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MMAX

iShares Large Cap Max Buffer Mar ETF

NAV as of Apr 03, 2025 $24.86
1 Day NAV Change as of Apr 03, 2025 -0.17 (-%)

Fees as stated in the prospectus Expense Ratio: 0.53%
Net Expense Ratio: 0.50%

Overview

Why MMAX?

1. Outcome-oriented: Over the course of each 12-month hedge period, the Fund seeks to participate in the price movements of large cap U.S. equities (as represented by the underlying ETF) with up to 100% downside protection (minus fees) in exchange for capped upside.

2. Easy access: Convenient, liquid, and cost-effective access to an options-based risk management strategy.

3. Step up from cash: One ticker solution designed to help investors gain equity exposure, target higher returns and seek clearer investment outcomes.

INVESTMENT OBJECTIVE

The Fund seeks to track the share price return of the iShares Core S&P 500 ETF (the Underlying ETF) up to an approximate upside limit, while seeking to maximize the downside protection against price declines of the Underlying ETF over an approximate 12-month period beginning at the end of each March.

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Performance

Growth of Hypothetical $10,000

Performance chart data not available for display.

Distributions

This fund does not have any distributions.

Record Date	Ex-Date	Payable Date	Total Distribution	Income	ST Cap Gains	LT Cap Gains	Return of Capital
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Premium/Discount

Returns

Performance data is not currently available

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers.

INVESTMENT STRATEGIES

BUFFER COMPARISON CHART

Buffer ETFs target different levels of downside protection to help you balance risk and return potential.

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Key Facts

Net Assets of Fund

as of Apr 03, 2025

$17,900,128

Exchange

Cboe BZX

Benchmark Index

S&P 500 Index (USD)

Distribution Frequency

Annual

CUSIP

46438G455

30 Day Avg. Volume

Daily Volume

as of Apr 03, 2025

32,368.00

Fund Inception

Mar 31, 2025

Asset Class

Equity

Shares Outstanding

as of Apr 03, 2025

720,000

Premium/Discount

as of Apr 03, 2025

0.36

Closing Price

as of Apr 03, 2025

24.95

30 Day Median Bid/Ask Spread

Strategy Characteristics

The Fund employs an options strategy that seeks to track the price return of the iShares Core S&P 500 ETF (“the Underlying ETF” or the “Reference Asset”) while providing an approximate downside buffer (the “Buffer”) in exchange for an approximate cap (the “Cap”) on upside potential. The Buffer may help reduce volatility and mitigate the effects of a decline in the value of the Fund to a set range of potential losses for investors who hold Fund shares over the entire Hedge Period. The table below provides an indication of the Buffer and Cap levels as of the previous day’s market close.

Starting Payoff Values
Starting Cap	7.61%
Starting Buffer	99.50%
Starting Downside Before Buffer	-0.50%
Hedge Period Start Date	Apr 01, 2025
Hedge Period End Date	Mar 31, 2026

Current Payoff Values
Remaining Hedge Period as of Apr 03, 2025	362 Days
Remaining Cap as of Apr 03, 2025	8.21%
Return in Reference to Realize Remaining Cap as of Apr 03, 2025	12.48%
Remaining Buffer as of Apr 03, 2025	100.06%
Remaining Downside Before Buffer as of Apr 03, 2025	0.00%

Reference Asset Values
Reference Asset	IVV
Reference Asset Value as of Apr 03, 2025	$540.07
Cap Reference Asset Value as of Apr 03, 2025	$607.47
Buffer Start Reference Asset Value as of Apr 03, 2025	$561.90
Buffer End Reference Asset Value as of Apr 03, 2025	$0.00

The Fund’s position relative to the Cap and Buffer should be considered before investing in the Fund. Investors may experience different outcomes if Fund shares are not held for the entire Hedge Period.

What is the Hedge Period and how can it affect investor experience?

The Buffer and Cap apply to Fund shares held over the entire Hedge Period. An investor that purchases Fund shares after the beginning of a Hedge Period, or sells Fund shares before the end of a Hedge Period, may not fully realize the Buffer or Cap for the Hedge Period and may be exposed to greater risk of loss. For example, if an investor purchases Fund shares during a Hedge Period at a time when the Underlying ETF’s share price has decreased from its price at the beginning of the Hedge Period, the investor’s Buffer may be decreased. Conversely, if an investor purchases Fund shares during a Hedge Period at a time when the Underlying ETF’s share price has increased from its price at the beginning of the Hedge Period, the investor’s upside potential may be reduced and the investor may experience losses prior to reaching the downside protection offered by the Buffer. Investors who sell prior to the end of the Hedge Period may not fully realize the Buffer or Cap.

