BLACKROCK GLOBAL ETP LANDSCAPE
MONTHLY SNAPSHOT | JANUARY 2015
The opinions expressed are as of January 31st, 2015
and may change as subsequent conditions vary.
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
Summary
BlackRock ETP Research
A cross-regional team analyzing
global markets to deliver insights
on the intersection of investment
trends and ETP flows
For inquiries, please email
[email protected]
JANUARY ETP FLOWS HIGHLIGHTED BY STRENGTH FOR NONU.S. DEVELOPED MARKETS EQUITIES AND FIXED INCOME
Global asset gathering moderated from recent months to $11.6bn, with significant
inflows for Europe equity and corporate bonds diverging from heavy redemptions
for U.S. large cap and EM equity
The more aggressive than expected ECB quantitative easing announcement was
well received by the market, contributing to record flows of $8.4bn for panEuropean equity and $13.7bn for Europe-listed ETPs
Exchange rate movements, particularly U.S. dollar appreciation against the euro,
led to a new monthly high of $6.9bn for currency-hedged ETP flows, which were
concentrated in Europe and EAFE equity exposures
Equity market volatility, uncertainty surrounding global growth and the ECB
stimulus news all supported ongoing demand for fixed income funds, which
gathered $13.0bn, and kept downward pressure on interest rates
Commodity flows accelerated to $5.2bn, the greatest monthly total in nearly five
years, due to crude oil inflows following the collapse in oil prices as well as the
first significant gold inflows since June
Global ETP Highlights ………………………………………………………... 3
Year-to-date Overview ..……………………………………………………… 5
Reference Schedules
Flows by Listing Region ……………………………………………..
6
Fund Inflows and Outflows ………………………………………….
7
ETP Flows by Exposure …………………………………………….. 8
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[2]
Global ETP Highlights
Global ETP flows1 of $11.6bn in January moderated from the
pace set in Q4. This was largely due to redemptions of
($18.3bn) for U.S. equity funds, a key driver of last year’s
record industry growth. The S&P 500 was down 3.1% in
January2, reminiscent of a similar slow start to the year in 2014.
KEY INVESTMENT THEMES / ETP FLOW TRENDS
By contrast, 2015 began with surging demand for non-U.S.
developed markets equities, which gathered $18.2bn. Fixed
income added $13.0bn along with $5.2bn for commodities.
Europe equity
Broad dev. eqty
Broad EM eqty
Japan equity
Inv. grade corp.
China equity
Pan-European equity funds brought in $8.4bn, their best
month ever, helped by the ECB announcing an open-ended
plan to purchase 60 billion euros of sovereign bonds per
month. The larger than expected size, lack of firm end date and
inclusion of long-term bonds were well received by the market.
GLOBAL ETP FLOWS1
The euro depreciated against the dollar, with the exchange rate
reaching 1.13 dollars per euro.3 This spurred significant flows
into currency-hedged ETPs (see below) across geographic
exposures as investors anticipate further dollar strength.
2015 YTD Flows of $11.6bn vs. 2014 Flows: $329.6bn
200
Switzerland equity added $0.3bn following the SNB’s surprise
change in policy to allow the Swiss franc to appreciate against
the euro. It was the second consecutive month of inflows
following the $1.2bn from December.
Flows (US$bn)
150
Japanese equity gathered $3.2bn, the second month in a row
of significant inflows after news of greater central bank stimulus
and Prime Minister Abe’s recent election victory. The majority
of the flows were again from Japan-listed funds.
100
50
U.S. equity
Non-U.S. dev. equity
EM equity
Fixed income
Commodities & other
90.5
138.0
68.2
32.9
11.6
0
(50)
Q1
Q2
Q3
Q4
Jan-15
2014
SPOTLIGHT ON CURRENCY-HEDGED EQUITY ETPs
GLOBAL CURRENCY-HEDGED EQUITY ETP FLOWS1
The U.S. dollar index (DXY) has risen 18% over the last six
months4 and the dollar is expected to appreciate further in 2015.
