Equity

SMAX

iShares Large Cap Max Buffer Sep ETF

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  • NAV as of Nov 20, 2024 $25.12
  • 1 Day NAV Change as of Nov 20, 2024 0.02 (0.07%)
  • Fees as stated in the prospectus Expense Ratio: 0.53%
    Net Expense Ratio: 0.50%

Overview

Why SMAX?

1. Outcome-oriented: Over the course of each 12-month hedge period, the Fund seeks to participate in the price movements of large cap U.S. equities (as represented by the underlying ETF) with up to 100% downside protection (minus fees) in exchange for capped upside.

 

2. Easy access: Convenient, liquid, and cost-effective access to an options-based risk management strategy.

 

3. Step up from cash: One ticker solution designed to help investors gain equity exposure, target higher returns and seek clearer investment outcomes.

INVESTMENT OBJECTIVE

The Fund seeks to track the share price return of the iShares Core S&P 500 ETF (the Underlying ETF) up to an approximate upside limit, while seeking to maximize the downside protection against price declines of the Underlying ETF over an approximate 12-month period beginning at the end of each September.

 

The current hedge period is October 1, 2024 - September 30, 2025.

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Performance

Performance

Growth of Hypothetical $10,000

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The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Distributions

This fund does not have any distributions.
Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

Premium/Discount

View full chart
  1y 3y 5y 10y Incept.
Total Return (%)

as of Oct 31, 2024

- - - - -
Market Price (%)

as of Oct 31, 2024

- - - - -
Benchmark (%)

as of Oct 31, 2024

- - - - -
After Tax Pre-Liq. (%)

as of Oct 31, 2024

- - - - -
After Tax Post-Liq. (%)

as of Oct 31, 2024

- - - - -
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%)

as of Oct 31, 2024

- -0.26 - - - - - - -0.26
Market Price (%)

as of Oct 31, 2024

- -0.08 - - - - - - -0.08
Benchmark (%)

as of Oct 31, 2024

- -0.91 - - - - - - -0.91
After Tax Pre-Liq. (%)

as of Oct 31, 2024

- -0.26 - - - - - - -0.26
After Tax Post-Liq. (%)

as of Oct 31, 2024

- -0.15 - - - - - - -0.15
Performance data is not currently available
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers.

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

Any links to third-party websites are provided for use at your own discretion. Each third party is solely responsible for the content presented and availability of its website. BlackRock does not control, monitor or maintain third-party websites, their content or the products/services they offer. Content may change without notice. When you leave BlackRock’s website and enter a third-party website, you will be subject to that site’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review those policies and notices on the third-party website.

Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

©2024 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, iBONDS, LIFEPATH, ALADDIN and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iCRMH0424U/S-3489128

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BUFFER COMPARISON CHART

Buffer ETFs target different levels of downside protection to help you balance risk and return potential.

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Key Facts

Key Facts

Net Assets of Fund
as of Nov 20, 2024
$124,580,552
Exchange
Cboe BZX formerly known as BATS
Benchmark Index
S&P 500 Index
Distribution Frequency
Annual
CUSIP
46438G588
30 Day Avg. Volume
as of Nov 20, 2024
40,992.00
Daily Volume
as of Nov 20, 2024
36,386.00
Fund Inception
Sep 30, 2024
Asset Class
Equity
Shares Outstanding
as of Nov 20, 2024
4,960,000
Premium/Discount
as of Nov 20, 2024
-0.03
Closing Price
as of Nov 20, 2024
25.11
30 Day Median Bid/Ask Spread
as of Nov 20, 2024
0.20%

