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SMAXvsHCMTETF Comparison

ETF 1

SMAX

iShares Large Cap Max Buffer Sep ETF

This fund is part of

Options Strategies

-0.47%

Full SMAX fund page

VS

ETF 2

HCMT

Direxion HCM Tactical Enhanced US ETF

This fund is part of

Alternatives

-0.47%

Full HCMT fund page

iShares Large Cap Max Buffer Sep ETF (SMAX) belongs to the Options Strategies segment. Direxion HCM Tactical Enhanced US ETF (HCMT) is part of the Alternatives segment. SMAX's top 3 sector exposures are Technology, Finance and Healthcare. In contrast, HCMT's top sector exposures are Technology, Finance and Consumer Non-Cyclicals. SMAX is less expensive with a Total Expense Ratio (TER) of 0.53%, versus 1.18% for HCMT. SMAX is up 5.13% year-to-date (YTD) with -$34M in YTD flows. HCMT performs better with 5.42% YTD performance, and -$20M in YTD flows. Run a side-by-side ETF comparison of SMAX and HCMT 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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SMAX vs HCMT performance and flow charts

Performance

Cumulative Flows

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

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 09/01/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	SMAX HCMT	+0.57%+1.55%	+1.65%-5.32%	+5.13%+5.42%	+7.57%+19.87%	n/a+59.33%	n/an/a
Flows	SMAX HCMT	-$1M-$921K	-$7M-$11M	-$34M-$20M	+$515K-$5M	-+$231M	--

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	SMAX HCMT	+2.43%+36.85%	+2.77%+28.46%	n/a+29.50%	n/an/a
Max drawdown	SMAX HCMT	-0.70%-15.61%	-1.93%-15.61%	n/a-36.18%	n/an/a
Max drawdown duration	SMAX HCMT	10d91d	44d91d	n/a246d	n/an/a

Trading data

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	SMAX	HCMT
Last sale 9/2/2026 at 3:24 PM	$28.29	$40.61
Previous close 09/01/2026	$28.24	$40.45
Consolidated volume 09/01/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Main metrics

Last update 9/2/2026 at 3:24 PM

Live

Closed

	SMAX	HCMT
Last price	$28.29	$40.61
1D performance	+0.16%	+0.40%
AuM	$88.21 M	$587.80 M
E/R	0.53%	1.18%

Characteristics

	SMAX	HCMT
Management strategy	Active	Active
Provider	iShares	Direxion
Benchmark	-	-
N° of holdings	496	495
Asset class	-	-
Trailing 12m distribution yield	Join	Join
Inception date	September 30, 2024	June 22, 2023
ESG	No	No

More SMAX data on Trackinsight

More HCMT data on Trackinsight

Exposure

Countries

SMAX

USA

100.92%

Other

-0.92%

HCMT

USA

81.84%

Other

18.16%

Sectors

SMAX

Technology

46.23%

Finance

14.48%

Healthcare

9.28%

Consumer Non-Cycl.

9.23%

Industrials

7.84%

Other

12.94%

HCMT

Technology

37.93%

Finance

11.79%

Consumer Non-Cycl.

7.98%

Healthcare

7.54%

Other

34.76%

Diversification

SMAX

Total weight of top 15 holdings out of 15

45.4%

HCMT

Total weight of top 15 holdings out of 15

37.35%

Top 15 holdings

Data as of July 31, 2026

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%

HCMT

NVIDIA Corp.

6.40%

Apple, Inc.

5.98%

Microsoft Corp.

4.55%

Amazon.com, Inc.

3.50%

Alphabet, Inc.

2.75%

Broadcom Inc.

2.43%

Alphabet, Inc.

2.22%

Meta Platforms, Inc.

1.61%

JPMorgan Chase & Co.

1.24%

Berkshire Hathaway, Inc.

1.23%

Micron Technology, Inc.

1.22%

Eli Lilly & Co.

1.20%

Tesla, Inc.

1.15%

Advanced Micro Devices, Inc.

1.02%

US30233Q1085

0.85%

Frequently asked questions about SMAX and HCMT

How have the SMAX and HCMT ETFs performed in 2026?

As of September 1, 2026, SMAX is up 5.13% year-to-date (YTD), while HCMT has returned 5.42%. That puts HCMT better performer ahead so far this year.

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

Year-to-date, the SMAX ETF saw -$34M in flows, compared to -$20M for HCMT.

Which ETF is more volatile: SMAX or HCMT?

Over the past year, SMAX had a volatility of 2.77%, while HCMT experienced 28.46%.

Which ETF is bigger: SMAX or HCMT?

As of September 1, 2026, SMAX holds $88.21 M in assets under management (AUM), while HCMT manages $587.80 M.

What sectors do the SMAX and HCMT ETFs invest in?

SMAX leans toward sectors like Technology, Finance and Healthcare. Meanwhile, HCMT focuses on Technology, Finance and Consumer Non-Cyclicals.

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

SMAX top holdings include Apple, Inc., NVIDIA Corp. and Microsoft Corp.. HCMT holds in its top three: NVIDIA Corp., Apple, Inc. and Microsoft Corp..

Which ETF is more diversified: SMAX or HCMT?

SMAX holds 504 securities with 45.4% of its assets in the top 15. HCMT has 503 securities and a top 15 weight of 37.35%.

Episode 8: Laura Morrison, Chief Revenue Officer at Direxion

July 25, 2023

HCMT

SMAXvsHCMTETF Comparison

iShares Large Cap Max Buffer Sep ETF

Direxion HCM Tactical Enhanced US ETF

SMAX vs HCMT 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 SMAX and HCMT ETFs performed in 2026?

As of September 1, 2026, SMAX is up 5.13% year-to-date (YTD), while HCMT has returned 5.42%. That puts HCMT better performer ahead so far this year.

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

Year-to-date, the SMAX ETF saw -$34M in flows, compared to -$20M for HCMT.

Which ETF is more volatile: SMAX or HCMT?

Over the past year, SMAX had a volatility of 2.77%, while HCMT experienced 28.46%.

Which ETF is bigger: SMAX or HCMT?

As of September 1, 2026, SMAX holds $88.21 M in assets under management (AUM), while HCMT manages $587.80 M.

What sectors do the SMAX and HCMT ETFs invest in?

SMAX leans toward sectors like Technology, Finance and Healthcare. Meanwhile, HCMT focuses on Technology, Finance and Consumer Non-Cyclicals.

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

SMAX top holdings include Apple, Inc., NVIDIA Corp. and Microsoft Corp.. HCMT holds in its top three: NVIDIA Corp., Apple, Inc. and Microsoft Corp..

Which ETF is more diversified: SMAX or HCMT?

SMAX holds 504 securities with 45.4% of its assets in the top 15. HCMT has 503 securities and a top 15 weight of 37.35%.

Episode 8: Laura Morrison, Chief Revenue Officer at Direxion

Active Trader Report: Use of Leveraged & Inverse ETFs Way Up