iShares Large Cap 10% Target Buffer Jun ETF (TENJ)

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

The fund invests in options on an iShares S&P 500 ETF arranged to buffer approximately the first 10% of losses in that reference fund over an outcome period beginning each June. Upside participation is limited by a cap that is reset at the start of each annual period based on market conditions.

Its goal is to give investors equity market participation up to the cap while cushioning moderate declines. Investors who buy or sell during the period may experience results that differ from the targeted outcomes.