iShares Large Cap 10% Target Buffer Sep ETF (STEN)

The iShares Large Cap 10% Target Buffer Sep ETF is a defined-outcome exchange-traded fund from BlackRock's iShares that provides buffered exposure to U.S. large-cap stocks. It uses options on the S&P 500, or an ETF tracking it, to shape its returns over an annual outcome period that begins in September.

The strategy seeks to protect against the first 10 percent of declines in the reference index over the outcome period while limiting upside to a cap determined when the options are reset each September. Returns for shareholders who buy in mid-period may differ from the stated targets. The fund is listed on Cboe BZX.