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FHEQvsSMAXETF Comparison

ETF 1

FHEQ

Fidelity Hedged Equity ETF

This fund is part of

Options Strategies

-0.24%

Full FHEQ fund page

VS

ETF 2

SMAX

iShares Large Cap Max Buffer Sep ETF

This fund is part of

Options Strategies

-0.24%

Full SMAX fund page

Fidelity Hedged Equity ETF (FHEQ) and iShares Large Cap Max Buffer Sep ETF (SMAX) belong to the same industry segment: Options Strategies. FHEQ's top 3 sector exposures are Technology, Finance and Industrials. In contrast, SMAX's top sector exposures are Technology, Finance and Healthcare. FHEQ is less expensive with a Total Expense Ratio (TER) of 0.52%, versus 0.53% for SMAX. FHEQ is up 10.46% year-to-date (YTD) with +$136M in YTD flows. SMAX performs worse with 5.33% YTD performance, and -$34M in YTD flows. Run a side-by-side ETF comparison of FHEQ 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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FHEQ vs SMAX performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 09/08/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	FHEQ SMAX	-1.26%+0.48%	+3.49%+2.16%	+10.46%+5.33%	+14.02%+7.42%	n/an/a	n/an/a
Flows	FHEQ SMAX	+$20M-$1M	+$85M-$4M	+$136M-$34M	+$374M+$515K	--	--

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	FHEQ SMAX	+10.23%+2.31%	+9.99%+2.76%	n/an/a	n/an/a
Max drawdown	FHEQ SMAX	-2.31%-0.49%	-7.39%-1.93%	n/an/a	n/an/a
Max drawdown duration	FHEQ SMAX	23d14d	71d44d	n/an/a	n/an/a

Trading data

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	FHEQ	SMAX
Last sale 9/9/2026 at 1:30 PM	$33.86	$28.32
Previous close 09/08/2026	$33.99	$28.29
Consolidated volume 09/08/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Main metrics

Last update 9/9/2026 at 1:30 PM

Live

Closed

	FHEQ	SMAX
Last price	$33.86	$28.32
1D performance	-0.38%	+0.09%
AuM	$976.09 M	$88.37 M
E/R	0.52%	0.53%

Characteristics

	FHEQ	SMAX
Management strategy	Active	Active
Provider	Fidelity	iShares
Benchmark	-	-
N° of holdings	159	501
Asset class	-	-
Trailing 12m distribution yield	Join	Join
Inception date	April 9, 2024	September 30, 2024
ESG	No	No

More FHEQ data on Trackinsight

More SMAX data on Trackinsight

Exposure

Countries

FHEQ

USA

98.26%

Other

1.74%

SMAX

USA

102.01%

Other

-2.01%

Sectors

FHEQ

Technology

47.38%

Finance

14.61%

Industrials

10.37%

Healthcare

9.1%

Consumer Non-Cycl.

8.43%

Other

10.11%

SMAX

Technology

46.23%

Finance

14.48%

Healthcare

9.28%

Consumer Non-Cycl.

9.23%

Industrials

8.09%

Other

12.68%

Diversification

FHEQ

Total weight of top 15 holdings out of 15

46.8%

SMAX

Total weight of top 15 holdings out of 15

45.4%

Top 15 holdings

Data as of July 31, 2026

FHEQ

Apple, Inc.

8.52%

NVIDIA Corp.

8.07%

Microsoft Corp.

4.50%

Amazon.com, Inc.

3.82%

Alphabet, Inc.

3.40%

Broadcom Inc.

3.05%

Alphabet, Inc.

2.41%

Meta Platforms, Inc.

2.19%

JPMorgan Chase & Co.

2.04%

Berkshire Hathaway, Inc.

2.02%

Eli Lilly & Co.

1.71%

Micron Technology, Inc.

1.57%

Mastercard, Inc.

1.22%

Bank of America Corp.

1.19%

GE Aerospace

1.11%

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 FHEQ and SMAX

How have the FHEQ and SMAX ETFs performed in 2026?

As of September 8, 2026, FHEQ is up 10.46% year-to-date (YTD), while SMAX has returned 5.33%. That puts FHEQ better performer ahead so far this year.

Which ETF is attracting more investor money: FHEQ or SMAX?

Year-to-date, the FHEQ ETF saw +$136M in flows, compared to -$34M for SMAX.

Which ETF is more volatile: FHEQ or SMAX?

Over the past year, FHEQ had a volatility of 9.99%, while SMAX experienced 2.76%.

Which ETF is bigger: FHEQ or SMAX?

As of September 8, 2026, FHEQ holds $976.09 M in assets under management (AUM), while SMAX manages $88.37 M.

What sectors do the FHEQ and SMAX ETFs invest in?

FHEQ leans toward sectors like Technology, Finance and Industrials. Meanwhile, SMAX focuses on Technology, Finance and Healthcare.

What are the top holdings of the FHEQ ETF and SMAX ETF?

FHEQ 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: FHEQ or SMAX?

FHEQ holds 160 securities with 46.8% of its assets in the top 15. SMAX has 504 securities and a top 15 weight of 45.4%.

Tony’s ETF Buyer’s Guide: Hedged Equity ETFs

February 10, 2026

FHEQ

FHEQvsSMAXETF Comparison

Fidelity Hedged Equity ETF

iShares Large Cap Max Buffer Sep ETF

FHEQ vs SMAX performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the FHEQ and SMAX ETFs performed in 2026?

As of September 8, 2026, FHEQ is up 10.46% year-to-date (YTD), while SMAX has returned 5.33%. That puts FHEQ better performer ahead so far this year.

Which ETF is attracting more investor money: FHEQ or SMAX?

Year-to-date, the FHEQ ETF saw +$136M in flows, compared to -$34M for SMAX.

Which ETF is more volatile: FHEQ or SMAX?

Over the past year, FHEQ had a volatility of 9.99%, while SMAX experienced 2.76%.

Which ETF is bigger: FHEQ or SMAX?

As of September 8, 2026, FHEQ holds $976.09 M in assets under management (AUM), while SMAX manages $88.37 M.

What sectors do the FHEQ and SMAX ETFs invest in?

FHEQ leans toward sectors like Technology, Finance and Industrials. Meanwhile, SMAX focuses on Technology, Finance and Healthcare.

What are the top holdings of the FHEQ ETF and SMAX ETF?

FHEQ 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: FHEQ or SMAX?

FHEQ holds 160 securities with 46.8% of its assets in the top 15. SMAX has 504 securities and a top 15 weight of 45.4%.

Tony’s ETF Buyer’s Guide: Hedged Equity ETFs

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