In January alone, currency-hedged equity ETP flows reached
nearly half of the total for all of 2014. The global market has
surged to $53bn, up from $10bn two years ago. Three key
drivers have fueled this growth:
2)
3)
General divergence of U.S. economic growth, central bank
policy and interest rate expectations with Japan and the
eurozone has contributed to currency volatility and
increased demand for funds that can protect returns
The late-2012 election of Prime Minister Abe and
acceleration of Bank of Japan stimulus, which were
catalysts for 2013 Japan equity ETP flows of $10.2bn
(dollar hedged) and $3.8bn (euro hedged)
25
20
Flows (US$bn)
1)
2015 YTD Flows: $6.9bn vs. 2014 Flows: $14.3bn
USD (Europe)
USD (EAFE)
USD (Japan)
Other
20.1
14.3
15
10
6.9
5
2.1
2.9
0
2011
2012
2013
2014
Jan-15
Relative eurozone weakness and long-anticipated ECB
stimulus led to dollar-hedged flows of $4.0bn in January
following $7.0bn last year (EAFE funds are also benefitting)
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
[3]
Global ETP Highlights (cont’d)
Minimum volatility funds brought in $1.9bn, predominantly
from U.S. equity exposures. This followed Q4 flows of $2.5bn,
70% of last year’s total. The average VIX level over the past
month rose to 19.0, versus 16.0 during Q4 and 13.5 for the first
nine months of 2014.5
Though U.S. equities overall shed ($18.3bn), a single fund
(SPY, the SPDR S&P 500) accounted for ($28.0bn) in a sharp
reversal from December inflows of $17.8bn.6 The remaining
$9.7bn ex-SPY was concentrated in broad market and high
dividend yield funds.
RESULTS AT A GLANCE1
(US $billions)
Jan
2015
Dec
2014
Jan
2014
Monthly Flows
11.6
60.8
(6.7)
Assets
2,776
2,797
2,322
# of ETPs
5,420
5,431
5,054
GLOBAL 13-MONTH ROLLING FLOWS1
2015 YTD flows: $11.6bn vs. 2014 Flows: $329.6bn
(US$bn)
Broad EM equity remains out of favor. Redemptions of
($2.3bn) were the third in four months following inflows for
much of 2014. China equity redemptions accelerated to
($5.5bn) as the A-share market has cooled following a
speculation-fueled rally driven by domestic investors. India
equity was a bright spot, gathering $1.0bn as investors hold
out hope surrounding prime minister Modi’s reform agenda.
Fixed income momentum from a record 2014 carried into the
new year. Overall corporate bond flows of $6.1bn were the best
in three years. The ECB easing had a sizeable impact on
Europe-listed flows of $5.1bn, split between investment grade
corporate and sovereign bonds.
U.S.-listed fixed income asset gathering was also robust at
$7.4bn. Flows spanned multiple categories, from Treasuries to
corporate bonds (investment grade and high yield) to broad
U.S. market funds to municipals. Interest rates pushed lower,
with the 10-year Treasury reaching 1.64%.7
Commodity flows hit a five-year high of $5.2bn. Investors
poured $3.6bn into crude oil funds anticipating a bottom to the
collapse in oil prices. Gold rallied leading to inflows of $2.3bn
in a reversal from five consecutive months of redemptions.
Equity
Fixed Income
Commodities & Others
GLOBAL ETP ASSETS BY YEAR1
Assets ($bn)
3,000
2,797 2,776
Equity
Fixed Income
Commodities & Others
2,500
2,396
1,945
2,000
1,483 1,525
1,500
1,156
851
1,000
772
598
500
79
109
146
218
319
428
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Jan-15
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
[4]
Year-to-date Overview
GLOBAL ETP 2014 FLOWS BY EXPOSURE1
January
2015
January
2014
Developed Markets Equity
(0.1)
0.9
243.9
Emerging Markets Equity
(6.4)
(8.7)
(1.8)
Total
(6.5)
(7.7)
242.1
Government
3.9
1.6
19.5
High Yield Corporate
2.3
(0.3)
4.0
Investment Grade Corporate
3.8
1.0
22.4
Others
2.9
1.0
39.0
Total
13.0
3.4
84.9
Total
5.1
(2.3)
2.6
11.6
(6.7)
329.6
(US$bn)
Equity
Fixed Income
Commodities & others
Grand Total
GLOBAL ETP CUMULATIVE FLOWS1
350
2015 YTD Flows $11.6bn vs. 2014 Flows: $329.6bn
329.6
300
262.6
2015
2014
2013
2012
250
200
Annual
2014
236.1
150
100
50
11.6
0
J
F
M
A
M
J
J
A
S
O
N
D
-50
CUMULATIVE EQUITY ETP FLOWS1
CUMULATIVE FIXED INCOME ETP FLOWS1
2015 YTD Equity Flows: ($6.5bn)
2015 YTD Fixed Income Flows: $13.0bn
90
300
80
2015
2014
2013
2012
250
84.9
248.1
242.1
200
170.7
2015
2014
2013
2012
70
60
70.0
50
150
40
100
30
20
27.1
13.0
50
10
(6.5)
0
0
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
-50
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
[5]
Flows By Listing Region
Highlights (US$):1
Canada-listed ETPs gathered $0.3bn, the twelfth
U.S.-listed ETPs posted outflows due to U.S. large cap
consecutive month of inflows
equity redemptions after averaging $20bn per month in 2014
Europe-listed ETPs gathered a new monthly high of $13.7bn,
Asia Pacific-listed ETP flows were flat as Japan-listed inflows
already 22% of last year’s record flows
were largely offset by China-listed redemptions
MTD FLOWS BY LISTING REGION1
ASSET GROWTH RATES AND # OF ETPs1
(# ETPs)
Equity
Fixed Income
Commodities & Others
Year-Over-Year Growth in # ETPs
150
Bubble
size =
Assets
($bn)
Asia Pacific
$201
100
Europe
$468
50
0
(30%)
U.S.
