Equity

IVVM

iShares Large Cap Moderate Buffer ETF

  • NAV as of Apr 25, 2025 $30.29
    52 WK: 27.28 - 31.62
  • 1 Day NAV Change as of Apr 25, 2025 0.16 (0.55%)
  • NAV Total Return as of Apr 24, 2025 YTD: -1.77%
  • Fees as stated in the prospectus Expense Ratio: 0.53%
    Net Expense Ratio: 0.50%

Overview

Why IVVM?

1. Outcome-oriented: Seek to participate in the price movements of large cap U.S. equities with potentially less downside risk in exchange for capped upside.

 

2. Easy access: Convenient, liquid, and cost-effective access to an options-based risk management strategy.

 

3. Buy-and-hold approach: One ticker solution for a defensive equity or alternatives allocation in a portfolio that can potentially help investors gain greater control of their financial goals.

INVESTMENT OBJECTIVE

iShares Large Cap Moderate Buffer ETF seeks to track the share price return of the iShares Core S&P 500 ETF (the "Underlying ETF") up to an approximate upside limit, while seeking to provide downside protection against approximately the first 5% of Underlying ETF losses over each calendar quarter.
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Performance

Performance

Growth of Hypothetical $10,000

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The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Distributions

Record Date Ex-Date Payable Date
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Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

Premium/Discount

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  1y 3y 5y 10y Incept.
Total Return (%) 10.48 - - - 12.40
Market Price (%) 10.40 - - - 12.43
Benchmark (%) 8.25 - - - 16.87
After Tax Pre-Liq. (%) 10.21 - - - 12.24
After Tax Post-Liq. (%) 6.21 - - - 9.48
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) -0.38 -1.84 -0.38 1.62 10.48 - - - 22.82
Market Price (%) -0.29 -1.86 -0.29 1.65 10.40 - - - 22.89
Benchmark (%) -4.27 -5.63 -4.27 -1.97 8.25 - - - 31.49
After Tax Pre-Liq. (%) -0.38 -1.84 -0.38 1.37 10.21 - - - 22.52
After Tax Post-Liq. (%) -0.23 -1.09 -0.23 0.96 6.21 - - - 17.27
  2020 2021 2022 2023 2024
Total Return (%) - - - - 16.32
Market Price (%) - - - - 16.06
Benchmark (%) - - - - 25.02
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers.

Key Facts

Key Facts

Net Assets of Fund
as of Apr 25, 2025
$83,606,806
Exchange
Cboe BZX
Benchmark Index
S&P 500 Index (USD)
Shares Outstanding
as of Apr 25, 2025
2,760,000
Premium/Discount
as of Apr 25, 2025
0.19%
Closing Price
as of Apr 25, 2025
30.35
30 Day Median Bid/Ask Spread
as of Apr 25, 2025
0.28%
Fund Launch Date
Jun 28, 2023
Asset Class
Equity
Bloomberg Index Ticker
SPTR
Distribution Frequency
Annual
CUSIP
092528702
30 Day Avg. Volume
as of Apr 25, 2025
34,530.00
Daily Volume
as of Apr 25, 2025
70,661.00

Strategy Characteristics

Strategy Characteristics

The Fund employs an options strategy that seeks to track the price return of the iShares Core S&P 500 ETF (“the Underlying ETF” or the “Reference Asset”) while providing an approximate downside buffer (the “Buffer”) in exchange for an approximate cap (the “Cap”) on upside potential. The Buffer may help reduce volatility and mitigate the effects of a decline in the value of the Fund to a set range of potential losses for investors who hold Fund shares over the entire Hedge Period. The table below provides an indication of the Buffer and Cap levels as of the previous day’s market close.
Starting Payoff Values
Starting Cap
6.00%
Starting Buffer
4.87%
Starting Downside Before Buffer
-0.12%
Hedge Period Start Date
Apr 01, 2025
Hedge Period End Date
Jun 30, 2025
Current Payoff Values
Remaining Hedge Period
as of Apr 24, 2025 		67 Days
Remaining Cap
as of Apr 24, 2025 		7.50%
Return in Reference to Realize Remaining Cap
as of Apr 24, 2025 		8.58%
Remaining Buffer
as of Apr 24, 2025 		4.09%
Remaining Downside Before Buffer
as of Apr 24, 2025 		0.00%
Reference Asset Values
Reference Asset
IVV
Reference Asset Value
as of Apr 24, 2025 		$549.22
Cap Reference Asset Value
as of Apr 24, 2025 		$596.34
Buffer Start Reference Asset Value
as of Apr 24, 2025 		$561.90
Buffer End Reference Asset Value
as of Apr 24, 2025 		$533.81

The Fund’s position relative to the Cap and Buffer should be considered before investing in the Fund. Investors may experience different outcomes if Fund shares are not held for the entire Hedge Period.


What is the Hedge Period and how can it affect investor experience?

The Buffer and Cap apply to Fund shares held over the entire Hedge Period. An investor that purchases Fund shares after the beginning of a Hedge Period, or sells Fund shares before the end of a Hedge Period, may not fully realize the Buffer or Cap for the Hedge Period and may be exposed to greater risk of loss. For example, if an investor purchases Fund shares during a Hedge Period at a time when the Underlying ETF’s share price has decreased from its price at the beginning of the Hedge Period, the investor’s Buffer may be decreased. Conversely, if an investor purchases Fund shares during a Hedge Period at a time when the Underlying ETF’s share price has increased from its price at the beginning of the Hedge Period, the investor’s upside potential may be reduced and the investor may experience losses prior to reaching the downside protection offered by the Buffer. Investors who sell prior to the end of the Hedge Period may not fully realize the Buffer or Cap.

