iShares Large Cap Max Buffer Mar ETF (MMAX)

The iShares Large Cap Max Buffer Mar ETF is a defined-outcome fund from BlackRock's iShares business. It seeks to track the share price return of an S&P 500 index ETF up to a cap, while aiming to protect against nearly all losses over a one-year outcome period that begins in March.

The fund holds shares of an S&P 500 ETF together with a set of options designed to create the maximum buffer payoff. In exchange for this high level of downside protection, the upside cap is typically modest, and it is reset at the start of each new outcome period. The protection applies fully only to investors who hold for the entire period.