EXCLUSIVE: Ryan Reynolds Reveals the Adorable Way He Keeps His Daughter Close on Red Carpets

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Ryan Reynolds carries a sweet reminder of his 1-year-old daughter everywhere he goes.

The Deadpool star has a daughter, James, with wife Blake Lively and revealed at the Piaget Polo watch launch event in New York City on Thursday that he has his own timepiece inscribed with "J.R." to honor his daughter.

"I've got my daughter's initials on the back of this," Reynolds, who is a brand ambassador for the company, told ET.

RELATED: Blake Lively Talks Motherhood, Life With Ryan Reynolds and Being 'Innately Maternal'

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Reynolds and Lively are now expecting baby No. 2, and the 39-year-old actor said that he hopes someday he'll pass that very watch on to his daughter -- or, perhaps, a son.

"I hope so. That's something that means a lot to me," he explained. "There are very few items that men kind of carry throughout their lives, in terms of accessories, and a watch is one of them. That's just one of the things that I hope to someday pass onto my kids."

As for repping the brand, Reynolds called his duties a "privilege."

"Piaget is one of the most timeless institutions of the world and to be associated with them in any way, shape, or form, it's pretty magnificent," he gushed. "Especially to launch this polo watch is pretty exciting for me."

Meanwhile, Lively recently opened up about having more kids with her husband and joked that they're "officially breeders" now. Find out what else she had to say in the video below.