At a glance
IVVM charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $85.5M in assets, the 8th largest of that group; it paid 0.63% of its price in distributions over the past 12 months, annual. Over the past year it returned +10.7% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +16.4% a year.
The short version
iShares Large Cap Moderate Buffer ETF (IVVM), from BlackRock, is a buffer fund. It invests in large-company stocks and uses options to absorb part of a market drop, and in return it caps how much you can gain. Its 0.50% expense ratio is the lowest of the eight buffer funds compared here, where the average is 0.86%. It is also the smallest, with about $85.5 million in assets, and it launched in June 2023.
Price history
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IVVM +10.7% 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 | |
|---|---|---|---|---|---|---|
| IVVM price data to Oct 27, 2026 | +9.5% | +10.7% | +16.4% | — | — | +13.6% |
- Over the year to Oct 27, 2026, IVVM returned +10.7%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+14.2%); its best was 2024 (+16.1%).
- The deepest fall in its price history was 11.6% (Feb 19, 2025 to Apr 8, 2025), recovered by May 14, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.5% |
| 2025 | +14.2% |
| 2024 | +16.1% |
| 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 | $0.2400 | +26.3% |
| 2024 | $0.1900 |
How it works
IVVM is a defined-outcome, or "buffer," fund. It owns exposure to large-company stocks and adds a set of options on top. An option is a contract that gives the right to buy or sell an asset at a set price by a set date. The options protect against part of a fall in stock prices over a fixed stretch of time called the outcome period. To pay for that protection, the fund gives up gains above a ceiling, called the cap.
Timing matters. The buffer and cap apply to the whole outcome period, so an investor who buys partway through may get more or less protection, and more or less upside, than the fund's headline terms suggest. A new cap is set when each period resets. The prospectus states the exact buffer size, the cap level and the period dates, and they are worth reading before investing.
The trade-off shows up in the fund's record. As of October 27, 2026, its volatility over one year was 7.4%, and its beta, a measure of how much it moves with the market, was 0.56. Its deepest drop was 11.6%, from February 19 to April 8, 2025.
What it really costs
- IVVM 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
IVVM keeps a stake in large-company stocks but uses options to soften losses, so its swings have been smaller than the market's, at the cost of capped gains.
IVVM launched in June 2023, so it has no record from the 2008, 2020 or 2022 market crashes. Its worst calendar year was still a gain, 14.2% in 2025. Its deepest drop was 11.6%, from February 19 to April 8, 2025, and it was back to its old high by May 14, 2025, about 1.2 months later. A shallower fall like that may matter to someone who needs to sell shares during a bad stretch. The cap, though, means it can trail plain stock funds in strong markets. It is not built for income. The yield was 0.63% as of October 27, 2026, paid once a year. Its 0.50% expense ratio is well below the 0.86% average for the buffer funds compared here. About three years is a short track record, past results don't predict future ones, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want large-company stock exposure with smaller swings; one-year volatility was 7.4% as of October 27, 2026.
- Cost-conscious buyers of buffer funds: its 0.50% expense ratio is the lowest of eight buffer funds compared, against a 0.86% average.
- Retirees who would accept capped gains for a cushion, given that its deepest drop since launch was 11.6% and it recovered in about 1.2 months.
Look elsewhere if
- Income seekers: the yield was just 0.63% as of October 27, 2026, paid once a year.
- Investors who want a long record: the fund launched in June 2023 and has never been through a deep bear market.
- Those who prefer large, heavily traded funds: at about $85.5 million in assets, IVVM is the smallest of eight buffer funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| IVVM this fund | 0.5% | $85.5M | +10.7% | +16.4% |
| 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 IVVM good for retirement?
IVVM may suit retirees who want some stock exposure with gentler swings. Its beta was 0.56 as of October 27, 2026, so it has moved about half as much as the market. Its worst drop since its June 2023 launch was 11.6%, and it recovered in about 1.2 months. The trade-off is capped upside and very little income, a 0.63% yield. The record is short and does not include a deep bear market.
What's the difference between IVVM and BUFR?
Both are buffer funds, but they differ in cost, size and design. IVVM charges 0.50% a year. FT Vest Laddered Buffer ETF (BUFR) charges 0.95%. BUFR spreads its money across several buffer positions that start in different months, a "ladder." It is also far larger, with about $10.5 billion as of August 31, 2026. As of October 27, 2026, BUFR returned 11.6% over one year and 16.8% a year over three years. IVVM returned 10.7% and 16.4%.
Does IVVM pay dividends?
Yes, but only a little, and only once a year. As of October 27, 2026, IVVM paid $0.24 per share over the previous 12 months, a trailing yield of 0.63%. Most of what this fund offers comes from share-price changes, limited by its buffer and cap, rather than from income. Investors who rely on regular payouts may find the amount and the annual schedule a poor fit.
How does a buffer ETF like IVVM work?
A buffer ETF uses options to absorb part of a stock-market loss over a set outcome period, and in exchange it limits gains to a cap. IVVM follows this approach with large-company stocks. Results depend on when you buy. Investors who buy after a period starts may get a different buffer and cap than the fund's stated terms. The prospectus lists the exact buffer, cap and period dates.
How much has IVVM lost in a market drop?
IVVM's deepest decline since its June 2023 launch was 11.6%, from February 19 to April 8, 2025. It regained its previous high by May 14, 2025, about 1.2 months later. Over the year to October 27, 2026, its largest drop was 5.3%. It has not existed long enough to show how it would hold up in a long bear market like 2008 or 2022.