BlackRock Expands Outcome Product Suite to Meet Increasing Investor Demand

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)