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MMAX vs TJUL

iShares Large Cap Max Buffer Mar ETF

MMAXACboe

Innovator Equity Defined Protection ETF

TJULCCboe

Overlap

Expense ratio

MMAX −0.26pt a year

MMAX0.53%TJUL0.79%

Avg volume · 30D

TJUL 3.0×the volume

MMAX4.12KTJUL12.4K

MMAX vs TJUL Performance

Oct 31, 2025 – Oct 30, 2026

+6.5%MMAX+4.6%TJUL

Oct 31, 2025 to Oct 30, 2026. MMAX +6.5%. TJUL +4.6%. Use the arrow keys to read each point.0%2%Oct 2025Apr 2026Oct 2026
Expense ratio
MMAX 0.53%, better
TJUL 0.79%
Fund size
MMAX $74M
TJUL $114M
1Y total return
MMAX +6.5%, better
TJUL +4.6%
Holdings
MMAX 4
TJUL 3
Avg volume (30D)
MMAX 4.12K sh
TJUL 12.4K sh, better
NAV per share
MMAX $27.58
TJUL $30.79
52W range

ETF.net Grade

MMAX: Cost 83, Risk 81, Mission not scored, Tradability 64, Holdings 50, Durability 62. TJUL: Cost 21, Risk 52, Mission not scored, Tradability 68, Holdings not scored, Durability 91.
Pillar letters and Scores for MMAX, TJUL, with each pillar’s weight
PillarMMAXTJUL
Cost30% weightA83HigherF21
Mission25% weightNot scoredNot scored
Risk15% weightA81HigherC52
Tradability15% weightB64B68Higher
Holdings10% weightC50Not scored
Durability5% weightB62A91Higher

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 TJUL 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 TJUL 19th 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 17CZJULInnovator Equity Defined Protection ETF - 1 Yr JulyScore 46
  5. Rank 19CTJULInnovator Equity Defined Protection ETFScore 44
  6. Rank 19CZFEBInnovator Equity Defined Protection ETF - 1 Yr FebruaryScore 44

Our read on each fund

ETF.net Research

MMAXAiShares Large Cap Max Buffer Mar ETF

TJULCInnovator Equity Defined Protection ETF

In short

MMAX No data

TJUL TJUL is the S&P 500 with a full airbag: a 100% downside buffer across a two-year outcome period, paid for with a hard ceiling on the upside. Total protection, not the usual thin slice, is the entire pitch.

Stated mandate

MMAX No data

TJUL The Fund seeks to track the return of SPDR S&P 500 ETF Trust over the outcome period, subject to a maximum return cap and a 100% downside buffer before fees and expenses.

Why people hold it

MMAX No data

  • TJUL The buffer goes all the way: the fund aims to absorb 100% of a decline in its S&P 500 reference over the outcome period, before fees and expenses.
  • Upside stays equity shaped. It tracks the SPDR S&P 500 ETF Trust (SPY) over the period up to a cap, so gains follow stocks rather than a fixed rate.
  • Long runway, clear terms: outcome periods run two years, with a new cap set at each reset, so the trade-off is spelled out in the fund's documents before the clock starts.
  • A registered 1940 Act fund holding an options-based defined outcome strategy, so the protection arrives inside a standard ETF wrapper rather than a note or annuity.

Worth knowing

MMAX No data

  • TJUL Costs 0.79% a year, above the 0.69% charged by the Calamos protection series (CPSJ, CPSM), and the 100% buffer is measured before fees and expenses.
  • The cap is the price of the floor: strong S&P 500 stretches get trimmed at the ceiling, and buying mid-period leaves you with different terms than the stated cap and buffer.
  • Smaller and thinly traded next to plain index ETFs, so bid-ask spreads can widen in fast markets.

Full MMAX profile⁠

Full TJUL profile⁠

MMAX vs TJUL 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 TJUL Cost

Overpaying TJUL vs MMAX

$4,638

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

  • MMAX 0.53%

    $10,536

  • TJUL 0.79%

    $15,174

$10,000
30 years

Cost over time

  • MMAX 0.53%
  • TJUL 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$20K051015202530TJUL $15,174MMAX $10,536

Year by year

YearMMAXTJULOverpaying
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%TJUL
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

MMAX 6th cheapest of 27 funds

TJUL 21st cheapest of 27 funds

MMAX vs TJUL Dividends

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

No distribution history available.

MMAX vs TJUL 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 2025TJUL 3.1%
Return per unit of riskSharpe ratio, 3 years
MMAX 3.21since May 2025TJUL 1.17
Worst fallMax drawdown, 5 years
MMAX −1.9%since Apr 2025TJUL −4.6%since Jul 2023
Market sensitivityBeta, 5 years
MMAX 0.08TJUL 0.24

MMAX and TJUL in the news

All news⁠

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