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TWOX

iShares Large Cap Accelerated Outcome ETF

NAV as of Apr 22, 2025 $22.15
1 Day NAV Change as of Apr 22, 2025 0.56 (2.59%)

Fees as stated in the prospectus Expense Ratio: 0.53%
Net Expense Ratio: 0.50%

Overview

Why TWOX?

1. Seek enhanced return: Target 2x upside participation with large cap U.S. equities (as represented by the underlying ETF) up to an approximate cap and 1x downside participation over the course of each calendar quarter.

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

3. Express a view on the U.S. large cap market: One ticker solution for enhancing large cap return potential in a moderate growth environment.

INVESTMENT OBJECTIVE

The iShares Large Cap Accelerated Outcome ETF seeks to provide approximately twice the positive share price return of the iShares Core S&P 500 ETF (the "Underlying ETF"), up to an approximate upside limit, while seeking to approximately track the negative share price return of the Underlying ETF, over each full calendar quarter (“Outcome Period”).

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Performance

Growth of Hypothetical $10,000

Performance chart data not available for display.

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
Sorry, no data available.

Premium/Discount

Returns

	1y	3y	5y	10y	Incept.
Total Return (%) as of Mar 31, 2025	-	-	-	-	-
Market Price (%) as of Mar 31, 2025	-	-	-	-	-
Benchmark (%) as of Mar 31, 2025	-	-	-	-	-
After Tax Pre-Liq. (%) as of Mar 31, 2025	-	-	-	-	-
After Tax Post-Liq. (%) as of Mar 31, 2025	-	-	-	-	-

Performance data is not currently available

	YTD	1m	3m	6m	1y	3y	5y	10y	Incept.
Total Return (%) as of Mar 31, 2025	-	-6.32	-	-	-	-	-	-	-5.81
Market Price (%) as of Mar 31, 2025	-	-6.40	-	-	-	-	-	-	-5.76
Benchmark (%) as of Mar 31, 2025	-	-5.63	-	-	-	-	-	-	-5.42
After Tax Pre-Liq. (%) as of Mar 31, 2025	-	-6.32	-	-	-	-	-	-	-5.81
After Tax Post-Liq. (%) as of Mar 31, 2025	-	-3.74	-	-	-	-	-	-	-3.44

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.

ACCELERATED RETURN CHART

TWOX’s accelerated return zone resets on a quarterly basis. Learn more about the fund’s risk return potential through this interactive chart.

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Key Facts

Net Assets of Fund

as of Apr 22, 2025

$12,404,141

Exchange

Cboe BZX

Benchmark Index

S&P 500 Index (USD)

Distribution Frequency

Annual

CUSIP

46438G463

30 Day Avg. Volume

as of Apr 22, 2025

853.00

Daily Volume

as of Apr 22, 2025

221.00

Fund Inception

Jan 15, 2025

Asset Class

Equity

Shares Outstanding

as of Apr 22, 2025

560,000

Premium/Discount

as of Apr 22, 2025

0.07

Closing Price

as of Apr 22, 2025

22.17

30 Day Median Bid/Ask Spread

as of Apr 22, 2025

0.29%

Strategy Characteristics

The Fund employs an options strategy that seeks to provide approximately twice the upside price return (the “Accelerated Return”) of the iShares Core S&P 500 ETF (the “Underlying ETF” or the “Reference Asset”) up to an approximate cap (the “Cap”) while seeking to approximately track the downside price return of the Underlying ETF. This strategy seeks to provide enhanced returns for investors who hold Fund shares over the entire Outcome Period when the Underlying ETF has a positive return for the Outcome Period. The table below provides an indication of the Cap and other payoff values as of the previous day’s market close.

