BWVTFvsSMAXETF Comparison
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iPath CBOE S&P 500 BuyWrite Index ETN (BWVTF) and iShares Large Cap Max Buffer Sep ETF (SMAX) belong to the same industry segment: Options Strategies. Both ETFs have the same top 3 sector exposures: Technology, Finance and Healthcare. BWVTF is more expensive with a Total Expense Ratio (TER) of 0.75%, versus 0.53% for SMAX. BWVTF is up 9.78% year-to-date (YTD) with -$126K in YTD flows. SMAX performs worse with 5.38% YTD performance, and -$34M in YTD flows. Run a side-by-side ETF comparison of BWVTF and SMAX below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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BWVTF vs SMAX performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/10/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | BWVTF SMAX | +0.15%+0.51% | +6.55%+2.24% | +9.78%+5.38% | +18.51%+7.28% | +45.98%n/a | +48.78%n/a |
| Flows | BWVTF SMAX | --$1M | --$4M | -$126K-$34M | -$841K+$515K | -$841K- | -$1M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | BWVTF SMAX | +6.37%+2.14% | +7.54%+2.77% | +11.15%n/a | +12.31%n/a |
| Max drawdown | BWVTF SMAX | -1.30%-0.49% | -5.71%-1.93% | -16.79%n/a | -19.88%n/a |
| Max drawdown duration | BWVTF SMAX | 8d14d | 62d44d | 240dn/a | 686dn/a |
Trading data
BWVTF | SMAX | |
Last sale 9/11/2026 at 1:30 PM | $28.33 | |
| Previous close 09/10/2026 | $28.28 | |
| Consolidated volume 09/10/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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SMAX
is actively managed and doesn’t replicate an indexBWVTF | SMAX | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/11/2026 at 1:30 PM
Live
Closed
BWVTF | SMAX | |
|---|---|---|
| Last price | – | $28.33 |
| 1D performance | – | +0.17% |
| AuM | $1.55 M | $88.41 M |
| E/R | 0.75% | 0.53% |
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Exposure
Countries
BWVTF
USA
98.14%
Other
1.86%
SMAX
USA
102.01%
Other
-2.01%
Sectors
BWVTF
Technology
44.19%
Finance
14.31%
Healthcare
9.37%
Consumer Non-Cycl.
9.14%
Industrials
7.9%
Other
15.1%
SMAX
Technology
46.23%
Finance
14.48%
Healthcare
9.28%
Consumer Non-Cycl.
9.23%
Industrials
8.09%
Other
12.68%
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Diversification
BWVTF
Total weight of top 15 holdings out of 15
43.4%
SMAX
Total weight of top 15 holdings out of 15
45.4%
Top 15 holdings
Data as of July 31, 2026
BWVTF
Apple, Inc.
7.95%
NVIDIA Corp.
7.36%
Microsoft Corp.
4.64%
Amazon.com, Inc.
3.55%
Alphabet, Inc.
3.16%
Broadcom Inc.
2.80%
Alphabet, Inc.
2.54%
Meta Platforms, Inc.
2.06%
Eli Lilly & Co.
1.53%
Berkshire Hathaway, Inc.
1.49%
JPMorgan Chase & Co.
1.48%
Tesla, Inc.
1.34%
Micron Technology, Inc.
1.33%
Advanced Micro Devices, Inc.
1.12%
ExxonMobil Holdings Corp.
1.04%
SMAX
Apple, Inc.
7.90%
NVIDIA Corp.
7.62%
Microsoft Corp.
5.40%
Amazon.com, Inc.
3.72%
Alphabet, Inc.
3.16%
Broadcom Inc.
2.96%
Alphabet, Inc.
2.54%
Meta Platforms, Inc.
1.91%
Micron Technology, Inc.
1.59%
JPMorgan Chase & Co.
1.52%
Berkshire Hathaway, Inc.
1.51%
Eli Lilly & Co.
1.47%
BlackRock Cash Funds - Treasury
1.42%
Tesla, Inc.
1.40%
Advanced Micro Devices, Inc.
1.28%
Frequently asked questions about BWVTF and SMAX
How have the BWVTF and SMAX ETFs performed in 2026?
As of September 10, 2026, BWVTF is up 9.78% year-to-date (YTD), while SMAX has returned 5.38%. That puts BWVTF better performer ahead so far this year.
Which ETF is attracting more investor money: BWVTF or SMAX?
Year-to-date, the BWVTF ETF saw -$126K in flows, compared to -$34M for SMAX.
Which ETF is more volatile: BWVTF or SMAX?
Over the past year, BWVTF had a volatility of 7.54%, while SMAX experienced 2.77%.
Which ETF is bigger: BWVTF or SMAX?
As of September 10, 2026, BWVTF holds $1.55 M in assets under management (AUM), while SMAX manages $88.41 M.
What sectors do the BWVTF and SMAX ETFs invest in?
BWVTF leans toward sectors like Technology, Finance and Healthcare. Meanwhile, SMAX focuses on Technology, Finance and Healthcare.
What are the top holdings of the BWVTF ETF and SMAX ETF?
BWVTF top holdings include Apple, Inc., NVIDIA Corp. and Microsoft Corp.. SMAX holds in its top three: Apple, Inc., NVIDIA Corp. and Microsoft Corp..
Which ETF is more diversified: BWVTF or SMAX?
BWVTF holds 503 securities with 43.4% of its assets in the top 15. SMAX has 504 securities and a top 15 weight of 45.4%.
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