Each fund aims to shield investors from the first 10% of losses over a 12-month period while capturing equity-like returns up to a predefined cap.

Black r ock has expanded its range of o utcome ETFs with the introduction of four new funds designed to offer investors partial protection against market downturns. These are the iS hares l arge c ap 10% t arget b uffer ETFs, each linked to the performance of the iS hares  C ore S&P 500 ETF (IVV).    The first fund, Sten , launched on 1 October 2025, with three others—Tend, Tenm, and Tenj—scheduled to follow later in the month. Each fund aims to shield investors