At a glance
MAXJ charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $158.9M in assets, the 8th largest of that group; it paid 0.95% of its price in distributions over the past 12 months, annual. Over the past year it returned +6.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
iShares Large Cap Max Buffer Jun ETF (MAXJ) holds the iShares Core S&P 500 ETF (IVV) plus options. Over each 12-month period starting at the end of June, it aims to absorb roughly 100% of IVV's price losses in exchange for a cap on gains. At 0.50% a year, it was the cheapest of eight buffer funds compared. Its 6.1% one-year return as of October 27, 2026, trailed all seven peers.
Price history
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MAXJ +6.1% 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 | |
|---|---|---|---|---|---|---|
| MAXJ price data to Oct 27, 2026 | +5.1% | +6.1% | — | — | — | +8.0% |
- Over the year to Oct 27, 2026, MAXJ returned +6.1%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+8.9%); its best was 2025 (+8.9%).
- The deepest fall in its price history was 6.3% (Feb 19, 2025 to Apr 4, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +5.1% |
| 2025 | +8.9% |
| 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
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.2800 |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 98.22% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES TRUST CORE S&P500 ETF | 98.22% |
By country
United States 98.22%By asset type
Stocks 98.22%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $9.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.70%, +0.39%, +0.33%.
How it works
MAXJ is a fund of funds, meaning it owns another fund instead of picking stocks itself. As of July 31, 2026, 98.2% of its $158.9 million in net assets sat in IVV, BlackRock's iShares Core S&P 500 ETF. IVV tracks the S&P 500, which covers large US companies weighted by the market value of their freely traded shares. MAXJ also held a few options positions and a tiny Micro E-mini S&P 500 futures position. Portfolio turnover was 1%.
The protection comes from options. The fund buys customized exchange-traded put options on IVV, called FLEX Options, which gain value when IVV falls. It pays for them by selling call options, and that sale gives up gains above a set level: the cap. The cap is reset each year at the end of June, and its level depends on volatility, interest rates and dividends. For the period from July 1, 2025, to June 30, 2026, the cap was 7.56% before fees and 7.06% after the 0.50% management fee.
Timing matters. The stated outcomes apply only to investors who buy at the close on the last trading day before a period starts and hold to its end. Investors who buy or sell mid-period may get little upside or little protection. iShares.com shows the remaining cap. The prospectus says the buffer is not a guarantee and that investors could lose their entire investment.
What it really costs
- MAXJ 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 |
|---|---|---|---|---|
| MAXJ | $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 trades most of the S&P 500's upside for options that aim to absorb nearly all of its yearly price losses, so it swings far less than the market.
MAXJ could add stock-market exposure with much smaller swings. As of October 27, 2026, its one-year volatility was 2.5% and its beta was 0.16, so it moved about a sixth as much as the market. It launched June 28, 2024, so it has not been through a downturn like 2008, 2020 or 2022. Its only full calendar year, 2025, returned 8.95%. Its deepest drop was 6.3%, from February 19 to April 4, 2025, and it recovered by May 16, 2025. That dip shows the buffer is measured at the end of each period. Someone who has to sell partway through a period can still lose money.
The trade-off is a low ceiling: a 7.06% cap after fees for the period that ended June 30, 2026. Income is small, a 0.95% trailing yield paid once a year. In the SEC's standard example, the 0.50% fee costs $652 over 10 years on $10,000. 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
- Investors who want S&P 500 exposure but care more about avoiding yearly losses than capturing big gains, accepting a cap near 7%.
- Holders who can buy at the end of June and hold a full 12-month period, when the buffer and cap fully apply.
- Cost-conscious buffer-fund buyers: its 0.50% fee was the lowest of eight similar funds, against a 0.86% peer average.
Look elsewhere if
- Growth-focused investors: its 6.1% one-year return as of October 27, 2026, ranked last of eight buffer funds compared.
- Investors who need regular income: it paid once a year, with a 0.95% trailing yield.
- Anyone who may buy or sell mid-period, or who wants a long record: it launched in June 2024 and hasn't faced a major bear market.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MAXJ this fund | 0.5% | $158.9M | +6.1% | — |
| 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
Is MAXJ good for retirement?
It may suit retirees who care more about limiting losses than about growth. As of October 27, 2026, its one-year volatility was 2.5% and its deepest drop since its June 2024 launch was 6.3%. The cost is capped upside: 7.06% after fees for the period ending June 30, 2026. It pays little income and has never been through a bear market like 2022, so it is worth weighing within the whole portfolio.
How does the MAXJ buffer work?
MAXJ holds the iShares Core S&P 500 ETF (IVV), buys put options that rise in value when IVV falls, and sells call options to pay for them. Together these aim to absorb about 100% of IVV's price losses over each 12-month period starting at the end of June, while capping gains. The protection applies only for a full period. Investors who buy or sell mid-period may get little protection.
What is the MAXJ cap?
The cap changes every year. For the outcome period from July 1, 2025, to June 30, 2026, it was 7.56% of IVV's price gain before fees and 7.06% after the 0.50% management fee. A new period began at the end of June 2026, and iShares.com lists its remaining cap. The prospectus says caps depend on volatility, interest rates and dividends, and can move significantly from one period to the next.
Does MAXJ pay dividends?
Yes, but only once a year and not much. Over the 12 months to October 27, 2026, it paid $0.28 per share, a trailing yield of 0.95%. Its buffer and cap are based on IVV's share price return, not dividends. MAXJ is built mainly to limit losses, and investors who want steady monthly or quarterly income may find it a poor fit.
MAXJ vs BUFD: what's the difference?
Both are buffer ETFs, but they differ in cost, size and design. As of October 27, 2026, MAXJ charges 0.50% a year against BUFD's 0.95%. BUFD, the FT Vest Laddered Deep Buffer ETF, is a laddered fund with about $2.0 billion in assets, compared with MAXJ's $158.9 million. BUFD returned 9.5% over one year, versus 6.1% for MAXJ. MAXJ uses one outcome period that starts each June.