iShares Large Cap Deep Quarterly Laddered ETF
IVVB
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- iShares Large Cap Deep Quarterly Laddered ETF (IVVB) is an actively managed exchange-traded fund that seeks to track the share price return of the iShares Core S&P 500 ETF up to an approximate upside cap, while providing downside protection against approximately 5-20% of losses in the underlying ETF over each calendar quarter. The fund employs FLEX options, including calls and puts referencing the iShares Core S&P 500 ETF (IVV), cash equivalents such as BlackRock Cash Funds Treasury SL Agency, and collateral holdings; its portfolio primarily consists of IVV shares combined with overlapping options contracts with staggered expiries to deliver laddered buffer protection and lower volatility. Launched on June 28, 2023, and domiciled in the United States, IVVB operates in the defined outcome ETF segment, targeting investors seeking large-cap U.S. equity exposure with managed downside risk in exchange for capped upside; it is listed on Cboe BZX and secondarily on the Santiago Stock Exchange. In September 2025, BlackRock enhanced IVVB by transitioning it to a quarterly laddered structure through portfolio adjustments, introducing staggered options maturities for more consistent outcome delivery regardless of investor entry timing; this aligns with the simultaneous enhancement of its sister fund, iShares Large Cap Moderate Quarterly Laddered ETF (IVVM). The fund maintains a net expense ratio of 0.51%, with management fees of 0.50% and acquired fund fees of 0.03%, and its assets under management stood at approximately $269 million as of recent reporting. IVVB is issued by BlackRock ETF Trust II and managed by BlackRock Fund Advisors, with no ESG-focused strategy or parent-subsidiary relationships beyond the iShares brand.