iShares Large Cap Accelerated Outcome ETF (TWOX)

The iShares Large Cap Accelerated Outcome ETF is an outcome-oriented fund from BlackRock's iShares business. It uses an options-based strategy built around a large-cap U.S. equity benchmark, with the goal of delivering accelerated, or multiplied, exposure to the index's gains up to a predetermined cap over a defined outcome period.

The fund typically pairs exposure to the large-cap index with purchased and written options so that upside participation is amplified within a range, while returns above the cap are forgone. The specific terms reset at the start of each outcome period.

Because the pay-off profile depends on when shares are bought and the terms in effect, the fund behaves differently from a conventional index tracker.