 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 ›

MMAX ranks 2nd 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 13CCPSRCalamos S&P 500 Structured Alt Protection ETF – MarchScore 49
  5. Rank 13CJAJLInnovator Equity Defined Protection ETFScore 49
  6. Rank 15CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryScore 48

Our read on each fund

ETF.net Research

JAJLCInnovator Equity Defined Protection ETF

MMAXAiShares Large Cap Max Buffer Mar 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.

MMAX 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.

MMAX 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.

MMAX 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.

MMAX No data

Full JAJL profile⁠

Full MMAX profile⁠

JAJL vs MMAX 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 MMAX Cost

Overpaying JAJL vs MMAX

$4,638

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

  • JAJL 0.79%

    $15,174

  • MMAX 0.53%

    $10,536

$10,000
30 years

Cost over time

  • JAJL 0.79%
  • MMAX 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 $15,174MMAX $10,536

Year by year

YearJAJLMMAXOverpaying
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%MMAX, cheaper
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

MMAX 6th cheapest of 27 funds

JAJL 21st cheapest of 27 funds

JAJL vs MMAX Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
JAJL None
MMAX No data
Last payment
JAJL No data
MMAX $0.35
Ex-dividend
JAJL No data
MMAX Dec 23, 2025
Paid on
JAJL No data
MMAX Dec 29, 2025
Frequency
JAJL No data
MMAX Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

JAJLAll JAJL payments⁠

No distribution history available.

MMAXIrregular · 1 paymentAll MMAX payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 23, 2025 $0.35. Use the arrow keys to read each point.$0$0.252026YTD

JAJL vs MMAX 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 2024MMAX 1.0%since May 2025
Return per unit of riskSharpe ratio, 3 years
JAJL 0.98since Aug 2024MMAX 3.21since May 2025
Worst fallMax drawdown, 5 years
JAJL −2.1%since Jul 2024MMAX −1.9%since Apr 2025
Market sensitivityBeta, 5 years
JAJL 0.17MMAX 0.08

JAJL and MMAX in the news

All news⁠

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