INVESTING FOR OUTCOMES
Target specific investment outcomes like enhanced income, growth, and protection with iShares Outcome ETFs.
iShares Outcome ETFs are innovative, options-based strategies designed to help investors potentially achieve specific investing goals. These products can play a powerful role in portfolios offering benefits such as enhanced yield potential and diversification.
Over the past three years, outcome-focused ETFs have experienced a growth rate of 82%, as an increasing number of investors seek enhanced income, combined with the liquidity, low costs, transparency, and tax efficiency offered by the ETF wrapper. 1
Better manage emotions, keeping your most risk-sensitive clients invested.
Seeks to reduce volatility, balance income and growth, or amplify cash flow in their portfolio.
Low fees, intraday liquidity, transparency, and tax efficiency.
Seeks to provide downside protection in exchange for limited upside participation.
Seek enhanced income from monthly covered call strategies on fixed income and equity markets. >
Seek to create a unique payoff where investors can realize accelerated return up to a certain point. >
Whether your clients’ goals are targeted downside protection, enhanced income, or growth, iShares Outcome ETPs can help you meet their needs.
Seek to provide targeted downside protection while maintaining upside market participation up to an approximate cap.
Seek income by combining active large-cap stock selection with an index covered call strategy.
Target 2X upside participation with large cap US equites, as represented by the Underlying ETF, up to an approximate cap with 1X downside participation if held over the entire outcome period (calendar quarter).
1. Source: BlackRock GBI, as of 12/31/2025. 77% growth rate based on the 7-year compound annual growth rate (CAGR) of AUM for U.S. Outcome ETFs. Outcome ETF AUM is represented by a universe of 920 U.S.-based, solutions-oriented ETFs as defined by GBI, including 468 categorized as protection, 365 as income, 68 as growth, and 19 as other. ETFs are obliged to distribute portfolio gains to shareholders by year-end. These gains may be generated due to index rebalancing, trading within the fund, or to meet diversification requirements. Trading shares of ETFs may also generate tax consequences and transaction expenses.
2. Accelerated Outcome Funds have characteristics unlike many investment products and may not be appropriate for all investors. There can be no guarantee that the Accelerated Outcome Funds will be successful in their investment strategy, and investors may lose some or all of their money. The outcomes are intended to be realized only by investors who hold Fund shares at the outset of the Outcome Period (as defined in the prospectus) and continue to hold the shares through the end of the Outcome Period. An investor who buys Fund shares after the start of an Outcome Period may experience lesser returns and may be exposed to greater losses than that of the Underlying ETF. An investor who sells Fund shares before the end of an Outcome Period may not fully realize the Accelerated Return. The Accelerated Outcome Funds do not provide a buffer, floor or other protection against losses experienced by the Underlying ETF. The Funds are subject to an Approximate Cap (the “Cap”), whose level depends on prevailing market conditions at the time the Cap is set at the beginning of the Outcome Period and may vary, sometimes significantly, from one Outcome Period to the next. The Accelerated Outcome Funds will not participate in gains of the Underlying ETF that are above the Cap.
The iShares Premium Income ETF is not an investment company registered under the Investment Company Act of 1940, and therefore is not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940.
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 www.iShares.com or www.blackrock.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal.
There is no guarantee that an Outcome ETF will be successful in meeting its investment objective. Investing involves risk, including possible loss of principal.
There can be no guarantee that a Laddered Buffer Fund will be successful in its strategy to provide downside protection against underlying ETF losses. The Fund does not provide principal protection or non-principal protection, and an investor could experience significant losses on their investment, including the loss of their entire investment. In periods of extreme market volatility, the Fund’s return may be subject to downside protection significantly lower, and an upside limit significantly below what the fund seeks to provide. There can be no guarantee that the Fund will be successful in its strategy to match the increase, if any and subject to the upside limit, of the share price return of the underlying ETF.
BuyWrite ETFs: Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in the value of debt securities. Credit risk refers to the possibility that the debt issuer will not be able to make principal and interest payments. Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and its return and yield will fluctuate with market conditions. Investment in a fund of funds is subject to the risks and expenses of the underlying funds. A BuyWrite Strategy ETF’s use of options may reduce returns or increase volatility. During periods of very low or negative interest rates, the Underlying Fund may be unable to maintain positive returns. Very low or negative interest rates may magnify interest rate risk. In a falling interest rate environment, the ETF may underperform the Underlying Fund. By writing covered call options in return for the receipt of premiums, the ETF will give up the opportunity to benefit from increases in the value of the Underlying Fund but will continue to bear the risk of declines in the value of the Underlying Fund. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the Underlying Fund over time. The ETF will be subject to capital gain taxes, ordinary income tax and other tax considerations due to its writing covered call options strategy.
