iShares Large Cap Max Buffer Sep ETF (SMAX)

iShares Large Cap Max Buffer Sep ETF (SMAX) is a BlackRock iShares fund that provides exposure to U.S. large-cap stocks, through the iShares Core S&P 500 ETF, combined with an options package designed to buffer nearly all downside over a defined one-year outcome period that begins each September.

In exchange for this high level of downside protection, the fund's upside participation in the S&P 500 is capped at a level that is reset at the start of each new outcome period. The buffer and cap apply to shares held for the full period; investors entering or exiting mid-period may experience different results. The strategy is designed for those seeking equity exposure with significantly reduced loss potential.