PEPSvsSMAXETF Comparison
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Parametric Equity Plus ETF (PEPS) and iShares Large Cap Max Buffer Sep ETF (SMAX) belong to the same industry segment: Options Strategies. PEPS's top 3 sector exposures are Technology, Finance and Consumer Non-Cyclicals. In contrast, SMAX's top sector exposures are Technology, Finance and Healthcare. PEPS is less expensive with a Total Expense Ratio (TER) of 0.29%, versus 0.53% for SMAX. PEPS is up 12.46% year-to-date (YTD) with +$2M in YTD flows. SMAX performs worse with 5.38% YTD performance, and -$34M in YTD flows. Run a side-by-side ETF comparison of PEPS 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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PEPS vs SMAX performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/11/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PEPS SMAX | +0.06%+0.51% | +4.20%+2.24% | +12.46%+5.38% | +18.76%+7.28% | n/an/a | n/an/a |
| Flows | PEPS SMAX | --$1M | +$2M-$4M | +$2M-$34M | +$2M+$515K | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PEPS SMAX | +11.90%+2.14% | +14.02%+2.77% | n/an/a | n/an/a |
| Max drawdown | PEPS SMAX | -3.56%-0.49% | -9.84%-1.93% | n/an/a | n/an/a |
| Max drawdown duration | PEPS SMAX | 16d14d | 80d44d | n/an/a | n/an/a |
Trading data
PEPS | SMAX | |
Last sale 9/11/2026 at 1:30 PM | $32.87 | $28.33 |
| Previous close 09/10/2026 | $32.53 | $28.28 |
| Consolidated volume 09/10/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 9/11/2026 at 1:30 PM
Live
Closed
PEPS | SMAX | |
|---|---|---|
| Last price | $32.87 | $28.33 |
| 1D performance | +1.05% | +0.17% |
| AuM | $29.57 M | $88.41 M |
| E/R | 0.29% | 0.53% |
Characteristics
PEPS | SMAX | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Morgan Stanley | iShares |
| Benchmark | - | - |
| N° of holdings | 172 | 501 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 7, 2024 | September 30, 2024 |
| ESG | No | No |
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Exposure
Countries
PEPS
USA
97.13%
Other
2.87%
SMAX
USA
102.01%
Other
-2.01%
Sectors
PEPS
Technology
42.64%
Finance
13.55%
Consumer Non-Cycl.
9.52%
Healthcare
8.45%
Other
25.84%
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
PEPS
Total weight of top 15 holdings out of 15
48.11%
SMAX
Total weight of top 15 holdings out of 15
45.4%
Top 15 holdings
Data as of July 31, 2026
PEPS
Apple, Inc.
6.77%
NVIDIA Corp.
6.74%
Morgan Stanley Instl. Liquidity Funds - Government Portfolio
5.19%
Microsoft Corp.
5.12%
Amazon.com, Inc.
3.88%
Alphabet, Inc.
3.11%
Broadcom Inc.
2.89%
Alphabet, Inc.
2.79%
Micron Technology, Inc.
1.93%
Meta Platforms, Inc.
1.86%
Advanced Micro Devices, Inc.
1.73%
JPMorgan Chase & Co.
1.73%
Eli Lilly & Co.
1.71%
Tesla, Inc.
1.37%
ExxonMobil Holdings Corp.
1.29%
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 PEPS and SMAX
How have the PEPS and SMAX ETFs performed in 2026?
As of September 11, 2026, PEPS is up 12.46% year-to-date (YTD), while SMAX has returned 5.38%. That puts PEPS better performer ahead so far this year.
Which ETF is attracting more investor money: PEPS or SMAX?
Year-to-date, the PEPS ETF saw +$2M in flows, compared to -$34M for SMAX.
Which ETF is more volatile: PEPS or SMAX?
Over the past year, PEPS had a volatility of 14.02%, while SMAX experienced 2.77%.
Which ETF is bigger: PEPS or SMAX?
As of September 11, 2026, PEPS holds $29.57 M in assets under management (AUM), while SMAX manages $88.41 M.
What sectors do the PEPS and SMAX ETFs invest in?
PEPS leans toward sectors like Technology, Finance and Consumer Non-Cyclicals. Meanwhile, SMAX focuses on Technology, Finance and Healthcare.
What are the top holdings of the PEPS ETF and SMAX ETF?
PEPS top holdings include Apple, Inc., NVIDIA Corp. and Morgan Stanley Instl. Liquidity Funds - Government Portfolio. SMAX holds in its top three: Apple, Inc., NVIDIA Corp. and Microsoft Corp..
Which ETF is more diversified: PEPS or SMAX?
PEPS holds 175 securities with 48.11% of its assets in the top 15. SMAX has 504 securities and a top 15 weight of 45.4%.
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