SMAX ETF — iShares Large Cap Max Buffer Sep ETF

iShares Large Cap Max Buffer Sep ETF (SMAX)

Updated October 16, 2026.

SMAX is an ETF. its trailing-12-month yield is 0.92%, its expense ratio is 0.50%. Dividend Vision Distribution Safety Score™ is 50/100 (Unproven). Total return is 15.6% over the past 2 years, 21.7 points behind SPY at 37.3%.

iShares Large Cap Max Buffer Sep ETF is an ETF that invests at least 80% of its assets in large-capitalization securities or instruments providing exposure to or buffer protection relative to large-cap stocks. The fund distributes annually at a modest current rate, with a recent distribution characterized as special and potentially non-recurring, and carries an expense ratio of 0.50%. The fund appeals to investors seeking large-cap equity exposure with downside protection features through structured buffer strategies.

SMAX performance versus SPY

Price and return data through 2026-10-16.

Total return is 15.6% over the past 2 years, 21.7 points behind SPY at 37.3%. Over the past year its total return — price change plus distributions reinvested — is 7.5%. Its deepest 1-year drawdown was 1.9%.

SMAX key facts

Distribution Safety Score™

50 · Unproven

Issuer

iShares

Asset type

ETF

Asset class

Equity

Inception date

09/30/2024

Expense ratio

0.50%

Distribution frequency

Annual

Trailing yield

0.92%

Last close

$28.56 (as of 2026-10-16)

AUM

$119,088,328

Average volume

26212.0

Dividend

$0.263

Ex-dividend date

12/23/2025

Payment date

12/29/2025

Beta

0.1897

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (0.92%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: iShares; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

SMAX risks and drawbacks

Payments are annual, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 1.9%.

Who may consider SMAX — and who may not

It is a weaker fit for investors who need monthly cash flow (SMAX pays annual); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on SMAX

• All tickers starting with S

Tagged: Downside Protection, Options, Target, Large Cap.

Frequently asked questions

More securities from iShares.