PBPvsSMAXETF Comparison
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Invesco S&P 500 BuyWrite ETF (PBP) 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. PBP is less expensive with a Total Expense Ratio (TER) of 0.29%, versus 0.53% for SMAX. PBP is up 9.34% year-to-date (YTD) with +$43M in YTD flows. SMAX performs worse with 5.2% YTD performance, and -$34M in YTD flows. Run a side-by-side ETF comparison of PBP 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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PBP 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. | PBP SMAX | +0.17%+0.35% | +6.14%+2.41% | +9.34%+5.20% | +17.45%+7.20% | +43.39%n/a | +46.86%n/a |
| Flows | PBP SMAX | +$17M-$1M | +$30M-$4M | +$43M-$34M | +$71M+$515K | +$272M- | +$203M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PBP SMAX | +6.02%+2.20% | +7.19%+2.77% | +10.32%n/a | +11.36%n/a |
| Max drawdown | PBP SMAX | -1.21%-0.49% | -5.24%-1.93% | -15.51%n/a | -18.35%n/a |
| Max drawdown duration | PBP SMAX | 9d14d | 63d44d | 240dn/a | 679dn/a |
Trading data
PBP | SMAX | |
Last sale 9/11/2026 at 1:30 PM | $23.35 | $28.33 |
| Previous close 09/10/2026 | $23.20 | $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 indexPBP | 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
PBP | SMAX | |
|---|---|---|
| Last price | $23.35 | $28.33 |
| 1D performance | +0.65% | +0.17% |
| AuM | $379.61 M | $88.26 M |
| E/R | 0.29% | 0.53% |
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Exposure
Countries
PBP
USA
98.14%
Other
1.86%
SMAX
USA
102.01%
Other
-2.01%
Sectors
PBP
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
PBP
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
PBP
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 PBP and SMAX
How have the PBP and SMAX ETFs performed in 2026?
As of September 10, 2026, PBP is up 9.34% year-to-date (YTD), while SMAX has returned 5.2%. That puts PBP better performer ahead so far this year.
Which ETF is attracting more investor money: PBP or SMAX?
Year-to-date, the PBP ETF saw +$43M in flows, compared to -$34M for SMAX.
Which ETF is more volatile: PBP or SMAX?
Over the past year, PBP had a volatility of 7.19%, while SMAX experienced 2.77%.
Which ETF is bigger: PBP or SMAX?
As of September 10, 2026, PBP holds $379.61 M in assets under management (AUM), while SMAX manages $88.26 M.
What sectors do the PBP and SMAX ETFs invest in?
PBP leans toward sectors like Technology, Finance and Healthcare. Meanwhile, SMAX focuses on Technology, Finance and Healthcare.
What are the top holdings of the PBP ETF and SMAX ETF?
PBP 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: PBP or SMAX?
PBP 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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Latest news about PBP & SMAX
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August 12, 2026
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Options Strategies in ETFs, Part 1: A Grand Overview
November 1, 2023
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