Which has more room to gain, DMAX or TEND?

From their prices on Oct 1, 2026, DMAX can gain about 1.8% before its cap and TEND about 5.5%, so TEND has more room left this period.

Which resets first, DMAX or TEND?

DMAX ends its outcome period on Dec 31, 2026 and TEND on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, DMAX or TEND?

DMAX charges 0.50% a year and TEND charges 0.50%, so DMAX is cheaper. Fees come from each fund's prospectus.

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DMAX vs TEND: which one stands where?

As of Oct 1, 2026 TEND can fall 9.7% before its buffer engages and DMAX 4.7%. iShares Large Cap Max Buffer Dec ETF and iShares Large Cap 10% Target Buffer Dec ETF.

4.7%

DMAX can fall this far before its buffer

9.7%

TEND can fall this far before its buffer

1.8%

DMAX can still gain

5.5%

TEND can still gain

DMAXAt its cap

DMAX: reference +11.8% since period start, fund ·; buffer −0 to floor; cap +6.3%; At its cap.

TENDBetween buffer and cap

TEND: reference +11.8% since period start, fund ·; buffer −0 to −10; cap +16.1%; Between buffer and cap.

These are two different products. DMAX is a floor fund, which caps how far a holder can fall. TEND is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

DMAX is already at its cap, so more rise in the index adds nothing to it before the period ends.

Both are iShares funds, so the difference between them is the terms rather than the house.

Where each one stands today

DMAX resets first, on Dec 31, 2026, 92 days from now; TEND runs to Dec 31, 2026, 92 days. DMAX can still gain 1.8% before its cap, TEND 5.5%. A fall from here reaches DMAX’s buffer after 4.7% and TEND’s after 9.7%. Both track IVV, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	DMAX	TEND	DMAX	TEND
3 months	+1.8%	+2.9%	−0.7 pts	+0.3 pts
6 months	+4.6%	+12.6%	−12.4 pts	−4.4 pts
1 year	+6.5%	not published	−9.2 pts	not published

DMAX and TEND over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

DMAX

iShares Large Cap Max Buffer Dec ETF · Absorbs losses from 0.5% to 100.0% on IVV and caps the gain at 6.3%, over a period ending Dec 31, 2026

TEND

iShares Large Cap 10% Target Buffer Dec ETF · Absorbs losses from 0.5% to 10.0% on IVV and caps the gain at 16.1%, over a period ending Dec 31, 2026

Issuer iShares iShares

Reference index IVV IVV

Buffer 0% to 100% 0% to 10%

Outcome period Jan 1, 2026 to Dec 31, 2026 Jan 1, 2026 to Dec 31, 2026

Days left 92 92

Starting cap +6.3% +16.1%

Can still gain 1.8% 5.5%

Fall before buffer 4.7% 9.7%

Protection left, index points 99.5% of 99.5% 9.5% of 9.5%

Index return this period +11.8% +11.8%

Fund return this period not published not published

State today At cap Open

Expense ratio 0.50% 0.50%

Net assets $137m $72m

DMAX and TEND on the same fields, as of Oct 1, 2026. Source: ETFIQ.

DMAX in plain words

IVV had already risen past this fund's cap of +6.3% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.8% as the period runs out. The fund's price can fall 4.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, IVV can fall 11.0% from today's level to the point where the buffer begins. Protection left, in index points: 99.5% of the 99.5% buffer still sits below today's IVV level. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

TEND in plain words

From its price on Oct 1, 2026, the fund can gain about 5.5% more before it reaches its cap. The fund's price can fall 9.7% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 9.5% of the 9.5% buffer still sits below today's IVV level.

Questions people ask

Which has more room to gain, DMAX or TEND?: From their prices on Oct 1, 2026, DMAX can gain about 1.8% before its cap and TEND about 5.5%, so TEND has more room left this period.
Which resets first, DMAX or TEND?: DMAX ends its outcome period on Dec 31, 2026 and TEND on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, DMAX or TEND?: DMAX charges 0.50% a year and TEND charges 0.50%, so DMAX is cheaper. Fees come from each fund's prospectus.

Other comparisons

iShares Core S&P 500 ETF →DMAX on its own →TEND on its own →How every figure is computed →Standards and sources →

Where these figures came from

DMAX and TEND filings on SEC EDGAR ↗iShares page for DMAX ↗iShares page for TEND ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, DMAX against TEND, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/dmax-vs-tend

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.