SMAXiShares Large Cap Max Buffer Sep ETF
Tracks the iShares Core S&P 500 ETF up to an approximate cap, with downside protection over an approximate 12-month outcome period beginning each September.
By iShares · Launched 2024
0.50%
#2,576 of 5,562 · average
$93M
#3,017 of 5,562 · mid-size
+9.1%
1 year
#3,856 of 5,562 · young
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
Classification
How Beacon categorizes this fundWhat it actually holds
By weightConcentration
Top 6 holdings = 99.9% of fundconcentrated
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Needs 3+ years of history
Needs 3+ years of history
Where to buy
Listing
- Exchange
- Cboe BZX
Full fund details
- Objective
- Tracks the iShares Core S&P 500 ETF up to an approximate cap, with downside protection over an approximate 12-month outcome period beginning each September.
- Strategy
- Defined-outcome buffer ETF providing, over a 12-month Outcome Period (October 1 through September 30), exposure to the share price return of the iShares Core S&P 500 ETF (IVV, the Underlying Fund tracking the S&P 500 Index) capped at an Approximate Cap, with downside protection against approximately 100% of Underlying Fund losses through an Approximate Buffer. Outcomes are sought via FLEX Options that reference the Underlying Fund and reset at the start of each Outcome Period.
- Inception date
- September 30, 2024
- Fund family
- iShares
Similar ETFs
Closest matches by profileOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Buffer ETF — downside protection at a cost
Defined-outcome funds cap upside (typically 8–20%) in exchange for partial downside protection (9–30%), priced via options. Fees are materially higher than the underlying index (often 0.70%+ vs 0.03–0.10%). For most pre-retirees, a simple stock/bond mix achieves similar downside behaviour at a fraction of the cost.
Source: Morningstar, 'Defined-Outcome ETFs: Useful or Uneconomic?' (2023)
Why we flagged this: strategy=structured_outcome + structured_outcome_strategy
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
What's next?
You've reviewed SMAX. Save it to your watchlist to track it alongside the other funds you're weighing.
Data updated on 2026-06-19