# SMAX (iShares Large Cap Max Buffer Sep ETF)

iShares · Buffer ETFs · data as of Sep 10, 2026

As of Sep 10, 2026, SMAX has reached its cap.

## Key facts

- SMAX, past the cap, price drift left: 0.5%, as of Sep 10, 2026.
- SMAX, fall before the buffer: 6.8%, as of Sep 10, 2026.
- SMAX, protection left, index points: 99.5%, as of Sep 10, 2026.
- SMAX, days to reset: 20, as of Sep 10, 2026.
- SMAX, net assets: $98m (source, as filed for Apr 30, 2026).
- SMAX, expense ratio: 0.50% (issuer page, Sep 10, 2026).

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | IVV | ETFIQ |
| Buffer | 0% to 100% | ETFIQ |
| Outcome period | Oct 1, 2025 to Sep 30, 2026 | ETFIQ |
| Starting cap | +7.3% | ETFIQ |
| IVV return since period start | +13.8% | ETFIQ |
| Fund return since period start | not published | ETFIQ |
| Net assets | $98m | source, as filed for Apr 30, 2026 |
| Band state today | At cap | ETFIQ |
| Can still gain | 0.5% | issuer, fund price |
| Fall before buffer | 6.8% | issuer, fund price |
| Fall to the buffer in index terms | 12.6% | ETFIQ |
| Protection left in index points | 99.5% of 99.5% | ETFIQ |
| Days left in period | 20 | ETFIQ |
| Expense ratio | 0.50% | issuer page, Sep 10, 2026 |

## Questions

### How much can SMAX still gain?

Nothing more in index terms on Sep 10, 2026. IVV has already passed the cap of +7.3% for this period, which runs from Oct 1, 2025 to Sep 30, 2026.

### How far can SMAX fall before the buffer helps?

6.8% in fund-price terms on Sep 10, 2026, by the issuer's figure. In index terms IVV can fall 12.6% from that level before the buffer begins. Losses until that point are the holder's.

### How much of the SMAX buffer is left?

99.5% of the 99.5% buffer sat below the IVV level on Sep 10, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does SMAX reset?

The outcome period ends on Sep 30, 2026, 20 days from the data on Sep 10, 2026. A new cap is set the next day and the buffer starts again.

### What does SMAX cost?

The prospectus expense ratio is 0.50% a year.


## Cite this page

ETFIQ, SMAX, data as of Sep 10, 2026. https://etfiq.com/funds/SMAX
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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