Equity

MAXJ

iShares Large Cap Max Buffer Jun ETF

  • NAV as of Nov 18, 2024 $26.16
  • 1 Day NAV Change as of Nov 18, 2024 0.03 (0.13%)
  • Fees as stated in the prospectus Expense Ratio: 0.53%
    Net Expense Ratio: 0.50%

Overview

Why MAXJ?

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 1-year period beginning at the end of each June.

The current hedge period is July 1, 2024 - June 30, 2025.
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Performance

Performance

Growth of Hypothetical $10,000

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The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

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

Premium/Discount

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  1y 3y 5y 10y Incept.
Total Return (%) - - - - -
Market Price (%) - - - - -
Benchmark (%) - - - - -
After Tax Pre-Liq. (%) - - - - -
After Tax Post-Liq. (%) - - - - -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) - 1.14 3.79 - - - - - 3.79
Market Price (%) - 0.93 3.96 - - - - - 3.96
Benchmark (%) - 2.14 5.89 - - - - - 5.89
After Tax Pre-Liq. (%) - 1.14 3.79 - - - - - 3.79
After Tax Post-Liq. (%) - 0.67 2.24 - - - - - 2.24
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.

Key Facts

Key Facts

Net Assets of Fund
as of Nov 18, 2024
$149,640,509
Exchange
Cboe BZX formerly known as BATS
Benchmark Index
S&P 500 Index
Shares Outstanding
as of Nov 18, 2024
5,720,000
Premium/Discount
as of Nov 18, 2024
-0.12%
Closing Price
as of Nov 18, 2024
26.13
30 Day Median Bid/Ask Spread
as of Nov 15, 2024
0.19%
Fund Launch Date
Jun 28, 2024
Asset Class
Equity
Bloomberg Index Ticker
SPTR
Distribution Frequency
Annual
CUSIP
46438G612
30 Day Avg. Volume
as of Nov 15, 2024
74,147.00
Daily Volume
as of Nov 18, 2024
129,871.00

Strategy Characteristics

Strategy Characteristics

The Fund employs an option strategy that seeks to track the returns of the Underlying ETF while providing an approximate downside buffer (the “Buffer”) in exchange for an approximate cap (the “Cap”) on upside potential. This Buffer may help reduce volatility and mitigate the effects of a decline in value of the fund to a set range of potential losses. The table below provides an indication of the Buffer and Cap levels as of previous day’s market close.
Starting Payoff Values
Starting Cap
10.64%
Starting Buffer
99.50%
Starting Downside Before Buffer
-0.50%
Current Payoff Values
Remaining Cap
as of Nov 15, 2024 		6.08%
Return in Reference Asset to Realize Cap
as of Nov 15, 2024 		3.32%
Remaining Buffer
as of Nov 15, 2024 		95.42%
Remaining Downside Before Buffer
as of Nov 15, 2024 		-4.58%
Reference Asset Values
Reference Asset Value
as of Nov 15, 2024 		$588.66
Cap Reference Asset Value
as of Nov 15, 2024 		$608.19
Buffer Start Reference Asset Value
as of Nov 15, 2024 		$547.23
Buffer End Reference Asset Value
as of Nov 15, 2024 		$0.00

The Fund’s position relative to the Cap and Buffer should be considered before investing in the Fund. Investor experiences may differ.


What is the hedge period and how can it affect investor experience?

The Buffer and Cap apply to Fund shares held over the 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.

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Strategy Characteristics are meant to provide investors with additional metrics on the options strategy within 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 the option maturity date and are not guaranteed. All figures shown are net of fees.

Strategy Characteristics

Portfolio Characteristics

Portfolio Characteristics

Equity Beta (3y)
as of -
-
12m Trailing Yield
as of -
-
P/E Ratio
as of Nov 15, 2024
29.30
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2024
0.90%
30 Day SEC Yield
as of Oct 31, 2024
0.90%
Standard Deviation (3y)
as of -
-
P/B Ratio
as of Nov 15, 2024
5.13
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons
as of Nov 15, 2024
0.67%
MSCI - Nuclear Weapons
as of Nov 15, 2024
0.43%
MSCI - Civilian Firearms
as of Nov 15, 2024
0.00%
MSCI - Tobacco
as of Nov 15, 2024
0.58%
MSCI - UN Global Compact Violators
as of Nov 15, 2024
0.00%
MSCI - Thermal Coal
as of Nov 15, 2024
0.00%
MSCI - Oil Sands
as of Nov 15, 2024
0.00%
Business Involvement Coverage
as of Nov 15, 2024
98.76%
Percentage of Fund not covered
as of Nov 15, 2024
1.24%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 1.85%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

Fees

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

Holdings

Ticker Name Type Sector Asset Class Market Value Weight (%) Notional Value Shares Par Value CUSIP ISIN SEDOL Price Location Exchange Currency Duration FX Rate Maturity Coupon (%) Accrual Date Effective Date Strike price
Detailed Holdings and Analytics
Holdings are subject to change.

For options contracts held within the fund, the maturity date represents the expiration date of the contract.



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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BUFFER COMPARISON CHART

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Portfolio Managers

Portfolio Managers

Jennifer Hsui
Jennifer Hsui
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Jennifer Hsui, CFA, Managing Director, is Global Head of Index Equity Investments within BlackRock Global Markets & Index Investments ("BGM"). She leads the team responsible for delivering investment quality across roughly $5 trillion of BlackRock’s equity index funds and ETFs.

 

Ms. Hsui's service with the firm dates back to 2006, including her years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to her current role, Ms. Hsui was CIO and co-Head of Index Equity, with responsibility for setting direction, establishing policy, and guiding investment decisions across Index Equity products. Prior to joining BGI, she worked as an equity research analyst covering the medical devices industry at RBC Capital Markets.

 

Ms. Hsui earned a BS degree in economics and biology from the University of California, Berkeley.

Greg Savage
Greg Savage
Head of Americas Index Asset Allocation
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Greg Savage, CFA, Managing Director, is the Head of the Americas Index Asset Allocation team within BlackRock's ETF and Index Investment Group. He is responsible for overseeing the management of the LifePath Target Date Funds as well as a wide range of fund of funds for both Institutional and Defined Contribution clients. Previously, Greg was the Head of iShares Equity Portfolio Management team within BlackRock's Index Equity team where he was responsible for overseeing the management of the Americas listed iShares equity funds.

 

Mr. Savage's service with the firm dates back to 1999, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI he was a senior portfolio manager and team leader in the iShares Index Equity Portfolio Management Group and was previously a transition manager in the Transition Management Group. Prior to BGI, Mr. Savage worked at Pacific Investment Management Company (PIMCO) from 1997 to 1999 in various roles.

 

Mr. Savage earned a BS degree in Accounting from the University of Colorado at Boulder in 1994.

 

 

Paul Whitehead
Paul Whitehead
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Paul Whitehead, Managing Director, is the Deputy Head of Index Equity Investments with responsibility for Global Index Asset Allocation, Transition Management (TRIM), and Americas Portfolio Management within BlackRock’s Global Markets & Index Investments (“BGM”).

 

Mr. Whitehead's service with the firm dates back to 1996, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to assuming his current role , Mr. Whitehead was Global Head of Equity Trading, Global Head of Transition Management and Head of Americas Equity Trading. Previously, he managed the trading team responsible for all Institutional Index funds, Exchange Traded funds, and Transition Management mandates.

 

Mr. Whitehead earned a BS degree in economics at the University of Colorado in 1993.

Literature

Literature

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