iShares Launches S&P 500 Buffer ETF With 9.45% Initial Buffer

iShares has launched the iShares US Large Cap Moderate Buffer Sep UCITS ETF (STEN), an actively managed strategy offering exposure to the S&P 500 while seeking to cushion approximately 9.45% of index losses over a one-year outcome period. The ETF started its current outcome period on October 1, 2026 with an initial upside cap of 19.43%, meaning gains above that level are not captured. The outcome period runs through September 30, 2027. STEN has a 0.50% total expense ratio and is domiciled in Ireland. The fund began trading on October 5 across Borsa Italiana, Euronext Amsterdam, the London Stock Exchange, SIX Swiss Exchange and Xetra. Investors entering or exiting during the outcome period may not receive the full stated buffer or upside profile.