At a glance
MMAX charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $72.9M in assets, the 8th largest of that group.
The short version
iShares Large Cap Max Buffer Mar ETF (MMAX) holds shares of the iShares Core S&P 500 ETF (IVV). It adds options that aim to absorb about 100% of IVV's price losses over 12-month periods starting at the end of each March. In exchange, its gains are capped. Its 0.50% expense ratio is the lowest of the eight buffer funds compared. With $72.9 million in net assets as of July 31, 2026, it is also the smallest.
Price history
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MMAX — 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 | |
|---|---|---|---|---|---|---|
| MMAX price data to Oct 27, 2026 | +2.3% | — | — | — | — | — |
- The deepest fall in its price history was 0.3% (Jun 15, 2026 to Jun 23, 2026), recovered by Jul 1, 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 110.07% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES TRUST CORE S&P500 ETF | 110.07% |
By country
United States 110.07%By asset type
Stocks 110.07%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $5K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.63%, +0.13%, +0.50%.
How it works
MMAX is a fund of funds from BlackRock's iShares. It does not own stocks directly. Instead, it owns the iShares Core S&P 500 ETF (IVV), which tracks the S&P 500 Index of large US companies, weighted by the market value of their shares. As of July 31, 2026, IVV made up about 110% of net assets. Options positions netted about -11%, and cash was under 1%.
The fund buys customized put options on IVV and sells call options on it. It uses FLEX Options, which are exchange-traded options with tailored terms, guaranteed by the Options Clearing Corporation. The puts aim to protect against roughly 100% of IVV's price losses over each 12-month "outcome period." The calls it sells help pay for that protection but cap the gains. For the period from April 1, 2025, to March 31, 2026, the cap was 8.11% before fees and 7.61% after the 0.50% fee. A new cap is set each period based on volatility, interest rates and dividends.
These results apply only to shareholders who hold from the start of a period to its end. Someone who gets in or out partway through may get little upside or little protection. The target is IVV's share price return, so dividends don't count toward it. The buffer is not a guarantee. The prospectus warns that investors could lose their entire investment.
What it really costs
- MMAX 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 $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MMAX | $51 | $160 | $— | $— |
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 keeps S&P 500 exposure while aiming to absorb nearly all of IVV's price losses over each April-to-March period, at the cost of a low cap on gains.
MMAX launched March 31, 2025. It has no record through the 2008, 2020 or 2022 downturns and no full calendar year of results. Its price history starts June 9, 2026. Its deepest drop since then was 0.3%, from June 15 to June 23, 2026, and it recovered by July 1, 2026. For someone who may need to sell in a bad year, timing matters. The protection is tied to the March-end reset, and shares sold mid-period may not get the full buffer. Its trailing 12-month yield was 0% as of October 27, 2026, so it is not an income source. It costs 0.50% a year, or $51 on $10,000 over one year in the SEC's standard example. 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 through IVV while aiming to avoid nearly all price losses over each April-to-March outcome period.
- Cost-conscious buffer investors: the 0.50% expense ratio is below the 0.86% average of seven similar buffer funds.
- Holders who can keep shares from one March-end reset to the next, so the stated cap and buffer actually apply.
Look elsewhere if
- Investors seeking more growth: the cap was 7.61% after fees for April 2025 to March 2026, and IVV's dividends aren't part of the target.
- Those who need regular income: the trailing 12-month yield was 0% as of October 27, 2026.
- Investors wanting a long track record or a large fund: MMAX launched in March 2025 and had $72.9 million in net assets as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MMAX this fund | 0.5% | $72.9M | — | — |
| 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
What does MMAX invest in?
MMAX mainly owns shares of one fund, the iShares Core S&P 500 ETF (IVV), which tracks the S&P 500 Index. As of July 31, 2026, IVV was about 110% of net assets. Options positions netted about -11%, and cash was under 1%. The options are FLEX Options on IVV. The fund buys puts for downside protection and sells calls, which cap gains over each 12-month period starting at the end of March.
Is the MMAX buffer guaranteed?
No. The fund aims to protect against about 100% of IVV's price losses over each 12-month outcome period. But the prospectus says it offers no principal protection, and investors could lose their entire investment. The buffer applies only to shareholders who hold from the March-end start of a period to its end. Those who get in or out partway through may see little protection. Fees also reduce results.
What is the MMAX upside cap?
The cap changes every outcome period. For the period from April 1, 2025, to March 31, 2026, it was 8.11% before fees and 7.61% after the fund's 0.50% management fee. Each new cap depends on volatility, interest rates and dividends at the time it is set. It can move a lot from one period to the next. iShares posts the cap and the remaining room under it on the fund's page at iShares.com.
MMAX vs BUFR: what's the difference?
Both use options to limit losses in exchange for capped gains, but they are built differently. MMAX targets about 100% protection on IVV over one fixed April-to-March period. BUFR, from FT Vest, is a laddered fund. Laddered funds generally spread money across several buffer series with staggered start dates, so entry timing matters less. MMAX costs 0.50% a year versus 0.95% for BUFR. BUFR had $10.5 billion in net assets as of August 31, 2026. MMAX had $72.9 million as of July 31, 2026.
Does MMAX pay dividends?
Not so far. MMAX's trailing 12-month yield was 0% as of October 27, 2026, so it has not provided regular income. Its payout schedule is annual, so any distribution would come once a year. The fund targets IVV's share price return, so the dividends paid by S&P 500 companies are not part of the result it aims to deliver. Income-focused funds are worth comparing for steady cash flow.