iShares Large Cap Max Buffer Sep ETF (SMAX) belongs to the Defined Outcome category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with SMAX. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to SMAX
SMAX charges 0.50% annually. There are 5 ETFs in the Defined Outcome category with lower expense ratios, going as low as 0.25%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Aptus January Buffer ETF | 0.25% | — | Oct 2025 | SMAX vs JANB | |
| Aptus October Buffer ETF | 0.25% | — | Oct 2025 | SMAX vs OCTB | |
| Aptus July Buffer ETF | 0.25% | — | Oct 2025 | SMAX vs JULB | |
| Aptus April Buffer ETF | 0.25% | — | Oct 2025 | SMAX vs APRB | |
| Fidelity Dynamic Buffered Equity ETF | 0.48% | — | Apr 2024 | SMAX vs FBUF |
Best Risk-Adjusted Alternatives to SMAX
SMAX has a PortfoliosLab risk / return rank of 94. There are 56 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 99 | — | Mar 2025 | SMAX vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 98 | 21.00M | Apr 2025 | SMAX vs CPSP | |
| iShares Large Cap Max Buffer Mar ETF | 98 | — | Mar 2025 | SMAX vs MMAX | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | 98 | — | Apr 2025 | SMAX vs ZAPR | |
| Calamos Russell 2000 Structured Alt Protection ETF... | 98 | 13.20M | Apr 2025 | SMAX vs CPRA |
Top Performing SMAX Alternatives (YTD)
SMAX is at 3.95% YTD. There are 189 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Leverage Shares 2x Capped Accelerated NVDA Monthly... | 16.35% | — | Aug 2025 | SMAX vs NVDO | |
| ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 13.84% | 2.87M | Jun 2025 | SMAX vs QB | |
| Innovator U.S. Small Cap Power Buffer ETF - Februa... | 13.73% | — | Jan 2025 | SMAX vs KFEB | |
| Innovator Russell 2000 Power Buffer ETF - April | 13.09% | 214.27M | Mar 2020 | SMAX vs KAPR | |
| FT Cboe Vest Nasdaq-100 Buffer ETF - March | 11.91% | 566.25M | Mar 2021 | SMAX vs QMAR |
Lowest Volatility Alternatives to SMAX
SMAX has 2.76% 1-year volatility. There are 58 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.18%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 1.18% | — | Mar 2025 | SMAX vs PMAP | |
| FT Vest U.S. Equity Max Buffer ETF - April | 1.33% | — | Apr 2025 | SMAX vs APXM | |
| PGIM S&P 500 Max Buffer ETF - May | 1.40% | — | Apr 2025 | SMAX vs PMMY | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 1.40% | 21.00M | Apr 2025 | SMAX vs CPSP | |
| iShares Large Cap Max Buffer Mar ETF | 1.44% | — | Mar 2025 | SMAX vs MMAX |
Lowest Drawdown Alternatives to SMAX
SMAX has a 1-year max drawdown of -1.91%. There are 67 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.35%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | -0.35% | — | Mar 2025 | SMAX vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | -0.37% | 21.00M | Apr 2025 | SMAX vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | -0.40% | — | Apr 2025 | SMAX vs ZAPR | |
| iShares Large Cap Max Buffer Mar ETF | -0.46% | — | Mar 2025 | SMAX vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ma... | -0.49% | 56.60M | May 2024 | SMAX vs CPSM |
Other ETFs from iShares
The 10 most viewed iShares ETFs shown here include SGOV, IBIT, SOXX and span 14 categories. AUM among these funds goes as high as $869B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| iShares 0-3 Month Treasury Bond ETF | Ultrashort Bond | 100 | 2.11% | 99.95B | May 2020 | SMAX vs SGOV | |
| iShares Bitcoin Trust ETF | Cryptocurrency | 1 | -28.22% | 46.52B | Jan 2024 | SMAX vs IBIT | |
| iShares Semiconductor ETF | Semiconductors, Technology Equities | 90 | 67.84% | 44.69B | Jul 2001 | SMAX vs SOXX | |
| iShares Core S&P 500 ETF | S&P 500 | 67 | 10.13% | 869.20B | May 2000 | SMAX vs IVV | |
| iShares Core Dividend Growth ETF | Large Cap Growth Equities, Dividend | 91 | 13.39% | 42.77B | Jun 2014 | SMAX vs DGRO | |
| iShares 20+ Year Treasury Bond ETF | Government Bonds, Long-Term Bond | 9 | -3.49% | 41.54B | Jul 2002 | SMAX vs TLT | |
| iShares Silver Trust | Silver, Precious Metals | 36 | -18.72% | 28.08B | Apr 2006 | SMAX vs SLV | |
| iShares Gold Trust | Gold, Precious Metals | 30 | -6.16% | 59.74B | Jan 2005 | SMAX vs IAU | |
| iShares Russell 2000 ETF | Small Cap Blend Equities | 79 | 18.79% | 80.11B | May 2000 | SMAX vs IWM | |
| iShares MSCI ACWI ETF | Global Equities | 71 | 11.28% | 32.49B | Mar 2008 | SMAX vs ACWI |
Often Compared With SMAX
Investors most often compare SMAX with TQQQ, QQQ, VGT. These 20 comparison targets span 10 categories, based on PortfoliosLab usage data.
Compare SMAX with Any Fund or Stock
Compare SMAX with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair SMAX with funds that move differently
iShares Large Cap Max Buffer Sep ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to SMAX.
Explore SMAX Diversifiers