Launches Four Large Cap 10% Target Buffer ETFs

Debuts iShares' First Laddered Buffer ETFs Through Product Enhancements

Today, BlackRock bolstered its Outcome ETF suite with the launch of the iShares Large Cap 10% Target Buffer ETFs. The first ETF in the series, the iShares Large Cap 10% Target Buffer Sep ETF (CBOE:STEN), begins trading today, while the remaining funds will be listed later this month. BlackRock expects the Outcome ETF category to grow from $250 billion to $650 billion by 2030, as investors increasingly seek strategies that deliver more specific goals – such as targeted downside protection, high income, and enhanced growth.¹

"Buffer ETFs are emerging as increasingly common portfolio tools, helping clients get invested and stay invested through volatility by offering downside protection and transparent outcomes," said Elise Terry, Head of U.S. iShares at BlackRock. "These new ETFs expand iShares' Outcome ETF lineup, providing investors with more choices to design portfolios with built-in resilience and more predictable outcomes for navigating various market conditions."

The ETFs aim to track the share price return of the iShares Core S&P 500 ETF (IVV) up to an approximate cap while mitigating the first 10% of losses over a 12-month outcome period, providing investors with defined exposure to equity-like returns and protection against modest market declines.

Fund Name	Ticker	Reference Asset	Downside Buffer	Anticipated Launch Date	Expense Ratio
iShares Large Cap 10% Target Buffer Sep ETF	STEN	S&P 500 (IVV ETF)	10%	October 1, 2025	0.50%
iShares Large Cap 10% Target Buffer Dec ETF	TEND	S&P 500 (IVV ETF)	10%	October 8, 2025	0.50%
iShares Large Cap 10% Target Buffer Mar ETF	TENM	S&P 500 (IVV ETF)	10%	October 22, 2025	0.50%
iShares Large Cap 10% Target Buffer Jun ETF	TENJ	S&P 500 (IVV ETF)	10%	October 22, 2025	0.50%

Debuting Laddered Buffer ETFs

BlackRock has also introduced its first Laddered Buffer ETFs through enhancements to the iShares Large Cap Moderate Buffer ETF and the iShares Large Cap Deep Buffer ETF, creating the iShares Large Cap Moderate Quarterly Laddered ETF (IVVM) and the iShares Large Cap Deep Quarterly Laddered ETF (IVVB), respectively.

The ETFs hold multiple options contracts with staggered maturities, seeking to deliver a more consistent experience regardless of the entry point.

iShares' Outcome ETF suite includes Buffer and premium income solutions such as the iShares Advantage Large Cap Income ETF (BALI). The new offerings further demonstrate iShares' commitment to delivering choice while providing investors with the lowest fees across a growing lineup of buffer ETFs. ² With $5 trillion in client assets globally, iShares continues to leverage its scale to broaden access to institutional-quality risk management through the flexibility and transparency of the ETF wrapper.

About BlackRock

BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock

About iShares

iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1,600+ exchange traded funds (ETFs) and over $4.7 trillion in assets under management as of June 30, 2025, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

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 www.iShares.com or www.blackrock.com. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

There can be no guarantee that the Buffered Funds will be successful in their strategy to provide downside protection against Underlying ETF losses. The Funds do not provide principal protection or non-principal protection, and, despite the Approximate Buffer (the "Buffer"), an investor may experience significant losses on their investment, including the loss of their entire investment. In the event an investor purchases Fund shares after a Outcome Period begins or sells Fund shares prior to the end of the Outcome Period, the returns realized by the investor will not match those that the Funds seeks to provide.

In periods of extreme market volatility, the Funds' return may be subject to downside protection significantly lower than the Buffer and an upside limit significantly below the Approximate Cap (the "Cap"). A new Cap is established during each Rebalance Period and is dependent upon current market conditions. As such, the Cap is likely to change, sometimes significantly, from one Outcome Period to the next.

The Buffered Funds invest in FLEX Options that derive their value from the Underlying ETF. FLEX Options are subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation, and may be less liquid than other securities. The value of FLEX Options may be affected by interest rate changes, dividends, actual and implied volatility levels of the Underlying ETF's share price, and the remaining time until the FLEX Options expire. Because of these factors, the Fund's NAV may not increase or decrease at the same rate as the underlying ETF's share price.

There can be no guarantee that a Laddered Buffer Fund will be successful in its strategy to provide downside protection against underlying ETF losses. The Fund does not provide principal protection or non-principal protection, and an investor could experience significant losses on their investment, including the loss of their entire investment. In periods of extreme market volatility, the Fund's return may be subject to downside protection significantly lower, and an upside limit significantly below what the fund seeks to provide. There can be no guarantee that the Fund will be successful in its strategy to match the increase, if any and subject to the upside limit, of the share price return of the underlying ETF.

Actively managed funds do not seek to replicate the performance of a specified index, may have higher portfolio turnover, and may charge higher fees than index funds due to increased trading and research expenses.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The information presented does not take into consideration commissions, tax implications, or other transactions costs, which may significantly affect the economic consequences of a given strategy or investment decision. The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with S&P Dow Jones Indices LLC.

¹ BlackRock, "Outcome ETFs: A powerful tool for a changing world," as of March 27, 2025.

² BlackRock and Morningstar as of June 30, 2025. Universe includes all ETFs in the US Options Trading category that seek to provide 100% downside buffer against the price of an underlying index.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251001034067/en/

Media Contacts

Joanna Yau

Joanna.yau@blackrock.com

646-856-7274

Caitlyn Guntle

Caitlyn.guntle@blackrock.com

212-810-5528

BlackRock Expands Outcome Product Suite to Meet Increasing Investor Demand