At a glance
DMAX charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $138.6M in assets, the 8th largest of that group.
The short version
iShares Large Cap Max Buffer Dec ETF (DMAX) holds the iShares Core S&P 500 ETF (IVV) plus options. Over each 12-month period starting at the end of December, it aims to absorb roughly 100% of IVV's price losses, and in return it caps gains. Its 0.50% expense ratio is the lowest of the eight buffer funds compared here, which average 0.86%. The trade-offs are a modest cap and a short track record.
Price history
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DMAX — over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DMAX price data to Oct 27, 2026 | +2.6% | — | — | — | — | — |
- The deepest fall in its price history was 0.4% (Jun 15, 2026 to Jun 24, 2026), recovered by Jul 6, 2026.
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 104.21% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES TRUST CORE S&P500 ETF | 104.21% |
By country
United States 104.21%By asset type
Stocks 104.21%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $14K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.86%, +0.11%, +0.57%.
How it works
DMAX, from BlackRock's iShares, is a fund of funds. Instead of owning stocks, it holds the iShares Core S&P 500 ETF (IVV). IVV tracks the S&P 500 Index of large U.S. companies, weighted by the market value of their publicly traded shares. As of July 31, 2026, IVV made up about 104% of net assets, offset by options positions of about -5.1%.
On top of IVV, the fund uses FLEX Options, which are customizable options contracts traded on an exchange. It purchases put options, which gain value when IVV falls. It also writes call options, which pay the fund a premium but give away gains above a set price. Each outcome period lasts 12 months and starts at the end of December. Over that period, the goal is to absorb about 100% of declines in IVV's share price while capping gains. IVV's dividends are not part of that target. The cap resets each period based on volatility, interest rates and dividends. For January 1 to December 31, 2025, the cap was 108.40% of the starting level, or 107.90% after the 0.50% management fee.
These outcomes apply only to shares held from the close on the last trading day of one period to the close on the last trading day of the next. Investors who enter or exit mid-period may get little upside or little protection. The buffer is not guaranteed, and the prospectus warns that investors could lose their entire investment.
What it really costs
- DMAX charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- The fee includes a 0.03% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $652 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DMAX | $51 | $160 | $283 | $652 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It aims to absorb nearly all S&P 500 price losses over each outcome period, which runs roughly from January to December, and gives up gains above a cap in return.
DMAX could serve as a lower-risk way to hold S&P 500 stocks for someone who cannot afford a large loss in a year they need to sell shares. Its record is very thin. It launched December 31, 2024, so it missed the 2008, 2020 and 2022 downturns, and the price history here starts June 9, 2026. Its deepest drop in that window was 0.4%, from June 15 to June 24, 2026, and it recovered by July 6. Shares sold partway through an outcome period may not get the full buffer. It paid no income in the 12 months to October 27, 2026; any distributions are paid once a year. In the SEC's standard example on $10,000, costs come to $51 after one year and $652 after 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees who want S&P 500 price exposure through IVV, with the aim of absorbing about 100% of losses over each 12-month outcome period.
- Cost-conscious investors: its 0.50% expense ratio was the lowest among eight buffer ETFs compared, against a 0.86% peer average.
- Investors able to invest at the close on December's last trading day and hold the full 12 months, accepting capped gains.
Look elsewhere if
- Income seekers: the trailing 12-month yield was 0% as of October 27, 2026, and the targeted outcomes exclude IVV's dividends.
- Investors unwilling to cap gains: for the period ending December 31, 2025, the after-fee cap was 107.90% of the starting level.
- Investors who start or exit mid-period. They may get little protection or little upside, depending on how IVV has moved since December.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DMAX this fund | 0.5% | $138.6M | — | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does DMAX really protect against 100% of losses?
Not in every case. DMAX uses put options to absorb approximately 100% of declines in the share price of the iShares Core S&P 500 ETF (IVV) over each 12-month outcome period. That target applies only to shares held from the close on the last trading day of one period to the close on the last trading day of the next. The prospectus says the fund offers no principal protection and that investors could lose their entire investment.
What is the cap on DMAX?
For the outcome period from January 1 to December 31, 2025, DMAX's cap was 108.40% of the starting level before costs. After the fund's 0.50% management fee, it was 107.90%. The cap limits how much of IVV's price gain the fund passes on. It resets each period based on volatility, interest rates and dividends, and it can change a lot from one period to the next. iShares posts each period's cap, and how much of it remains, on the fund's page at iShares.com.
What happens if I invest in DMAX in the middle of the year?
Your results can differ sharply from the stated buffer and cap. Those outcomes are built for investors who hold from the end of one December to the end of the next. If IVV has risen since the period began, there may be little room left under the cap, and the fund could lose value before the buffer starts working. If IVV has fallen, the fund may gain little as IVV recovers. The prospectus warns that mid-period investors may get little or no gain and little or no protection.
Is DMAX good for retirement?
It may suit retirees who want S&P 500 price exposure with about 100% of IVV's price losses targeted for absorption over a full outcome period, and who accept capped gains. Its 0.50% expense ratio compares with a 0.86% average for similar buffer funds. In the SEC's standard example, $10,000 earning 5% a year would cost about $51 after one year and $652 over ten years. The drawbacks: it is not an income fund, since its trailing 12-month yield was 0% as of October 27, 2026, and results depend on when you invest.
DMAX vs PDEC: what's the difference?
Both are buffer ETFs with outcome periods tied to December, but their terms are set separately. DMAX aims to absorb about 100% of IVV's price losses and has a 0.50% expense ratio. The Innovator U.S. Equity Power Buffer ETF - December (PDEC) charges 0.79% and is much larger. Its net assets were about $984 million as of July 31, 2026, against $138.6 million for DMAX. PDEC returned 11.6% over the year to October 27, 2026. Check each fund's stated buffer and cap before comparing returns.