Which has more room to gain, MMAX or TENM?

From their prices on Oct 1, 2026, MMAX can gain about 2.9% before its cap and TENM about 6.0%, so TENM has more room left this period.

Which resets first, MMAX or TENM?

MMAX ends its outcome period on Mar 31, 2027 and TENM on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, MMAX or TENM?

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

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MMAX vs TENM: which one stands where?

As of Oct 1, 2026 TENM can fall 10.9% before its buffer engages and MMAX 3.9%. iShares Large Cap Max Buffer Mar ETF and iShares Large Cap 10% Target Buffer Mar ETF.

3.9%

MMAX can fall this far before its buffer

10.9%

TENM can fall this far before its buffer

2.9%

MMAX can still gain

6.0%

TENM can still gain

MMAXAt its cap

MMAX: reference +17.2% since period start, fund ·; buffer −0 to floor; cap +6.5%; At its cap.

TENMBetween buffer and cap

TENM: reference +17.2% since period start, fund ·; buffer −0 to −10; cap +18.4%; Between buffer and cap.

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

MMAX 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

MMAX resets first, on Mar 31, 2027, 182 days from now; TENM runs to Mar 31, 2027, 182 days. MMAX can still gain 2.9% before its cap, TENM 6.0%. A fall from here reaches MMAX’s buffer after 3.9% and TENM’s after 10.9%. 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	MMAX	TENM	MMAX	TENM
3 months	+1.5%	+2.8%	−1.0 pts	+0.3 pts
6 months	+3.5%	+10.9%	−13.5 pts	−6.1 pts
1 year	+6.6%	not published	−9.2 pts	not published

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

On the same fields

MMAX

iShares Large Cap Max Buffer Mar ETF · Absorbs losses from 0.5% to 100.0% on IVV and caps the gain at 6.5%, over a period ending Mar 31, 2027

TENM

iShares Large Cap 10% Target Buffer Mar ETF · Absorbs losses from 0.5% to 10.0% on IVV and caps the gain at 18.4%, over a period ending Mar 31, 2027

Issuer iShares iShares

Reference index IVV IVV

Buffer 0% to 100% 0% to 10%

Outcome period Apr 1, 2026 to Mar 31, 2027 Apr 1, 2026 to Mar 31, 2027

Days left 182 182

Starting cap +6.5% +18.4%

Can still gain 2.9% 6.0%

Fall before buffer 3.9% 10.9%

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

Index return this period +17.2% +17.2%

Fund return this period not published not published

State today At cap Open

Expense ratio 0.50% 0.50%

Net assets $74m $47m

MMAX and TENM on the same fields, as of Oct 1, 2026. Source: ETFIQ.

MMAX in plain words

IVV had already risen past this fund's cap of +6.5% 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 2.9% as the period runs out. The fund's price can fall 3.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, IVV can fall 15.1% 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. 182 days remained on Oct 1, 2026. On Mar 31, 2027 the period ends and a new cap is set.

TENM in plain words

From its price on Oct 1, 2026, the fund can gain about 6.0% more before it reaches its cap. The fund's price can fall 10.9% 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, MMAX or TENM?: From their prices on Oct 1, 2026, MMAX can gain about 2.9% before its cap and TENM about 6.0%, so TENM has more room left this period.
Which resets first, MMAX or TENM?: MMAX ends its outcome period on Mar 31, 2027 and TENM on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, MMAX or TENM?: MMAX charges 0.50% a year and TENM charges 0.50%, so MMAX is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

Where these figures came from

MMAX and TENM filings on SEC EDGAR ↗iShares page for MMAX ↗iShares page for TENM ↗

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, MMAX against TENM, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/mmax-vs-tenm

Open data

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