SMAXvsPBPETF Comparison
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iShares Large Cap Max Buffer Sep ETF (SMAX) and Invesco S&P 500 BuyWrite ETF (PBP) belong to the same industry segment: Options Strategies. Both ETFs have the same top 3 sector exposures: Technology, Finance and Healthcare. SMAX is more expensive with a Total Expense Ratio (TER) of 0.53%, versus 0.29% for PBP. SMAX is up 5.13% year-to-date (YTD) with -$34M in YTD flows. PBP performs better with 9.37% YTD performance, and +$43M in YTD flows. Run a side-by-side ETF comparison of SMAX and PBP 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 PBP performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SMAX PBP | +0.57%+0.67% | +1.65%+4.12% | +5.13%+9.37% | +7.57%+18.78% | n/a+43.66% | n/a+46.46% |
| Flows | SMAX PBP | -$1M+$21M | -$7M+$30M | -$34M+$43M | +$515K+$73M | -+$272M | -+$203M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SMAX PBP | +2.43%+6.76% | +2.77%+7.16% | n/a+10.31% | n/a+11.35% |
| Max drawdown | SMAX PBP | -0.70%-2.03% | -1.93%-5.24% | n/a-15.51% | n/a-18.35% |
| Max drawdown duration | SMAX PBP | 10d8d | 44d63d | n/a240d | n/a679d |
Trading data
SMAX | PBP | |
Last sale 9/2/2026 at 3:24 PM | $28.29 | $23.16 |
| Previous close 09/01/2026 | $28.24 | $23.30 |
| Consolidated volume 09/01/2026 | ||
| 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 indexSMAX | PBP | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/2/2026 at 3:24 PM
Live
Closed
SMAX | PBP | |
|---|---|---|
| Last price | $28.29 | $23.16 |
| 1D performance | +0.16% | -0.60% |
| AuM | $88.21 M | $379.72 M |
| E/R | 0.53% | 0.29% |
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Exposure
Countries
SMAX
USA
100.92%
Other
-0.92%
PBP
USA
97.04%
Other
2.96%
Sectors
SMAX
Technology
46.23%
Finance
14.48%
Healthcare
9.28%
Consumer Non-Cycl.
9.23%
Industrials
7.84%
Other
12.94%
PBP
Technology
44.19%
Finance
14.31%
Healthcare
9.37%
Consumer Non-Cycl.
9.14%
Industrials
7.65%
Other
15.35%
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Diversification
SMAX
Total weight of top 15 holdings out of 15
45.4%
PBP
Total weight of top 15 holdings out of 15
43.4%
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%
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%
US30233Q1085
1.04%
Frequently asked questions about SMAX and PBP
How have the SMAX and PBP ETFs performed in 2026?
As of September 1, 2026, SMAX is up 5.13% year-to-date (YTD), while PBP has returned 9.37%. That puts PBP better performer ahead so far this year.
Which ETF is attracting more investor money: SMAX or PBP?
Year-to-date, the SMAX ETF saw -$34M in flows, compared to +$43M for PBP.
Which ETF is more volatile: SMAX or PBP?
Over the past year, SMAX had a volatility of 2.77%, while PBP experienced 7.16%.
Which ETF is bigger: SMAX or PBP?
As of September 1, 2026, SMAX holds $88.21 M in assets under management (AUM), while PBP manages $379.72 M.
What sectors do the SMAX and PBP ETFs invest in?
SMAX leans toward sectors like Technology, Finance and Healthcare. Meanwhile, PBP focuses on Technology, Finance and Healthcare.
What are the top holdings of the SMAX ETF and PBP ETF?
SMAX top holdings include Apple, Inc., NVIDIA Corp. and Microsoft Corp.. PBP holds in its top three: Apple, Inc., NVIDIA Corp. and Microsoft Corp..
Which ETF is more diversified: SMAX or PBP?
SMAX holds 504 securities with 45.4% of its assets in the top 15. PBP has 503 securities and a top 15 weight of 43.4%.
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Latest news about SMAX & PBP
How Covered Call ETFs Evolved Through the Years
August 12, 2026
PBP
Options Strategies in ETFs, Part 1: A Grand Overview
November 1, 2023
PBP
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