Category Review
Full protection funds returned 5.9% as a 17% S&P 500 year tested the cap, not the floor
iShares Large Cap Max Buffer Mar ETF
$27.52−0.02 (−0.09%)
- 0.53%
- $74M
- +6.9%
- 0M sh
- $27.56
- low $26.09high $27.55
The ETF.net MMAX Grade
A
Score 73 out of 100
- 3 of 39
Score 73 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A83 out of 100Rank 7 of 39Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A80 out of 100Rank 1 of 38Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C50 out of 100Rank 16 of 39Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C50 out of 100Rank 9 of 12Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B62 out of 100Rank 15 of 39
MMAX Holdings
- Stocks
- 5
- 115%
- IVV
Sectors
- Technology40.1%
- Financials11.3%
- Communication9.9%
- Health Care9.4%
- Consumer Discretionary8.7%
- Industrials7.6%
- Consumer Staples4.4%
- Energy3.4%
- Utilities1.9%
- Real Estate1.7%
- Materials1.6%
Geography
- United States100.00%
MMAX Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
MMAX$10,690
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | MMAX |
|---|---|
| Year to date | +5.0% |
| 1 month | +0.5% |
| 3 months | +1.5% |
| 1 year | +6.9% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | MMAX |
|---|---|---|
| 2026 YTD | +5.0% | |
| 2025 | +5.9% |
MMAX in the news
MMAX Dividends
- $0.35 per share
- Irregular
Distribution data unavailable.
Distribution history
MMAX Risk
- 1.1%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 3.32
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −1.9%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.08
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
MMAX Cost
0.53%
MMAX0.53%
- The middle half of S&P 500 Full Protection funds
- Median 0.69%
5 of the 27 S&P 500 Full Protection funds charge less.
Other funds in S&P 500 Full Protection
- ACPSLCalamos ETF Trust - Laddered S&P 500 Structured Alt Protection ETFExpense ratio 0.10%1 year return +6.0%
- AMAXJiShares Trust - iShares Large Cap Max Buffer Jun ETFExpense ratio 0.53%1 year return +7.0%
- BCPNQCalamos ETF Trust - Calamos Nasdaq-100 Structured Alt Protection ETF - DecemberExpense ratio 0.69%1 year return +7.1%
- BCPSOCalamos S&P 500 Structured Alt Protection ETF – OctoberExpense ratio 0.69%1 year return +6.5%
- BCPSPCalamos S&P 500 Structured Alt Protection ETF – AprilExpense ratio 0.69%1 year return +6.3%