iShares Large Cap Max Buffer Dec ETF (DMAX)

The iShares Large Cap Max Buffer Dec ETF (DMAX) is a defined-outcome fund from BlackRock's iShares family. It seeks to track the share price of the iShares Core S&P 500 ETF up to a cap, while aiming to protect against essentially all of that fund's losses over a one-year outcome period that begins each December.

To build this profile, the fund holds shares of the underlying S&P 500 ETF together with a combination of exchange-traded options. The options are structured to offset declines in the underlying ETF across the outcome period, while selling away gains above a predetermined cap. The cap is reset at the start of every new period based on market conditions.

The intended downside protection and upside cap apply to shareholders who own the fund for the full outcome period, and results for investors who buy or sell mid-period can differ.