At a glance
TWOX charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $22.2M in assets, the 8th largest of that group.
The short version
iShares Large Cap Accelerated Outcome ETF (TWOX) holds the iShares Core S&P 500 ETF (IVV) and uses options to seek about twice IVV's share price gain each calendar quarter, up to a cap, while taking its losses one for one, with no buffer. At 0.50% a year, it was the cheapest of eight defined-outcome funds we compared, but also the smallest, with about $22 million in net assets as of July 31, 2026.
Price history
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TWOX — 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 | |
|---|---|---|---|---|---|---|
| TWOX price data to Oct 27, 2026 | +6.3% | — | — | — | — | — |
- The deepest fall in its price history was 3.1% (Jul 15, 2026 to Jul 29, 2026), recovered by Aug 3, 2026.
| 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
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 98.39% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES TRUST CORE S&P500 ETF | 98.39% |
By country
United States 98.39%By asset type
Stocks 98.39%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $5.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.43%, +0.52%, +0.87%.
How it works
TWOX owns another fund, not individual stocks. As of July 31, 2026, 98.4% of its assets sat in the iShares Core S&P 500 ETF (IVV), which tracks the S&P 500 Index of large US companies, weighted by market value. The rest was about 1% in IVV options, a tiny futures position and 0.55% cash.
The fund also buys customized call options on IVV (a call is the right to buy at a set price) and sells IVV calls. These FLEX (flexible exchange) options are guaranteed by the Options Clearing Corporation. Broadly, the bought calls add a second helping of IVV's gains; the sold calls bring in cash to help pay for them but give away gains above a set level. The target: about twice IVV's share price rise (excluding dividends) over each calendar quarter, up to a cap, and its full share price fall.
Each quarter brings a new cap, which depends on market conditions such as volatility and interest rates. For October 1 to December 31, 2025, the cap was 6.74%, or 6.62% after the 0.50% fee. The targets apply only to shares held for a whole quarter, from one quarter-end close to the next. Investors who buy or sell mid-quarter may get little extra upside and losses larger than IVV's. There is no buffer or floor.
What it really costs
- TWOX charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- The fee includes a 0.03% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $649 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TWOX | $51 | $160 | $280 | $649 |
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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It carries IVV's full downside with no buffer, caps gains each quarter and has a short track record, so it fits as a small add-on rather than a core position.
TWOX offers a twist on S&P 500 exposure: extra gains in modestly rising quarters, capped gains in strong ones. Launched in January 2025, it has no record from the 2008, 2020 or 2022 sell-offs, nor a full calendar year. In price history from June 9, 2026, its deepest drop was 3.1%, from July 15 to July 29, 2026, recovered by August 3. With no buffer, it is built to fall about as much as IVV's share price in a bear market, so selling in a bad year to cover spending would lock in losses.
It isn't an income fund: the trailing 12-month yield was 0% as of October 27, 2026. It costs 0.50% a year — $51 in year one and $649 over 10 years on $10,000, per the SEC's standard example. Past results don't predict future ones; a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who expect modest S&P 500 gains and want them roughly doubled each quarter, accepting a cap (6.74% before fees for October–December 2025).
- Investors comfortable with full S&P 500 downside who want a defined-outcome fund costing 0.50%, below the 0.86% average of buffer funds compared.
- Hands-on holders who can buy at a quarter-end close, check each new cap on iShares.com and want only a small side position.
Look elsewhere if
- Retirees seeking loss protection: TWOX takes IVV's losses one for one with no buffer, unlike buffer funds such as BUFR or PJAN, which charge more.
- Investors expecting big rallies: returns stop at each quarter's cap, so a strong quarter for IVV can leave TWOX well behind.
- Those needing income or a long record: trailing 12-month yield was 0% as of October 27, 2026, and there's no full calendar year of results.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| TWOX this fund | 0.5% | $22.2M | — | — |
| 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
What's the difference between TWOX and IVV?
TWOX holds IVV but reshapes its quarterly returns with options. IVV simply seeks to track the S&P 500 Index. TWOX seeks about twice IVV's share price gain over each full calendar quarter, up to a cap, and IVV's full share price loss when it falls. So TWOX can beat IVV in modestly rising quarters, trail it in strong ones and roughly match its losses in falling ones. Its fee is 0.50% a year, and its targets use share price return, which leaves out dividends.
Does TWOX protect against losses?
No. The prospectus states plainly that the fund does not provide a buffer, floor or other protection against losses. Over a full calendar quarter, it aims to track IVV's share price losses one for one, and fees come on top. Investors who buy or sell partway through a quarter may see losses larger than IVV's. Its deepest drop in price history from June 9, 2026, was 3.1%, in July 2026, but that short period included no bear market.
What is the TWOX upside cap?
The cap changes every quarter. For the October 1 to December 31, 2025 period, it was 6.74% before fees, or 6.62% after the fund's 0.50% annual management fee. Once the doubled gain reaches the cap, further IVV gains that quarter add nothing. Each new cap depends on market conditions when it is set, such as volatility, interest rates and dividends, and can shift significantly between quarters. iShares.com lists the cap and how much of it remains during each quarter.
Is TWOX a buffer ETF like BUFR?
No. Both are defined-outcome funds, but they aim at different things. Buffer funds such as FT Vest Laddered Buffer ETF (BUFR) seek to cushion part of a market drop in exchange for capped gains. TWOX has no buffer: it seeks to double modest quarterly gains up to a cap while taking IVV's losses in full. TWOX charges 0.50% a year to BUFR's 0.95%, but BUFR is far larger: about $10.5 billion in net assets as of August 31, 2026, versus TWOX's $22 million as of July 31, 2026.
Does TWOX pay dividends?
No, not over the 12 months to October 27, 2026: its trailing yield was 0%. Distributions, when paid, are made annually. TWOX's targets are built on IVV's share price return, which leaves out dividends, so it isn't designed as an income fund. Retirees who need regular cash flow would have to sell shares instead, and selling partway through a quarter can produce results that differ from the fund's targets.