SMAX Fees and Costs — iShares Large Cap Max Buffer Sep ETF
Data updated: 2026-10-13
The net expense ratio is 0.50% (0.53% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $6K in broker commissions, 0.0062% of average net assets, and portfolio turnover was 0%.
SMAX Fees and Expenses
Annual operating expenses and sales charges of SMAX. Prospectus, as of July 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.53% |
| Fee waiver | −0.03% |
| Net expense ratio | 0.50% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
SMAX Costs Over Time
On $10,000 invested in SMAX, assuming 5% a year before costs, total costs come to $320 over 5 years, cutting the return by 0.53% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.50%) | $52 | $165 | $287 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $53 | $175 | $320 |
| Value after costs | $10,447 | $11,401 | $12,443 |
| Impact on return, per year | 0.53% | 0.53% | 0.53% |
SMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0062%
- Total broker commissions: $6K
- Bought from dealers (principal trades, not a cost): $60.8M
- Portfolio turnover (prospectus): 0%
SMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jane Street Execution Services, LLC | $5K | 73.73% |
| UBS Securities LLC | $737 | 11.98% |
| BOFA SECURITIES, INC. | $326 | 5.30% |
| J.P. MORGAN SECURITIES LLC | $209 | 3.40% |
| CitiGroup Global Markets Inc. | $151 | 2.45% |
| SUSQUEHANNA FINANCIAL GROUP, LLLP | $122 | 1.98% |
| MORGAN STANLEY & CO. LLC | $57 | 0.93% |
| GOLDMAN SACHS & CO. LLC | $7 | 0.11% |
| BNP Paribas Securities Corp. | $5 | 0.08% |
| BARCLAYS CAPITAL, INC. | $2 | 0.03% |
SMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BLACKROCK FUNDS III - BlackRock Cash Funds: Treasury | $54.1M | 89.09% |
| BOFA SECURITIES, INC. | $6.6M | 10.89% |
| Goldman Sachs & Co. LLC | $13K | 0.02% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.