SMAXiShares Large Cap Max Buffer Sep ETF
The iShares Large Cap Max Buffer Sep ETF (the Fund ) seeks to track the share price return of the iShares Core S&P 500 ETF (the Underlying Fund ) up to an approximate upside limit, while seeking to maximize the downside protection against price declines of the Underlying Fund over an approximate 12-month period beginning at the end of each September.
iShares · Since 2024 (1 year)
0.50%
#2384 out of 5,332 ETFs
$108M
#2660 out of 5,332 ETFs
0.78%
1 year
#3942 out of 5,332 ETFs
Performance
1 Year
+10.7%
3 Years
N/A
5 Years
N/A
What's inside
Top holdings
Risk profile
2.9%
Moderate
-3.9%
Worst peak-to-trough loss
N/A
N/A
Similar ETFs
Our take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Covered call ETF — yield ≠ total return
The high distribution yield is not free income — it comes from selling upside via call options. Research finds these strategies systematically underperform their underlying index over full cycles, typically by 100–300 basis points per year depending on the option-overlay design. The monthly distributions make the shortfall hard to see in return summaries.
Source: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)
Why we flagged this: strategy=option_income + option_income_strategy
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
Data updated on 2026-05-05