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Strategy Characteristics are meant to provide investors with additional metrics on the options strategy used by the Fund. They are provided for transparency and illustrative purposes only, are not representative of a specific investment outcome and may not represent current value. The Cap and Buffer may vary from what is shown in the table above. All payoff figures, including the Buffer and Cap, are in reference to holding the Fund shares through the end of the Hedge Period and are not guaranteed. All figures shown are net of fees (as applicable).

Strategy Characteristics

Portfolio Characteristics

Portfolio Characteristics

Equity Beta (3y)
as of -
-
12m Trailing Yield
as of Mar 31, 2025
0.59%
P/E Ratio
as of Apr 24, 2025
24.29
Unsubsidized 30-Day SEC Yield
as of Mar 31, 2025
0.86%
30 Day SEC Yield
as of Mar 31, 2025
0.86%
Standard Deviation (3y)
as of -
-
P/B Ratio
as of Apr 24, 2025
4.37
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Management Fee 0.50%
Acquired Fund Fees and Expenses 0.03%
Other Expenses 0.00%
Expense Ratio 0.53%
Fee Waivers 0.03%
Net Expense Ratio 0.50%

The amounts shown above are as of the current prospectus, but may not include extraordinary expenses incurred by the Fund over the past fiscal year. Amounts are rounded to the nearest basis point, which in some cases may be "0.00".

Ratings

Holdings

Holdings

Ticker Name Type Sector Asset Class Market Value Weight (%) Notional Value Shares CUSIP ISIN SEDOL Location Exchange Currency FX Rate Accrual Date Strike price
Detailed Holdings and Analytics
Holdings are subject to change.

For options contracts held within the fund, the maturity date represents the expiration date of the contract.


The values shown for “market value,” “weight,” and “notional value” (the “calculated values”) are based off of a price provided by a third-party pricing vendor for the portfolio holding and do not reflect the impact of systematic fair valuation (“the vendor price”). The vendor price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). Holdings data shown reflects the investment book of record, which may differ from the accounting book of record used for the purposes of determining the Net Assets of the Fund. Additionally, where applicable, foreign currency exchange rates with respect to the portfolio holdings denominated in non-U.S. currencies for the valuation price will be generally determined as of the close of business on the New York Stock Exchange, whereas for the vendor price will be generally determined as of 4 p.m. London. The calculated values may have been different if the valuation price were to have been used to calculate such values. The vendor price is as of the most recent date for which a price is available and may not necessarily be as of the date shown above.

Please see the “Determination of Net Asset Value” section of each Fund’s prospectus for additional information on the Fund’s valuation policies and procedures.

“Quantity” represents the number of shares, units or contracts of the corresponding security, as applicable per security type.

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BUFFER COMPARISON CHART

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Portfolio Managers

Portfolio Managers

Kyle G. McClements
Kyle G. McClements
Head of Equity Derivatives Team

  

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Kyle G. McClements, CFA, Managing Director, is Head of the Equity Derivatives team within BlackRock's Fundamental Active Equity division. He is a portfolio manager for equity derivatives overlay and hedging assignments, including BlackRock's equity closed end funds.

 

Mr. McClement's' service with the firm dates back to 2004, including his years with State Street Research & Management (SSRM), which merged with BlackRock in 2005. At SSRM, Mr. McClement's was a Vice President and senior derivatives strategist responsible for equity derivative strategy and trading in the Quantitative Equity Group at State Street Research. Prior to joining State Street Research in 2004, Mr. McClement's was a senior trader/analyst at Deutsche Asset Management, responsible for derivatives, equity program, technology and energy sector, and foreign exchange trading Mr. McClement's began his career in 1994 as a derivatives analyst with Donaldson Lufkin & Jenrette responsible for pricing and performance analytics for the derivatives trading desk.

 

Mr. McClements earned a BA degree in economics and political science from the University of Pennsylvania in 1993 and an MBA degree in finance and corporate accounting from the University of Rochester in 1998.

Christopher M. Accettella
Christopher M. Accettella
BlackRock Equity Derivatives Team

  

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Christopher M. Accettella, Director, is a member of the Equity Derivatives team within BlackRock's Fundamental Active Equity division. He is a portfolio manager for equity derivatives overlay and hedging assignments, including BlackRock's equity closed end funds.

 

Prior to joining BlackRock in 2005, Mr. Accettella was an institutional sales trader with American Technology Research. From 2001 to 2003, he was with Deutsche Asset Management where he was responsible for derivatives and program trading. Prior to that, he was a senior associate in the Pacific Basin Equity Group at Scudder Investments Singapore Limited. Mr. Accettella began his investment career in 1997 as a portfolio analyst in the European Equity group of Scudder Kemper Investments, Inc.

 

Mr. Accettella earned a BA degree in economics and Asian studies from Colgate University in 1997.

Literature

Literature

 

READY TO INVEST?

READY TO INVEST?

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

Any links to third-party websites are provided for use at your own discretion. Each third party is solely responsible for the content presented and availability of its website. BlackRock does not control, monitor or maintain third-party websites, their content or the products/services they offer. Content may change without notice. When you leave BlackRock’s website and enter a third-party website, you will be subject to that site’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review those policies and notices on the third-party website.

Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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