Starting Payoff Values
Starting Cap	7.46%
Outcome Period Start Date	Apr 01, 2025
Outcome Period End Date	Jun 30, 2025

Current Payoff Values
Remaining Outcome Period as of Apr 22, 2025	69 Days
Remaining Cap as of Apr 22, 2025	14.24%
Return in Reference Asset to Realize Remaining Cap as of Apr 22, 2025	10.17%
Downside to Start of Acceleration Zone as of Apr 22, 2025	0.00%
Return in Reference Asset to Start of Acceleration Zone as of Apr 22, 2025	6.14%

Reference Asset Values
Reference Asset	IVV
Reference Asset Value as of Apr 22, 2025	$529.38
Option Cap Reference Asset Value as of Apr 22, 2025	$583.20

The Fund’s position relative to the Cap and Acceleration Zone should be considered before investing in the Fund. Investors may experience different outcomes if Fund shares are not held for the entire Outcome Period.

What is the Acceleration Zone, and how can it affect investor experience?

The Acceleration Zone is the range of returns where the Fund may experience approximately twice the return of the Underlying ETF, known as the Accelerated Return, up to the Cap, if Fund shares are held for the entire Outcome Period.

• If an investor buys Fund shares after the start of the Outcome Period, at a time when the Underlying ETF’s share price has increased from its price at the beginning of the Outcome Period, the investor may experience lesser returns and may be exposed to greater losses than those of the Underlying ETF. An investment in the Fund is appropriate only for investors willing to bear such losses.

• If an investor buys Fund shares after the start of the Outcome Period, at a time when the Underlying ETF’s share price has decreased from its price at the beginning of the Outcome Period, the Fund may require a larger increase in the Underlying ETF’s share price return before it can reach the Accelerated Return.

• An investor who sells Fund shares before the end of the Outcome Period may not fully realize the Accelerated Return.

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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, Downside to Start of Acceleration Zone, and other payoff values may vary from what is shown in the table above. All payoff figures, including the Cap, Downside to Start of Acceleration Zone, and other payoff values, are in reference to holding Fund shares through the end of the Outcome Period and are not guaranteed. All figures shown are net of fees (as applicable).

Strategy Characteristics

Portfolio Characteristics

Equity Beta (3y)

as of -

12m Trailing Yield

as of -

Unsubsidized 30-Day SEC Yield

as of Mar 31, 2025

0.91%

30 Day SEC Yield

as of Mar 31, 2025

0.91%

Standard Deviation (3y)

as of -

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

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

Ticker	Name	Type	Sector	Asset Class	Market Value	Weight (%)	Notional Value	Quantity	CUSIP	ISIN	SEDOL	Accrual Date	Strike price
IVV	ISHARES CORE S&P ETF TRUST	EQUITY	Financials	Equity	$12,305,438.10	99.20	12,305,438.10	23,245.00	464287200	US4642872000	2593025	-	-
IVV.FLEX	JUL25 IVV US C @ 561.9	OPTION	Cash and/or Derivatives	Other Derivatives	$223,470.90	1.80	3,789,450.06	235.00	-	-	-	-	561.90
XTSLA	BLK CSH FND TREASURY SL AGENCY	FUND	Cash and/or Derivatives	Money Market	$57,761.50	0.47	57,761.50	57,762.00	066922477	US0669224778	6922477	-	-
GSCFT	CASH COLLATERAL USD GSCFT	CASH	Cash and/or Derivatives	Cash Collateral and Margins	$10,000.00	0.08	10,000.00	10,000.00	-	-	-	Feb 01, 2009	-
HWAM5	MICRO EMINI S&P 500 JUN 25	FUTURE	Cash and/or Derivatives	Futures	$0.00	0.00	106,295.00	4.00	-	-	-	-	-
USD	USD CASH	CASH	Cash and/or Derivatives	Cash	$-677.14	-0.01	-677.14	-677.00	-	-	-	-	-
IVV.FLEX	JUL25 IVV US C @ 583.2	OPTION	Cash and/or Derivatives	Other Derivatives	$-191,830.50	-1.55	-4,151,834.14	-470.00	-	-	-	-	583.20

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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.

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

WANT TO LEARN MORE?

Access additional materials to better understand the Accelerated ETF.

PRODUCT BRIEF

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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.

iCRMH1124U/S-3985892

Portfolio Managers

Orlando Montalvo

Matthew DeCicco

Literature

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iShares Large Cap Accelerated Outcome ETF

Overview

Why TWOX?

INVESTMENT OBJECTIVE

Performance