At a glance
IVVB charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $238.0M in assets, the 8th largest of that group; it paid 1.12% of its price in distributions over the past 12 months, annual. Over the past year it returned +8.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +15.1% a year.
The short version
iShares Large Cap Deep Buffer ETF (IVVB) is a buffer fund from BlackRock's iShares. It holds large-company US stock exposure and uses options to absorb part of a market loss, in exchange for a cap on gains over each outcome period. Its expense ratio of 0.50% was the lowest of the eight buffer funds compared, against a group average of 0.86%. At $238 million in assets, it was also the smallest.
Price history
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IVVB +8.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IVVB price data to Oct 27, 2026 | +7.8% | +8.2% | +15.1% | — | — | +11.6% |
- Over the year to Oct 27, 2026, IVVB returned +8.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+9.6%); its best was 2024 (+18.7%).
- The deepest fall in its price history was 13.1% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 23, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.8% |
| 2025 | +9.6% |
| 2024 | +18.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4000 | +48.1% |
| 2024 | $0.2700 |
How it works
IVVB is a buffered, or "defined-outcome," ETF. It gives you exposure to large US companies, and it pairs that exposure with options contracts that change how your returns come out. An option is a contract that gives the right to buy or sell an asset at a set price by a set date. Over a fixed stretch of time called the outcome period, the options are set up to absorb part of any loss (the buffer). In return, gains above a set level (the cap) are given up. "Deep" in the name means the fund aims for a larger loss cushion than a standard buffer fund.
Your results depend on when you buy. The buffer and cap apply in full only to someone who buys at the start of an outcome period and holds to the end. If you buy partway through, after the market has risen or fallen, you may get less protection or less room to gain. When one period ends, the options are reset for the next one, so the buffer and cap levels can change.
The buffer is not a guarantee. Losses larger than the buffer pass through to shareholders, and the cap can hold the fund well behind stocks in a strong market. The prospectus lists the exact buffer level, cap and period dates. Worth reading before owning the fund.
What it really costs
- IVVB charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
IVVB aims to soften stock-market losses with an options buffer and has moved less than the market, with a one-year beta of 0.59 as of October 27, 2026.
IVVB launched on June 28, 2023, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 13.1%, from February 19 to April 8, 2025. It recovered by July 23, 2025, about 3.5 months later. Its weaker full calendar year was 2025, which was still a gain of 9.6%. Volatility was 7.9% over one year and 9.2% over three years as of October 27, 2026. For someone who may need to sell shares in a bad year, a smaller drop means selling fewer shares at depressed prices. The trade-off is the cap, which limits gains in strong markets.
Income is modest. The trailing yield was 1.12% as of October 27, 2026, paid once a year. Costs are low for a buffer fund at 0.50%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees who want large-company US stock exposure with an options buffer to soften losses, and who accept capped gains in return.
- Cost-conscious buyers of buffer funds: its 0.50% expense ratio was the lowest of eight similar funds compared, against a 0.86% average.
- Investors who can buy near the start of an outcome period and hold it to the end, when the buffer and cap apply as designed.
Look elsewhere if
- Investors who need regular income: the trailing yield was 1.12%, paid only once a year.
- Anyone who wants full stock-market gains: the cap kept its one-year return last among eight buffer funds as of October 27, 2026.
- Those who want a long track record: it launched in June 2023 and has not been tested in a deep, long bear market.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| IVVB this fund | 0.5% | $238.0M | +8.2% | +15.1% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is IVVB good for retirement?
IVVB may suit retirees who want stock exposure with less downside. As of October 27, 2026, its one-year volatility was 7.9% and its beta was 0.59, so it moved less than the market. Its deepest drop was 13.1% in early 2025, and it recovered in about 3.5 months. The trade-off is capped gains and a short history: it launched in June 2023.
What's the difference between IVVB and BUFD?
Both are deep-buffer funds, but IVVB is cheaper. Its expense ratio is 0.50%, compared with 0.95% for the FT Vest Laddered Deep Buffer ETF (BUFD). As of October 27, 2026, BUFD returned more over one year, 9.5% against IVVB's 8.2%. IVVB returned more per year over three years, 15.1% against 13.9%. BUFD, as its name says, is laddered, and with about $2.0 billion in assets it is much larger than IVVB at $238 million.
Does IVVB pay dividends?
Yes, but only once a year, and the amount is modest. Over the 12 months to October 27, 2026, IVVB paid about $0.40 per share, a trailing yield of 1.12%. That is low for anyone relying on the fund for steady income. The fund is built mainly to soften losses, not to produce cash payouts.
What is IVVB's expense ratio?
IVVB's expense ratio is 0.50% a year. That was the lowest of the eight buffer funds compared, where the average was 0.86%. Several better-known buffer ETFs from FT Vest and Innovator charge between 0.79% and 0.95%. A lower fee leaves more of the fund's return with shareholders, but cost is only one difference between buffer funds.
Can you lose money in IVVB?
Yes. The buffer absorbs only part of a loss over each outcome period, and anything beyond it passes through to you. If you buy partway through a period, your protection may be smaller than the stated buffer. IVVB fell 13.1% between February 19 and April 8, 2025, before recovering by July 23, 2025. The prospectus states the exact buffer and cap levels.