$1,984
Canada
$62
Latin
America
$8
(15%)
0%
15%
Year-Over-Year AUM Growth
30%
LISTING REGION VIEW1
Net Flows ($bn)
By Listing Region
Jan
2015
Annual
2014
Jan
2015
Assets ($bn)
% Asset
Market
Share
Number of
Products
US
(2.6)
244.9
1,984.3
71.5
1,650
Europe
13.7
61.8
467.9
16.9
2,244
Canada
0.3
9.1
61.8
2.2
352
Latin America
0.3
(2.0)
7.6
0.3
46
(0.2)
15.8
201.0
7.2
750
53.7
1.9
378
2,776.4
100.0
5,420
Asia Pacific
Middle East and Africa
Global ETF Total
Not available
11.6
Not available
329.6
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
[6]
Fund Inflows and Outflows
ETPs
as of January 2015 (US$bn)1
Product_Name
WisdomTree Europe Hedged Equity
2015 YTD
Bloomberg
Ticker
Inflows
BB_Ticker_S..
MTD Flows (US$bn)
HEDJ US
2.9
Jan-15
Current
AUM
Assets
(US$bn)
9.0
SPDR Gold
GLD US
2.0
30.7
Vanguard S&P 500
VOO US
1.6
28.3
Vanguard Total Stock Market
VTI US
1.4
50.8
db-X MSCI EAFE Currency-Hedged Equity
DBEF US
1.2
3.0
United States Oil
USO US
1.2
2.3
iShares Core S&P 500 UCITS ETF
CSSPX SW
1.1
11.1
Health Care Select SPDR
XLV US
0.9
13.0
iShares iBoxx $ High Yield Corporate Bond ETF
HYG US
0.8
15.3
Market Vectors Gold Miners
GDX US
0.8
7.5
13.9
171.1
Grand Total
ETPs
as of January 2015 (US$bn)1
Product_Name
SPDR S&P 500
2015 YTD
Bloomberg
Ticker
Outflows
BB_Ticker_S.. MTD Flows (US$bn)
SPY US
(28.0)
Jan-15
Current AUM
Assets
(US$bn)
181.7
PowerShares QQQ
QQQ US
(3.0)
36.6
Financial Select SPDR
XLF US
(2.1)
17.7
iShares FTSE A50 China Index ETF
2823 HK
(2.0)
8.9
iShares Russell 2000 ETF
IWM US
(1.7)
27.7
Huatai-Pinebridge CSI 300
510300 CH
(1.4)
3.8
iShares MSCI Japan ETF
EWJ US
(1.3)
13.6
iShares MSCI ACWI ETF
ACWI US
(1.0)
6.3
iShares MSCI Emerging Markets ETF
EEM US
(1.0)
31.4
SPDR Dow Jones Industrial Average Trust
DIA US
(0.8)
11.8
(42.3)
339.5
Grand Total
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
[7]
Equity ETP Flows by Exposure
Exposure
Equity
US
Large cap
Mid cap
Small cap/Micro cap
Total market/Extended Market
Preferred stock
US size & style total
Basic Materials
Consumer Cyclicals
Consumer Non-cyclicals
Energy
Financials
Health Care
Industrials
Real Estate
Technology
Telecommunications
Utilities
Others
US sector total
US high dividend / other strategy
US total
Canada
North America regional equity
Large Cap
Mid/Small Cap
Total Market
Pan European size & style total
Pan European sector
Pan European strategy
Europe
Pan European total
Germany
U.K.