Strategy Characteristics

Strategy Characteristics

The Fund employs an option strategy that seeks to track the returns of the Underlying ETF while providing an approximate downside buffer (the “Buffer”) in exchange for an approximate cap (the “Cap”) on upside potential. This Buffer may help reduce volatility and mitigate the effects of a decline in value of the fund to a set range of potential losses. The table below provides an indication of the Buffer and Cap levels as of previous day’s market close.
Starting Payoff Values
Starting Cap
7.41%
Starting Buffer
99.50%
Starting Downside Before Buffer
-0.50%
Current Payoff Values
Remaining Cap
as of Nov 19, 2024 		7.14%
Return in Reference Asset to Realize Cap
as of Nov 19, 2024 		4.94%
Remaining Buffer
as of Nov 19, 2024 		99.25%
Remaining Downside Before Buffer
as of Nov 19, 2024 		-0.75%
Reference Asset Values
Reference Asset Value
as of Nov 19, 2024 		$593.17
Cap Reference Asset Value
as of Nov 19, 2024 		$622.45
Buffer Start Reference Asset Value
as of Nov 19, 2024 		$576.82
Buffer End Reference Asset Value
as of Nov 19, 2024 		$0.00

The Fund’s position relative to the Cap and Buffer should be considered before investing in the Fund. Investor experiences may differ.


What is the hedge period and how can it affect investor experience?

The Buffer and Cap apply to Fund shares held over the hedge period. An investor that purchases Fund shares after the beginning of a hedge period, or sells Fund shares before the end of a hedge period, may not fully realize the Buffer or Cap for the hedge period and may be exposed to greater risk of loss. For example, if an investor purchases Fund shares during a hedge period at a time when the Underlying ETF’s share price has decreased from its price at the beginning of the hedge period, the investor’s Buffer may be decreased. Conversely, if an investor purchases Fund shares during a hedge period at a time when the Underlying ETF’s share price has increased from its price at the beginning of the hedge period, the investor’s upside potential may be reduced and the investor may experience losses prior to reaching the downside protection offered by the Buffer.

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Strategy Characteristics are meant to provide investors with additional metrics on the options strategy within the Fund. They are provided for transparency and illustrative purposes only, are not representative of a specific investment outcome and may not represent current value. The Cap and Buffer may vary from what is shown in the table above. All payoff figures, including the Buffer and Cap, are in reference to the option maturity date and are not guaranteed. All figures shown are net of fees.

Strategy Characteristics

Portfolio Characteristics

Portfolio Characteristics

Equity Beta (3y)
as of -
-
Standard Deviation (3y)
as of -
-
30 Day SEC Yield
as of -
-
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons
as of Nov 19, 2024
0.67%
MSCI - Nuclear Weapons
as of Nov 19, 2024
0.43%
MSCI - Civilian Firearms
as of Nov 19, 2024
0.00%
MSCI - Tobacco
as of Nov 19, 2024
0.58%
MSCI - UN Global Compact Violators
as of Nov 19, 2024
0.00%
MSCI - Thermal Coal
as of Nov 19, 2024
0.00%
MSCI - Oil Sands
as of Nov 19, 2024
0.00%
Business Involvement Coverage
as of Nov 19, 2024
99.00%
Percentage of Fund not covered
as of Nov 19, 2024
1.00%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 1.83%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

Fees

Fees

as of current prospectus
Management Fee 0.50%
Acquired Fund Fees and Expenses 0.03%
Other Expenses 0.00%
Expense Ratio 0.53%
Fee Waivers 0.03%
Net Expense Ratio 0.50%

The amounts shown above are as of the current prospectus, but may not include extraordinary expenses incurred by the Fund over the past fiscal year. Amounts are rounded to the nearest basis point, which in some cases may be "0.00".

Ratings

Holdings

Holdings

Ticker Name Type Sector Asset Class Market Value Weight (%) Notional Value Quantity Par Value CUSIP ISIN SEDOL Price Location Exchange Currency Duration FX Rate Maturity Coupon (%) Accrual Date Effective Date Strike price
Detailed Holdings and Analytics
Holdings are subject to change.