Accelerated Outcome ETFs: Accelerated Outcome Funds have characteristics unlike many investment products and may not be appropriate for all investors. There can be no guarantee that the Accelerated Outcome Funds will be successful in their investment strategy, and investors may lose some or all of their money. The outcomes are intended to be realized only by investors who hold Fund shares at the outset of the Outcome Period (as defined in the prospectus) and continue to hold the shares through the end of the Outcome Period. An investor who buys Fund shares after the start of an Outcome Period may experience lesser returns and may be exposed to greater losses than that of the Underlying ETF. An investor who sells Fund shares before the end of an Outcome Period may not fully realize the Accelerated Return. The Accelerated Outcome Funds do not provide a buffer, floor or other protection against losses experienced by the Underlying ETF. The Funds are subject to an Approximate Cap (the “Cap”), whose level depends on prevailing market conditions at the time the Cap is set at the beginning of the Outcome Period and may vary, sometimes significantly, from one Outcome Period to the next. The Accelerated Outcome Funds will not participate in gains of the Underlying ETF that are above the Cap.
Buffer ETFs: There can be no guarantee that the Buffered Funds will be successful in their strategy to provide downside protection against Underlying ETF losses. The Funds do not provide principal protection or non-principal protection, and, despite the Approximate Buffer (the “Buffer”), an investor may experience significant losses on their investment, including the loss of their entire investment. In the event an investor purchases Fund shares after a Hedge Period begins or sells Fund shares prior to the end of the Hedge Period, the returns realized by the investor will not match those that the Funds seeks to provide. In periods of extreme market volatility, the Funds' return may be subject to downside protection significantly lower than the Buffer and an upside limit significantly below the Approximate Cap (the "Cap"). A new Cap is established during each Rebalance Period and is dependent upon current market conditions. As such, the Cap is likely to change, sometimes significantly, from one Hedge Period to the next.
Buffer and Accelerated Outcome ETFs invest in FLEX Options that reference the Underlying ETF. FLEX Options are subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation, and they may be less liquid than other instruments. The value of FLEX Options may be affected by interest rate changes, dividends, actual and implied volatility levels of the Underlying ETF’s share price, and the remaining time until the FLEX Options expire. Because of these factors, the Funds' NAV may not increase or decrease at the same rate as the Underlying ETF’s share price.
BALI & BALQ: When the Fund sells call options on a large cap equity index, it receives a premium but it takes on the risk that these options may reduce any profit from increases in the market value of the long equity positions held by the Fund. Any such reduction in profits would be the difference between the payoff of the call option and the premium received. The Fund would also retain the risk of loss if the long equity positions decline in value. The premiums received from the options may not be sufficient to offset any losses sustained from the long equity positions. Factors that may influence the value of the options generally include the underlying asset’s price, interest rates, dividends, the actual and implied volatility levels of the underlying asset’s price, and the remaining time until the options expire, among others. The value of the options written by the Fund typically do not increase or decrease at the same rate as the underlying asset’s price on a day-to-day basis due to these factors. The Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund may have a higher portfolio turnover than funds that seek to replicate the performance of an index. The Fund's use of derivatives may reduce the Fund's returns and/or increase volatility and subject the Fund to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The Fund could suffer losses related to its derivative positions because of a possible lack of liquidity in the secondary market and as a result of unanticipated market movements, which losses are potentially unlimited. There can be no assurance that the Fund's hedging transactions will be effective.
BITA: This information must be preceded or accompanied by a prospectus for BITA. Investing involves a high degree of risk, including possible loss of principal. An investment in the Trust is not suitable for all investors, may be deemed speculative and is not intended as a complete investment program. An investment in Shares should be considered only by persons who can bear the risk of total loss associated with an investment in the Trust. Investing in digital assets involves significant risks due to their extreme price volatility and the potential for loss, theft, or compromise of private keys. The value of the shares is closely tied to acceptance, industry developments, and governance changes, making them susceptible to market sentiment. Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on their acceptance. Changes in the governance of a digital asset network may not receive sufficient support from users and miners, which may negatively affect that digital asset network’s ability to grow and respond to challenges Investing in the Trust comes with risks that could impact the Trust's share value, including largescale sales by major investors, security threats like breaches and hacking, negative sentiment among speculators, and competition from central bank digital currencies and financial initiatives using blockchain technology. A disruption of the internet or a digital asset network would affect the ability to transfer digital assets and, consequently, would impact their value. There can be no assurance that security procedures designed to protect the Trust’s assets will actually work as designed or prove to be successful in safeguarding the Trust’s assets against all possible sources of theft, loss or damage. The Trust’s use of derivatives may decrease its returns, increase volatility, and expose it to additional operational and counterparty risks – that is, the risk that another party in a transaction may fail to meet their contractual obligations. Losses may arise from derivative holdings due to limited liquidity in secondary markets and unexpected market changes. Writing covered call options on IBIT shares limits the Trust’s gains above the option exercise price. The Trust remains exposed to losses below the exercise price, as premiums may not cover declines tied to bitcoin or IBIT volatility. Additionally, the Trust could be impacted by declining share values, restrictions on trading options, and other risks linked to options strategies.
Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and the general securities market.
Actively managed funds do not seek to replicate the performance of a specified index, may have higher portfolio turnover, and may charge higher fees than index funds due to increased trading and research expenses.
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by, ICE Data Services, LLC, ICE Data Services, LLC, S&P Dow Jones Indices LLC. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock Investments, LLC is not affiliated with the companies listed above.
This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular.
This material is strictly for illustrative, educational, or informational purposes and is subject to change. There is no guarantee that any strategies discussed will be effective.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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