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Strategy Characteristics are meant to provide investors with additional metrics on the options strategy used by the Fund. They are provided for transparency and illustrative purposes only, are not representative of a specific investment outcome and may not represent current value. The Cap and Buffer may vary from what is shown in the table above. All payoff figures, including the Buffer and Cap, are in reference to holding the Fund shares through the end of the Hedge Period and are not guaranteed. All figures shown are net of fees (as applicable).

Strategy Characteristics

Portfolio Characteristics

Equity Beta (3y)

as of -

Standard Deviation (3y)

as of -

30 Day SEC Yield

as of -

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

as of current prospectus

Management Fee	0.50%
Acquired Fund Fees and Expenses	0.03%
Other Expenses	0.00%
Expense Ratio	0.53%

Fee Waivers	0.03%

Net Expense Ratio	0.50%

The amounts shown above are as of the current prospectus, but may not include extraordinary expenses incurred by the Fund over the past fiscal year. Amounts are rounded to the nearest basis point, which in some cases may be "0.00".

Ratings

Holdings

Ticker	Name	Type	Sector	Asset Class	Market Value	Weight (%)	Notional Value	Quantity	CUSIP	ISIN	SEDOL	Accrual Date	Strike price
IVV	ISHARES CORE S&P ETF TRUST	EQUITY	Financials	Equity	$19,651,527.09	94.10	19,651,527.09	36,387.00	464287200	US4642872000	2593025	-	-
IVV.FLEX	APR26 IVV US P @ 561.9	OPTION	Cash and/or Derivatives	Other Derivatives	$1,614,558.00	7.73	-9,941,043.42	374.00	-	-	-	-	561.90
XTSLA	BLK CSH FND TREASURY SL AGENCY	FUND	Cash and/or Derivatives	Money Market	$429,191.16	2.06	429,191.16	429,191.00	066922477	US0669224778	6922477	-	-
GSCFT	CASH COLLATERAL USD GSCFT	CASH	Cash and/or Derivatives	Cash Collateral and Margins	$28,000.00	0.13	28,000.00	28,000.00	-	-	-	Feb 01, 2009	-
HWAM5	MICRO EMINI S&P 500 JUN 25	FUTURE	Cash and/or Derivatives	Futures	$0.00	0.00	516,111.25	19.00	-	-	-	-	-
USD	USD CASH	CASH	Cash and/or Derivatives	Cash	$-221,256.02	-1.06	-221,256.02	-221,256.00	-	-	-	-	-
IVV.FLEX	APR26 IVV US C @ 607.47	OPTION	Cash and/or Derivatives	Other Derivatives	$-618,596.00	-2.96	-6,267,707.68	-374.00	-	-	-	-	607.47

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Detailed Holdings and Analytics

Holdings are subject to change.

The values shown for “market value,” “weight,” and “notional value” (the “calculated values”) are based off of a price provided by a third-party pricing vendor for the portfolio holding and do not reflect the impact of systematic fair valuation (“the vendor price”). The vendor price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). Holdings data shown reflects the investment book of record, which may differ from the accounting book of record used for the purposes of determining the Net Assets of the Fund. Additionally, where applicable, foreign currency exchange rates with respect to the portfolio holdings denominated in non-U.S. currencies for the valuation price will be generally determined as of the close of business on the New York Stock Exchange, whereas for the vendor price will be generally determined as of 4 p.m. London. The calculated values may have been different if the valuation price were to have been used to calculate such values. The vendor price is as of the most recent date for which a price is available and may not necessarily be as of the date shown above.

Please see the “Determination of Net Asset Value” section of each Fund’s prospectus for additional information on the Fund’s valuation policies and procedures.

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

Any links to third-party websites are provided for use at your own discretion. Each third party is solely responsible for the content presented and availability of its website. BlackRock does not control, monitor or maintain third-party websites, their content or the products/services they offer. Content may change without notice. When you leave BlackRock’s website and enter a third-party website, you will be subject to that site’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review those policies and notices on the third-party website.

Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

©2024 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, iBONDS, LIFEPATH, ALADDIN and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iCRMH1124U/S-3985892

Portfolio Managers

Orlando Montalvo

Matthew DeCicco

Literature

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iShares Large Cap Max Buffer Mar ETF

Overview

Why MMAX?

INVESTMENT OBJECTIVE

Performance