iShares Trust – iShares Large Cap 10% Target Buffer Jun ETF is a U.S.-listed exchange-traded fund that seeks to provide exposure to the share-price return of the iShares Core S&P 500 ETF, up to a predetermined upside cap, while seeking to buffer approximately the first 10% of losses in the underlying fund during each approximately 12-month outcome period ending in June. The fund employs an options-based investment strategy to deliver defined-outcome large-cap U.S. equity exposure, combining a targeted downside buffer with capped upside participation; it is designed for individual and institutional investors, financial advisers, wealth managers and other intermediaries seeking equity-market exposure with specified risk-management characteristics.
The ETF is part of iShares Trust and is sponsored by BlackRock Fund Advisors, an affiliate of BlackRock, Inc. It invests principally through exposure to the iShares Core S&P 500 ETF and related listed options positions, providing indirect exposure to U.S. large-capitalization companies represented by the S&P 500 Index. Shares trade in U.S. dollars on Cboe BZX under the ticker TENJ; the fund has annual distribution frequency, a 0.50% net expense ratio and a 0.53% gross expense ratio, and is managed by Kyle McClements, Erin Armstrong and Orlando Montalvo.
Launched on October 21, 2025 and listed on Cboe BZX on October 22, 2025, TENJ represents an expansion of iShares’ defined-outcome ETF offering, which provides single-ticker, options-based solutions for investors seeking targeted buffer protection in exchange for limited appreciation potential. As of September 9, 2026, the fund reported net assets of approximately $42.77 million.
The latest material change is the reset of the fund’s annual outcome period effective July 1, 2026. For the July 1, 2026 through June 30, 2027 outcome period, iShares Trust set TENJ’s approximate upside cap at 19.02% before the management fee and 18.52% after the management fee; the fund continues to seek protection against approximately the first 10% of declines in the underlying iShares Core S&P 500 ETF for shareholders holding fund shares throughout the full outcome period.