TENM
EquityACTIVE

iShares Large Cap 10% Target Buffer Mar ETF

NAV as ofMay 18, 2026
$26.7152 WK: 24.67 - 26.78
1 Day NAV Change as ofMay 18, 2026
Increase $0.03(0.13%)
May 15, 2026
YTD: Increase 5.01%
Apr 30, 2026
0.71%
Apr 30, 2026
0.71%
Expense Ratio:Fees as stated in the prospectus
0.53%
Fees as stated in the prospectus
0.50%
NAV as ofMay 18, 2026
$26.7152 WK: 24.67 - 26.78
1 Day NAV Change as ofMay 18, 2026
Increase $0.03(0.13%)
May 15, 2026
YTD: Increase 5.01%
Apr 30, 2026
0.71%
Apr 30, 2026
0.71%
Expense Ratio:Fees as stated in the prospectus
0.53%
Fees as stated in the prospectus
0.50%
The iShares Large Cap 10% Target Buffer Mar ETF seeks to participate in the price movements of large cap U.S. equities (as represented by the underlying ETF) with up to 10% downside protection (minus fees) in exchange for capped upside for the 12-month hedge period from April to March. The fund offers a way to gain equity exposure while seeking downside protection.
ProspectusPDF, opens in a new tabFinancial and Legal Documentsopens in a new tabData DownloadExcel, opens in a new tab

Key Facts

Net Assets of Fund
Fund Inception
Benchmark Index
Exchange
Cboe BZX
Annual
CUSIP
46438G273
2,323.00
as of May 18, 2026
7,370.00
as of May 18, 2026
Asset Class
Equity
Shares Outstanding
1,760,000
as of May 18, 2026
-0.06
as of May 18, 2026
Closing Price
26.70
as of May 18, 2026
0.19%
as of May 18, 2026

Strategy Characteristics

The Fund employs an options strategy that seeks to track the price return of the iShares Core S&P 500 ETF (“the Underlying ETF” or the “Reference Asset”) while providing an approximate downside buffer (the “Buffer”) in exchange for an approximate cap (the “Cap”) on upside potential. The Buffer may help reduce volatility and mitigate the effects of a decline in the value of the Fund to a set range of potential losses for investors who hold Fund shares over the entire Hedge Period. The table below provides an indication of the Buffer and Cap levels as of the previous day’s market close.

Current Payoff Values
Remaining Hedge Period
as of May 15, 2026
320 Days
as of May 15, 2026
10.33%
as of May 15, 2026
4.60%
as of May 15, 2026
13.55%
as of May 15, 2026
-7.27%
Reference Asset Values
Reference AssetIVV
as of May 15, 2026
$742.45
as of May 15, 2026
$776.60
as of May 15, 2026
$653.21
as of May 15, 2026
$587.89
Starting Payoff Values
9.50%
18.39%
-0.50%
Mar 31, 2027
Apr 01, 2026
The Fund’s position relative to the Cap and Buffer should be considered before investing in the Fund. Investors may experience different outcomes if Fund shares are not held for the entire Hedge Period.

What is the Hedge Period and how can it affect investor experience?

The Buffer and Cap apply to Fund shares held over the entire 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. Investors who sell prior to the end of the Hedge Period may not fully realize the Buffer or Cap.

Strategy Characteristics are meant to provide investors with additional metrics on the options strategy used by 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 holding the Fund shares through the end of the Hedge Period and are not guaranteed. All figures shown are net of fees (as applicable).

Potential Outcome Scenarios

Wondering how TENM may behave in different market conditions?

This table shows how the fund might perform (net of fees) across a range of return scenarios for the Reference Asset for the duration of the current Outcome Period.

These figures assume that an investor invests in the Fund on the current day and holds the investment through the Outcome Period. These figures are illustrative only and do not represent actual or future performance of the Fund or the Reference Asset.

as of May 15, 2026

Reference Asset Move-30.0%-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%30.0%
TENM-17.00%-7.27%-7.27%-5.13%0.17%5.46%10.33%10.33%10.33%10.33%10.33%

Portfolio Characteristics

-
0.71%
as of Apr 30, 2026
-

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section.

More Funds to Consider

MMAX
iShares Large Cap Max Buffer Mar ETFView MMAX
IVVM
iShares Large Cap Moderate Quarterly Laddered ETFView IVVM

Holdings

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. Notional value represents the portfolio's exposures based on the economic value of investments and options are delta-adjusted. 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.

“Quantity” represents the number of shares, units or contracts of the corresponding security, as applicable per security type.

Performance

1y3y5y10yIncept.
Total Return (%)
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Market Price (%)
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Benchmark (%)
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After Tax Pre-Liq. (%)
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After Tax Post-Liq. (%)
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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.

-

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

Distributions SchedulePDF, opens in a new tab
Understanding DividendsPDF, opens in a new tab
Dec 23, 2025Dec 23, 2025Dec 29, 2025$0.074632$0.074427$0.000082$0.000123$0.000000
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Portfolio Managers

Orlando Montalvo

Orlando Montalvo

Fees

as of current prospectus
Management Fee
0.50%
0.03%
Other Expenses
+0.00%
0.53%
-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".

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.