Overview
The S&P 500 with a ~100% downside hedge — BlackRock's max-buffer structure aims to floor essentially all losses over each June-to-June year, in exchange for a hard upside cap.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| IVV | iShares Core S&P 500 ETF | 99.7% |
| OPT | FLEX put @ ~100% floor | 3.4% |
| CASH | Cash & collateral | 0.7% |
| FUT | Micro E-mini S&P future | 0.0% |
| OPT | FLEX written call (cap) | -3.8% |
Fund Details
Investment Thesis
The closest thing to equity with training wheels: a full floor against annual losses, priced by selling the upside beyond a stated cap. +6.4% in its first full stretch is the structure working — most of a conservative allocation's return with effectively none of the drawdown risk inside the outcome period. For cash sitting on the sidelines out of fear, the max buffer is the bridge back into the market that bonds no longer need to be.
Who It's For
Deeply loss-averse investors and cash-heavy savers who will only hold equities with a floor under them — capped upside accepted as the explicit price.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | -- | -- |
| 2021 | -- | -- |
| 2022 | -- | -- |
| 2023 | -- | -- |
| 2024 | $26.14 | -- |
| 2025 | $28.19 | +7.9% |
| Year | Yield |
|---|---|
| 2016 | -- |
| 2017 | -- |
| 2018 | -- |
| 2019 | -- |
| 2020 | -- |
| 2021 | -- |
| 2022 | -- |
| 2023 | -- |
| 2024 | 1.02% |
| 2025 | 1.02% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | -- | -- |
| 2021 | -- | -- |
| 2022 | -- | -- |
| 2023 | -- | -- |
| 2024 | $0.2B | -- |
| 2025 | $0.2B | +0.0% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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