Which has more room to gain, SMAX or STEN?

From their prices on Oct 1, 2026, SMAX can gain about 9.3% before its cap and STEN about 18.8%, so STEN has more room left this period.

Which resets first, SMAX or STEN?

SMAX ends its outcome period on Sep 30, 2027 and STEN on Sep 30, 2027. A new cap is set the day after each.

Which is cheaper, SMAX or STEN?

SMAX charges 0.50% a year and STEN charges 0.50%, so SMAX is cheaper. Fees come from each fund's prospectus.

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SMAX vs STEN: which one stands where?

As of Oct 1, 2026 SMAX can fall 0.5% before its buffer engages and STEN 0.5%. iShares Large Cap Max Buffer Sep ETF and iShares Large Cap 10% Target Buffer Sep ETF.

0.5%

SMAX can fall this far before its buffer

0.5%

STEN can fall this far before its buffer

9.3%

SMAX can still gain

18.8%

STEN can still gain

SMAXFull floor

SMAX: reference 0.0% since period start, fund ·; buffer −0 to floor; cap +9.3%; Full floor.

STENBetween buffer and cap

STEN: reference 0.0% since period start, fund ·; buffer −0 to −10; cap +18.8%; Between buffer and cap.

These are two different products. SMAX is a floor fund, which caps how far a holder can fall. STEN is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Both are iShares funds, so the difference between them is the terms rather than the house.

Where each one stands today

SMAX resets first, on Sep 30, 2027, 365 days from now; STEN runs to Sep 30, 2027, 365 days. SMAX can still gain 9.3% before its cap, STEN 18.8%. A fall from here reaches SMAX’s buffer after 0.5% and STEN’s after 0.5%. Both track IVV, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	SMAX	STEN	SMAX	STEN
3 months	+2.2%	+3.2%	−0.4 pts	+0.6 pts
6 months	+6.0%	+14.0%	−11.1 pts	−3.1 pts
1 year	+7.4%	not published	−8.4 pts	not published

SMAX and STEN over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

SMAX

iShares Large Cap Max Buffer Sep ETF · Absorbs losses from 0.5% to 100.0% on IVV and caps the gain at 9.3%, over a period ending Sep 30, 2027

STEN

iShares Large Cap 10% Target Buffer Sep ETF · Absorbs losses from 0.5% to 10.0% on IVV and caps the gain at 18.8%, over a period ending Sep 30, 2027

Issuer iShares iShares

Reference index IVV IVV

Buffer 0% to 100% 0% to 10%

Outcome period Oct 1, 2026 to Sep 30, 2027 Oct 1, 2026 to Sep 30, 2027

Days left 365 365

Starting cap +9.3% +18.8%

Can still gain 9.3% 18.8%

Fall before buffer 0.5% 0.5%

Protection left, index points 99.5% of 99.5% 9.5% of 9.5%

Index return this period 0.0% 0.0%

Fund return this period not published not published

State today Open Open

Expense ratio 0.50% 0.50%

Net assets $90m $39m

SMAX and STEN on the same fields, as of Oct 1, 2026. Source: ETFIQ.

SMAX in plain words

From its price on Oct 1, 2026, the fund can gain about 9.3% more before it reaches its cap. The fund's price can fall 0.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, IVV can fall 0.5% from today's level to the point where the buffer begins. Protection left, in index points: 99.5% of the 99.5% buffer still sits below today's IVV level. 365 days remained on Oct 1, 2026. On Sep 30, 2027 the period ends and a new cap is set.

STEN in plain words

From its price on Oct 1, 2026, the fund can gain about 18.8% more before it reaches its cap. Protection left, in index points: 9.5% of the 9.5% buffer still sits below today's IVV level.

Questions people ask

Which has more room to gain, SMAX or STEN?: From their prices on Oct 1, 2026, SMAX can gain about 9.3% before its cap and STEN about 18.8%, so STEN has more room left this period.
Which resets first, SMAX or STEN?: SMAX ends its outcome period on Sep 30, 2027 and STEN on Sep 30, 2027. A new cap is set the day after each.
Which is cheaper, SMAX or STEN?: SMAX charges 0.50% a year and STEN charges 0.50%, so SMAX is cheaper. Fees come from each fund's prospectus.

Other comparisons

iShares Core S&P 500 ETF →SMAX on its own →STEN on its own →How every figure is computed →Standards and sources →

Where these figures came from

SMAX and STEN filings on SEC EDGAR ↗iShares page for SMAX ↗iShares page for STEN ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, SMAX against STEN, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/smax-vs-sten

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.