# iShares Large Cap Max Buffer Sep ETF (SMAX): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/smax for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: IShares · Asset class: Equity - Strategy: Buffered · Inception: 2024-09-30 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 p... ## Key Facts | Metric | Value | |---|---| | Price | $28.59 | | Expense Ratio | 0.53% | | Assets Under Management | $119.0M | | NAV | $28.60 | | Holdings Count | 6 | | Distribution Yield (TTM) | 0.92% | | Annual Distribution (TTM) | $0.26 /share | | Distribution Frequency | Annual | | 52-Week Range | $26.58 – $28.73 | | Beta | 0.23 | ## Latest Distribution - Amount: $0.2630 /share - Ex-date: 2025-12-23 - Pay date: 2025-12-29 ## Frequently Asked Questions ### 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. ### Does SMAX pay a dividend? iShares Large Cap Max Buffer Sep ETF (SMAX) currently distributes little or no income. Trailing-twelve-month yield is 0.92%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does SMAX pay dividends? iShares Large Cap Max Buffer Sep ETF pays dividends Annual. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is SMAX's dividend yield? SMAX's trailing-twelve-month yield is 0.92%, calculated from the sum of dividends over the past year divided by the current price. ### When is SMAX's next ex-dividend date? The most recently announced ex-dividend date for SMAX was 2025-12-23. The next ex-date typically follows Annual; once announced it appears at the top of the dividend history table on this page. ### How much will SMAX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.53% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does SMAX charge its expense ratio? The expense ratio is deducted in tiny daily slices from SMAX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does SMAX cost more than a fund like VOO? SMAX's strategy (current expense ratio 0.53%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where SMAX sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to SMAX? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as SMAX (0.53%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/smax - Distribution history: https://www.dividenddata.com/funds/smax/dividend - Holdings & diversification: https://www.dividenddata.com/funds/smax/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/smax/expenses - Peer comparison: https://www.dividenddata.com/funds/smax/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.