MMAX Fees and Costs — iShares Large Cap Max Buffer Mar ETF
Data updated: 2026-10-13
The net expense ratio is 0.50% (0.53% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $4K in broker commissions, 0.0075% of average net assets, and portfolio turnover was 0%.
MMAX Fees and Expenses
Annual operating expenses and sales charges of MMAX. Prospectus, as of July 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.53% |
| Fee waiver | −0.03% |
| Net expense ratio | 0.50% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
MMAX Costs Over Time
On $10,000 invested in MMAX, assuming 5% a year before costs, total costs come to $321 over 5 years, cutting the return by 0.53% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.50%) | $52 | $165 | $287 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $53 | $175 | $321 |
| Value after costs | $10,447 | $11,401 | $12,442 |
| Impact on return, per year | 0.53% | 0.53% | 0.53% |
MMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0075%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $9.3M
- Portfolio turnover (prospectus): 0%
MMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jane Street Execution Services, LLC | $3K | 75.77% |
| BOFA SECURITIES, INC. | $381 | 10.89% |
| UBS Securities LLC | $295 | 8.43% |
| SUSQUEHANNA FINANCIAL GROUP, LLLP | $74 | 2.11% |
| J.P. Morgan Securities LLC | $54 | 1.54% |
| CITIGROUP GLOBAL MARKETS INC. | $23 | 0.66% |
| MORGAN STANLEY & CO. LLC | $12 | 0.34% |
| GOLDMAN SACHS & CO. LLC | $6 | 0.17% |
| TD SECURITIES (USA) LLC | $3 | 0.09% |
MMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BLACKROCK FUNDS III - BlackRock Cash Funds: Treasury | $6.0M | 64.64% |
| BOFA SECURITIES, INC. | $2.9M | 30.96% |
| Goldman Sachs & Co. LLC | $411K | 4.40% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.