At a glance
SMAX charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $88.6M in assets, the 8th largest of that group; it paid 0.91% of its price in distributions over the past 12 months, annual. Over the past year it returned +7.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
iShares Large Cap Max Buffer Sep ETF (SMAX) holds the iShares Core S&P 500 ETF (IVV). It uses options to try to absorb roughly 100% of IVV's price losses over each 12-month period starting at the end of September. In exchange, gains are capped. Its 0.50% expense ratio is the lowest among eight comparable buffer funds, which average 0.86%. The trade-off is a low cap: 7.30% after fees for the period ending September 30, 2026.
Price history
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SMAX +7.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SMAX price data to Oct 27, 2026 | +6.3% | +7.1% | — | — | — | +7.5% |
- Over the year to Oct 27, 2026, SMAX returned +7.1%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+8.0%); its best was 2025 (+8.0%).
- The deepest fall in its price history was 3.9% (Feb 20, 2025 to Apr 8, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.3% |
| 2025 | +8.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.2600 |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 103.82% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES TRUST CORE S&P500 ETF | 103.82% |
By country
United States 103.82%By asset type
Stocks 103.82%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $11.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.12%, +0.28%, +0.61%.
How it works
SMAX does not pick stocks. BlackRock's iShares built it as a fund of funds: its main holding is the iShares Core S&P 500 ETF (IVV), which tracks the S&P 500 Index of large US companies, weighted by the market value of shares available to trade. As of July 31, 2026, IVV made up about 104% of net assets, with option and futures positions offsetting part of that.
The fund adds FLEX options, customizable exchange-traded options on IVV. It buys put options, which gain value when IVV falls, aiming to offset roughly 100% of IVV's losses over a 12-month outcome period. It helps pay for that protection by selling call options, which give up IVV's gains above a cap. Each period starts at the end of September. For the period from October 1, 2025, to September 30, 2026, the prospectus set the approximate cap at 7.80% before fees, or 7.30% after the 0.50% management fee. The cap is reset each period and can change sharply.
These outcomes apply only to shares bought at the close just before a period starts and held to its final close. Buying or selling mid-period can mean little gain, little protection or both. The buffer is not a guarantee; investors could lose their entire investment.
What it really costs
- SMAX charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- The fee includes a 0.03% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $652 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SMAX | $51 | $160 | $283 | $652 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It aims to absorb nearly all S&P 500 price losses over each 12-month period, but it gives up most of the upside to do so.
SMAX could serve as a low-volatility stock holding for retirees who want S&P 500 exposure with most price losses absorbed. Its record is short. It launched on September 30, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 8%. Its deepest drop was 3.9%, from February 20 to April 8, 2025. It recovered by May 16, 2025, about 1.2 months later.
For someone who may need cash in a bad year, timing matters. The buffer fully applies only to shares held through a whole October-to-September period. Shares sold partway through may get less protection. As an income source, the fund adds little: its yield was 0.91% as of October 27, 2026, paid once a year. On the SEC's standard $10,000 example, costs come to $51 after one year and $652 after ten. A low cap may also trail inflation over long stretches. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with protection against roughly all of IVV's price losses each October-to-September period, and who accept a low cap.
- Buyers focused on cost: the 0.50% expense ratio was the lowest in an eight-fund buffer peer group that averages 0.86%.
- Holders who can buy near the start of an outcome period on October 1 and hold the full 12 months to get the intended results.
Look elsewhere if
- Growth seekers: the after-fee cap was 7.30% for the period ending September 30, 2026, and the 1-year return ranked last of eight peers.
- Income seekers: the trailing yield was 0.91% as of October 27, 2026, and the fund pays only once a year.
- Investors who want a long record or a large fund: SMAX launched in September 2024 and held $88.6 million as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SMAX this fund | 0.5% | $88.6M | +7.1% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does SMAX protect against all stock market losses?
Not with a guarantee. SMAX aims to absorb about 100% of the iShares Core S&P 500 ETF's share price losses over each 12-month outcome period, using put and call options. The prospectus says it offers no principal protection and that investors could lose their entire investment. The protection works as designed only for shares bought at the start of a period, on October 1, and held to September 30. Fees, and buying or selling partway through, can lead to losses.
What is the SMAX upside cap?
For the outcome period from October 1, 2025, to September 30, 2026, the cap was 7.80% before fees and 7.30% after the fund's 0.50% management fee. The cap is reset at the start of each period, based on market volatility, interest rates and dividends, and it can change a lot from one year to the next. The cap measures IVV's share price return, which leaves out dividends. iShares.com posts the remaining cap for anyone buying partway through a period.
What happens if I buy SMAX in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer. The prospectus warns that investors who buy after a period starts, or sell before it ends, may get little gain from the S&P 500 and little protection against losses. For example, if the fund has already risen close to its cap, a mid-period buyer has little upside left but can still lose value. iShares.com shows the remaining cap so you can see where a period stands.
What's the difference between SMAX and BUFR?
Both are buffer ETFs, but SMAX costs much less. SMAX's expense ratio is 0.50%, compared with 0.95% for the FT Vest Laddered Buffer ETF (BUFR). BUFR is far larger, with about $10.5 billion as of August 31, 2026, versus $88.6 million for SMAX as of July 31, 2026. As its name suggests, BUFR spreads money across buffer funds with different start dates, so timing matters less. Over the year to October 27, 2026, BUFR returned 11.6%, compared with 7.1% for SMAX.
Does SMAX pay dividends?
Yes, but only a little, and only once a year. Over the 12 months to October 27, 2026, SMAX paid about $0.26 per share, a yield of 0.91%. That income comes from the dividends on its main holding, the iShares Core S&P 500 ETF. The fund is designed to limit losses, not to produce income, so investors who want regular cash payouts may want to compare it with funds built for income.