The values shown for “market value,” “weight,” and “notional value” (the “calculated values”) are based off of a price provided by a third-party pricing vendor for the portfolio holding and do not reflect the impact of systematic fair valuation (“the vendor price”). The vendor price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). Holdings data shown reflects the investment book of record, which may differ from the accounting book of record used for the purposes of determining the Net Assets of the Fund. Additionally, where applicable, foreign currency exchange rates with respect to the portfolio holdings denominated in non-U.S. currencies for the valuation price will be generally determined as of the close of business on the New York Stock Exchange, whereas for the vendor price will be generally determined as of 4 p.m. London. The calculated values may have been different if the valuation price were to have been used to calculate such values. The vendor price is as of the most recent date for which a price is available and may not necessarily be as of the date shown above.

Please see the “Determination of Net Asset Value” section of each Fund’s prospectus for additional information on the Fund’s valuation policies and procedures.

READY TO INVEST?

READY TO INVEST?

There are many ways to access iShares ETFs. Learn how you can add them to your portfolio.

Learn More Learn More

Contact your advisor

Contact a financial professional to discuss how iShares ETFs and ETPs can fit in your investment portfolio.

Buy through your brokerage

iShares funds are available through online brokerage firms.

All iShares ETFs and ETPs trade commission free online through Fidelity.

By clicking on the button below, you will leave BlackRock’s website.

Buy now on Fidelity

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

Any links to third-party websites are provided for use at your own discretion. Each third party is solely responsible for the content presented and availability of its website. BlackRock does not control, monitor or maintain third-party websites, their content or the products/services they offer. Content may change without notice. When you leave BlackRock’s website and enter a third-party website, you will be subject to that site’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review those policies and notices on the third-party website.

Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

©2024 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, iBONDS, LIFEPATH, ALADDIN and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iCRMH0424U/S-3489128

Portfolio Managers

Portfolio Managers

Jennifer Hsui
Jennifer Hsui
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Jennifer Hsui, CFA, Managing Director, is Global Head of Index Equity Investments within BlackRock Global Markets & Index Investments ("BGM"). She leads the team responsible for delivering investment quality across roughly $5 trillion of BlackRock’s equity index funds and ETFs.

 

Ms. Hsui's service with the firm dates back to 2006, including her years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to her current role, Ms. Hsui was CIO and co-Head of Index Equity, with responsibility for setting direction, establishing policy, and guiding investment decisions across Index Equity products. Prior to joining BGI, she worked as an equity research analyst covering the medical devices industry at RBC Capital Markets.

 

Ms. Hsui earned a BS degree in economics and biology from the University of California, Berkeley.

Greg Savage
Greg Savage
Head of Americas Index Asset Allocation
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Greg Savage, CFA, Managing Director, is the Head of the Americas Index Asset Allocation team within BlackRock's ETF and Index Investment Group. He is responsible for overseeing the management of the LifePath Target Date Funds as well as a wide range of fund of funds for both Institutional and Defined Contribution clients. Previously, Greg was the Head of iShares Equity Portfolio Management team within BlackRock's Index Equity team where he was responsible for overseeing the management of the Americas listed iShares equity funds.

 

Mr. Savage's service with the firm dates back to 1999, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI he was a senior portfolio manager and team leader in the iShares Index Equity Portfolio Management Group and was previously a transition manager in the Transition Management Group. Prior to BGI, Mr. Savage worked at Pacific Investment Management Company (PIMCO) from 1997 to 1999 in various roles.

 

Mr. Savage earned a BS degree in Accounting from the University of Colorado at Boulder in 1994.

 

 

Paul Whitehead
Paul Whitehead
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Paul Whitehead, Managing Director, is the Deputy Head of Index Equity Investments with responsibility for Global Index Asset Allocation, Transition Management (TRIM), and Americas Portfolio Management within BlackRock’s Global Markets & Index Investments (“BGM”).

 

Mr. Whitehead's service with the firm dates back to 1996, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to assuming his current role , Mr. Whitehead was Global Head of Equity Trading, Global Head of Transition Management and Head of Americas Equity Trading. Previously, he managed the trading team responsible for all Institutional Index funds, Exchange Traded funds, and Transition Management mandates.

 

Mr. Whitehead earned a BS degree in economics at the University of Colorado in 1993.

Literature

Literature