iShares Large Cap Max Buffer Jun ETF (NASDAQ/Cboe BZX: MAXJ) is an actively managed exchange-traded fund of iShares Trust that seeks to provide defined-outcome exposure to U.S. large-cap equities. The fund tracks the share-price return of the iShares Core S&P 500 ETF, which provides exposure to companies represented in the S&P 500 Index, up to a predetermined approximate upside cap, while seeking to protect against approximately 100% of underlying-fund price declines, before fees and expenses, over each approximately 12-month hedge period beginning at the end of June. MAXJ implements its strategy through investments in the underlying ETF and exchange-traded and FLEX options, including call and put options, designed to establish the annual upside cap and downside buffer; the stated outcomes apply only to shares purchased at the beginning and held through the end of the applicable outcome period, and investors may experience different results when buying or selling during the period. The fund primarily serves investors, financial advisers and institutions seeking capped-return U.S. equity participation with defined downside-risk mitigation. It distributes income annually, trades in U.S. dollars on Cboe BZX, and carries a 0.50% net expense ratio. Launched on June 28, 2024, MAXJ is sponsored by iShares Trust, an investment-company platform affiliated with BlackRock Inc.; BlackRock Fund Advisors serves as investment adviser. The fund’s latest material operating update is the reset of its defined-outcome strategy for the July 1, 2026 through June 30, 2027 hedge period, establishing a gross approximate cap range of 7.55% to 8.59%, or 7.05% to 8.09% net of the management fee, while continuing to seek approximately full downside protection over the period. As of September 8, 2026, MAXJ reported net assets of approximately $164.9 million.