iShares Large Cap 10% Target Buffer Dec ETF (TEND)

The iShares Large Cap 10% Target Buffer Dec ETF (TEND) is an exchange-traded fund from BlackRock's iShares business that provides defined-outcome exposure to large-cap U.S. stocks.

The fund holds options referencing an iShares S&P 500 ETF and is structured to provide a buffer against approximately the first 10% of losses in the reference fund over an outcome period that resets each December. In exchange for that downside protection, potential gains are limited by an upside cap that is set at the start of each new period.

Its objective is to let investors participate in U.S. large-cap equity returns up to the cap while reducing exposure to moderate market declines, with the stated outcomes applying to shares held for the entire period.