iShares Large Cap Max Buffer Sep ETF

Frequently Asked Questions About SMAX

What does SMAX invest in?

SMAX utilizes a defined outcome strategy on the iShares Core S&P 500 ETF (IVV). It aims to provide long exposure to US large-cap stocks, up to an approximate upside limit, while fully hedging downside risk over a one-year period. The fund primarily invests in IVV and options, including FLEX and listed options that reference the underlying ETF. Though the fund typically seeks to hedge against approximately 100% of IVVs losses, this may be reduced to establish a minimum cap of 2%. The upside cap and downside buffer reset every year, at the end of each September. The specific defined outcome pursued may only be possible if an investor were to hold the shares for the entire outcome period. However, there is no guarantee the defined outcome of the strategy pursued will be realized by investors. The issuer publishes effective interim levels daily on its website. The targeted buffers and caps do not include the fund's expense ratio. At the time of launch, the issuer waived a portion of the fee.

What is the expense ratio of SMAX?

iShares Large Cap Max Buffer Sep ETF (SMAX) charges an expense ratio of 0.53%. This is the annual fee deducted from fund assets to cover management and operations.

How big is SMAX?

iShares Large Cap Max Buffer Sep ETF (SMAX) manages $119.0M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.

Is SMAX actively managed or an index fund?

SMAX's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.

When was SMAX launched?

iShares Large Cap Max Buffer Sep ETF (SMAX) launched in September 2024 and is managed by IShares.

How has SMAX performed?

SMAX's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.