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MMAX vs TAPR

iShares Large Cap Max Buffer Mar ETF

MMAXACboe

Innovator Equity Defined Protection ETF

TAPRDCboe

Overlap

0.0%by weight

Expense ratio

MMAX −0.26pt a year

MMAX0.53%TAPR0.79%

Avg volume · 30D

MMAX 10.0×the volume

MMAX4.12KTAPR413

MMAX vs TAPR Performance

Oct 31, 2025 – Nov 2, 2026

+6.4%MMAX+4.8%TAPR

Oct 31, 2025 to Nov 2, 2026. MMAX +6.4%. TAPR +4.8%. Use the arrow keys to read each point.0%2%4%Oct 2025May 2026Nov 2026
Expense ratio
MMAX 0.53%, better
TAPR 0.79%
Fund size
MMAX $74M
TAPR $11M
1Y total return
MMAX +6.4%, better
TAPR +4.8%
Holdings
MMAX 4
TAPR 3
Avg volume (30D)
MMAX 4.12K sh, better
TAPR 413 sh
NAV per share
MMAX $27.58
TAPR $26.96
52W range

ETF.net Grade

MMAX: Cost 83, Risk 81, Mission not scored, Tradability 64, Holdings 50, Durability 62. TAPR: Cost 21, Risk 42, Mission not scored, Tradability 22, Holdings not scored, Durability 47.
Pillar letters and Scores for MMAX, TAPR, with each pillar’s weight
PillarMMAXTAPR
Cost30% weightA83HigherF21
Mission25% weightNot scoredNot scored
Risk15% weightA81HigherC42
Tradability15% weightB64HigherF22
Holdings10% weightC50Not scored
Durability5% weightB62HigherC47

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. MMAX and TAPR 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 TAPR 27th 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 26DZMARInnovator Equity Defined Protection ETF - 1 Yr MarchScore 39
  5. Rank 27DTAPRInnovator Equity Defined Protection ETFScore 28

Our read on each fund

ETF.net Research

MMAXAiShares Large Cap Max Buffer Mar ETF

TAPRDInnovator Equity Defined Protection ETF

In short

MMAX No data

TAPR Innovator's maximalist take on the buffer trade: a two-year term that aims to shield 100% of SPY's downside before fees, with upside stopped at a cap fixed the day the period starts.

Stated mandate

MMAX No data

TAPR The Fund seeks to track SPY's return subject to a cap while providing a 100% downside buffer over the two-year outcome period, before fees and expenses.

Why people hold it

MMAX No data

  • TAPR No partial cushion here. The stated goal is protection against 100% of SPY's decline across the outcome period running to March 31, 2027, before fees and expenses.innovatoretfs.com
  • The cap is set at the start of the two-year term, so the bargain (full downside covered, upside stopped at a defined level) is known going in rather than discovered later.innovatoretfs.com
  • It's a registered 1940 Act fund built from an options package on SPY, so the outcome doesn't ride on a single bank's balance sheet the way a structured note does.innovatoretfs.com

Worth knowing

MMAX No data

  • TAPR At 0.79% a year, it costs more than the 0.69% charged by the Calamos protection lineup (CPSM, CPSA, CPST) chasing the same S&P 500 exposure.
  • The stated outcomes apply to shares held from the start of the period through March 31, 2027. Buy or sell in between and you get whatever the options package is worth that day.innovatoretfs.com
  • Small and thinly traded next to its peers, so bid-ask spreads deserve a look. It also hasn't paid distributions, meaning any return shows up in the share price.

Full MMAX profile⁠

Full TAPR profile⁠

MMAX vs TAPR Holdings

How MMAX and TAPR differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of MMAX and 0.0% of TAPR.

Level by level

  • Holdings0 in both0.0%
  • Asset classEquity100%
  • Countryby domicile100%
  • Sector11 Sectors100%

Sector

Sector weights in MMAX and TAPR, widest gap first
SectorMore in MMAXMore in TAPR
IndustrialsSame weight
TechnologySame weight
FinancialsSame weight
CommunicationSame weight
Health CareSame weight
Consumer DiscretionarySame weight
Consumer StaplesSame weight
EnergySame weight
UtilitiesSame weight
Real EstateSame weight
MaterialsSame weight

Country, concentration and asset class

Country by domicile

Country weights in MMAX and TAPR, widest gap first
CountryMore in MMAXMore in TAPR
United StatesMMAX +0.1 points
SwitzerlandSame weight
ChinaSame weight
MexicoTAPR +0.1 points
IrelandSame weight
United KingdomSame weight

Concentration

Weight in the 10 largest Holdings

  • MMAX112.3%
  • TAPR120.6%

Securities held

  • MMAX2
  • TAPR3

Asset class

MMAX
Equity
TAPR
Equity

Holdings

  • Only in MMAX2
  • In both0
  • Only in TAPR3

Only in MMAX

2 securities, 100% of MMAX by weight

  • Ishares Core S&P Etf Trust109.74%
  • APR27 Ivv Us P @ 653.211.26%

Only in TAPR

3 securities, 100% of TAPR by weight

  • 4SPY Us 03/31/27 C10.07 Flx119.78%
  • 4SPY Us 03/31/27 P559.39 Flx0.61%
  • Us Bank Mmda - Usbgfs 9 09/01/20370.19%

Weight gaps

MMAX and TAPR share no securities.

All MMAX holdings⁠All 5 TAPR 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.

MMAX vs TAPR Cost

Overpaying TAPR vs MMAX

$4,638

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

  • MMAX 0.53%

    $10,536

  • TAPR 0.79%

    $15,174

$10,000
30 years

Cost over time

  • MMAX 0.53%
  • TAPR 0.79%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TAPR $15,174MMAX $10,536

Year by year

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

Expense ratio

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

MMAX 6th cheapest of 27 funds

TAPR 21st cheapest of 27 funds

MMAX vs TAPR Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
MMAX No data
TAPR None
Last payment
MMAX $0.35
TAPR No data
Ex-dividend
MMAX Dec 23, 2025
TAPR No data
Paid on
MMAX Dec 29, 2025
TAPR No data
Frequency
MMAX Irregular
TAPR No data

Distribution history

Per share, 2025 to 2026, same scale for both

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
TAPRAll TAPR payments⁠

No distribution history available.

MMAX vs TAPR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MMAX 1.0%since May 2025TAPR 2.3%since May 2025
Return per unit of riskSharpe ratio, 3 years
MMAX 3.21since May 2025TAPR 1.18since May 2025
Worst fallMax drawdown, 5 years
MMAX −1.9%since Apr 2025TAPR −2.6%since Apr 2025
Market sensitivityBeta, 5 years
MMAX 0.08TAPR 0.18

MMAX and TAPR in the news

All news⁠

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