SEPIvsSMAXETF Comparison
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Shelton Equity Premium Income ETF (SEPI) and iShares Large Cap Max Buffer Sep ETF (SMAX) belong to the same industry segment: Options Strategies. SEPI's top 3 sector exposures are Technology, Finance and Consumer Non-Cyclicals. In contrast, SMAX's top sector exposures are Technology, Finance and Healthcare. SEPI is more expensive with a Total Expense Ratio (TER) of 0.54%, versus 0.53% for SMAX. SEPI is up 14.45% year-to-date (YTD) with +$120M in YTD flows. SMAX performs worse with 5.2% YTD performance, and -$34M in YTD flows. Run a side-by-side ETF comparison of SEPI 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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SEPI 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. | SEPI SMAX | +0.57%+0.35% | +7.38%+2.41% | +14.45%+5.20% | +21.83%+7.20% | n/an/a | n/an/a |
| Flows | SEPI SMAX | +$15M-$1M | +$49M-$4M | +$120M-$34M | +$170M+$515K | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SEPI SMAX | +11.01%+2.20% | +11.62%+2.77% | n/an/a | n/an/a |
| Max drawdown | SEPI SMAX | -3.45%-0.49% | -8.47%-1.93% | n/an/a | n/an/a |
| Max drawdown duration | SEPI SMAX | 16d14d | 72d44d | n/an/a | n/an/a |
Trading data
SEPI | 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 |
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Main metrics
Last update 9/11/2026 at 1:30 PM
Live
Closed
SEPI | SMAX | |
|---|---|---|
| Last price | – | $28.33 |
| 1D performance | – | +0.17% |
| AuM | $188.30 M | $88.26 M |
| E/R | 0.54% | 0.53% |
Characteristics
SEPI | SMAX | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Shelton Capital Management | iShares |
| Benchmark | - | - |
| N° of holdings | 40 | 501 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 5, 2025 | September 30, 2024 |
| ESG | No | No |
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Exposure
Countries
SEPI
USA
102.07%
Other
-2.07%
SMAX
USA
102.01%
Other
-2.01%
Sectors
SEPI
Technology
44.6%
Finance
14.86%
Consumer Non-Cycl.
12.63%
Industrials
9.05%
Healthcare
8.17%
Other
10.68%
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
SEPI
Total weight of top 15 holdings out of 15
62.83%
SMAX
Total weight of top 15 holdings out of 15
45.4%
Top 15 holdings
Data as of July 31, 2026
SEPI
Advanced Micro Devices, Inc.
6.40%
Apple, Inc.
5.79%
Caterpillar, Inc.
5.71%
Alphabet, Inc.
4.83%
Micron Technology, Inc.
4.83%
Microsoft Corp.
4.41%
NVIDIA Corp.
4.19%
The Goldman Sachs Group, Inc.
4.08%
Amazon.com, Inc.
3.97%
ExxonMobil Holdings Corp.
3.63%
Johnson & Johnson
3.46%
Broadcom Inc.
3.29%
Meta Platforms, Inc.
2.86%
Merck & Co., Inc.
2.80%
eBay, Inc.
2.61%
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 SEPI and SMAX
How have the SEPI and SMAX ETFs performed in 2026?
As of September 10, 2026, SEPI is up 14.45% year-to-date (YTD), while SMAX has returned 5.2%. That puts SEPI better performer ahead so far this year.
Which ETF is attracting more investor money: SEPI or SMAX?
Year-to-date, the SEPI ETF saw +$120M in flows, compared to -$34M for SMAX.
Which ETF is more volatile: SEPI or SMAX?
Over the past year, SEPI had a volatility of 11.62%, while SMAX experienced 2.77%.
Which ETF is bigger: SEPI or SMAX?
As of September 10, 2026, SEPI holds $188.30 M in assets under management (AUM), while SMAX manages $88.26 M.
What sectors do the SEPI and SMAX ETFs invest in?
SEPI 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 SEPI ETF and SMAX ETF?
SEPI top holdings include Advanced Micro Devices, Inc., Apple, Inc. and Caterpillar, Inc.. SMAX holds in its top three: Apple, Inc., NVIDIA Corp. and Microsoft Corp..
Which ETF is more diversified: SEPI or SMAX?
SEPI holds 40 securities with 62.83% 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 SEPI & SMAX
Ask the Manager: Barry Martin on the New Era of Equity-Income Strategies
December 17, 2025
SEPI
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