Other European countries
Europe single country total
Europe total
Japan
Asia-Pacific
Other Asia-Pacific
Asia-Pacific total
Broad developed markets (including Global/Global ex-US)
Developed markets total
Broad emerging markets
Regional emerging markets
China
South Korea
Emerging markets
Mexico
India
Other EM Countries
EM single country total
Emerging markets total
Equity total
Jan 2015
2015 YTD
Flows ($bn) Flows ($bn)
(27.5)
(27.5)
1.7
1.7
0.0
0.0
3.1
3.1
0.7
0.7
(22.0)
(22.0)
(0.1)
(0.1)
(0.4)
(0.4)
0.3
0.3
1.7
1.7
(3.8)
(3.8)
2.4
2.4
(0.9)
(0.9)
1.1
1.1
(0.0)
(0.0)
0.0
0.0
0.9
0.9
0.0
0.0
1.2
1.2
2.5
2.5
(18.3)
(18.3)
(1.0)
(1.0)
0.1
0.1
2.0
2.0
0.0
0.0
5.6
5.6
7.6
7.6
0.6
0.6
0.2
0.2
8.4
8.4
1.1
1.1
1.0
1.0
0.1
0.1
2.2
2.2
10.6
10.6
3.2
3.2
0.5
0.5
3.7
3.7
4.8
4.8
(0.1)
(0.1)
(2.3)
(2.3)
(0.1)
(0.1)
(5.5)
(5.5)
0.4
0.4
0.0
0.0
1.0
1.0
0.0
0.0
(4.0)
(4.0)
(6.4)
(6.4)
(6.5)
(6.5)
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
Assets
($bn)
577.8
98.0
93.9
94.6
16.9
881.1
5.5
18.4
16.1
41.7
33.4
43.4
15.4
47.0
31.3
1.5
14.0
2.0
269.7
92.0
1,242.9
28.5
9.6
43.3
3.5
60.1
107.0
14.6
3.8
125.9
28.2
21.4
29.1
78.6
203.9
138.9
43.2
182.0
239.0
1,907.1
111.9
6.1
68.5
20.1
7.3
11.7
26.0
133.6
251.6
2,158.7
# ETPs
244
46
76
72
5
443
15
19
13
49
41
36
20
23
30
6
13
8
273
88
804
98
25
85
27
95
207
143
31
381
75
65
148
288
669
190
162
352
511
2,459
126
70
230
126
24
59
223
662
858
3,317
[8]
Fixed Income & Other ETP
Flows by Exposure
Exposure
Commodities
Fixed Income
Corporate
Government
Broad / aggregate
Govt / corporate
Inflation
Emerging markets
Municipal
Mortgage
Money market
Other Fixed Income
Fixed income total
Precious Metals
Gold
Silver
Other
Precious metals total
Broad market
Energy
Agriculture
Industrial metals
Commodities total
Alternatives
Other
Investment grade
High yield
Corporate total
US Treasury
Sovereign
Government total
Alternatives total
Asset allocation
Currency
Israel ETP
Global ETP total
Volatility
Other
Jan 2015
Flows ($bn)
2015 YTD
Flows ($bn)
3.8
2.3
6.1
2.1
1.8
3.9
1.2
0.5
0.3
0.0
0.6
(0.1)
0.3
0.1
13.0
2.3
(0.1)
(0.1)
2.2
(0.3)
3.7
(0.2)
(0.2)
5.2
(0.2)
(0.0)
(0.2)
0.0
0.1
0.0
11.6
3.8
2.3
6.1
2.1
1.8
3.9
1.2
0.5
0.3
0.0
0.6
(0.1)
0.3
0.1
13.0
2.3
(0.1)
(0.1)
2.2
(0.3)
3.7
(0.2)
(0.2)
5.2
(0.2)
(0.0)
(0.2)
0.0
0.1
0.0
11.6
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
Assets
($bn)
102.5
47.0
149.6
47.9
45.2
93.1
66.4
38.8
26.1
24.4
16.1
9.1
4.4
14.3
442.2
67.5
17.9
9.7
95.1
13.1
10.8
3.9
1.5
124.4
3.7
3.0
6.7
6.2
4.9
33.3
2,776.4
# ETPs
154
59
213
80
261
341
43
33
36
86
37
9
19
36
853
127
70
81
278
110
203
186
116
893
47
66
113
78
166
0
5,420
[9]
Endnotes
The ETP (or exchange traded product) category encompasses any portfolio exposure security that trades intra-day on an exchange. The data for this report
are captured from a number of sources by BlackRock including provider websites, fund prospectuses, provider press releases, provider surveys, Bloomberg,
the National Stock Exchange, Strategic Insight Simfund, Wind, and the Bank of Israel. All amounts are reported in US dollars. Flows are derived using daily net
asset values and shares outstanding using the most recent data we can capture at month-end. For products with cross-listings, we attribute net flows and
assets to the primary listings. For Middle East and Africa, net flows data is not available. Assets are derived using shares outstanding and prices at the end of
each month (or the closest date available). Where price is not available, we use an approximation. For ETPs listed in Israel, product level detail is not available.
Product level information is aggregated by provider, asset class, exposure, region listed and replication method to produce the various analyses in the report.
1.
Data is as of January 29, 2015 for Europe and January 30, 2015 for the US, Canada, Latin America, Israel, and some Asia ETPs. Some Asia ETP data
is as of December 30, 2014. Global ETP flows and assets are sourced using shares outstanding and net asset values from Bloomberg for the US,
Canada, Europe, Latin America and some ETPs in Asia. Middle East ETP assets are sourced from the Bank of Israel. ETP flows and assets in China are
sourced from Wind. Inflows for years prior to 2010 are sourced from Strategic Insights Simfund. Asset classifications are assigned by the BlackRock
based on product definitions from provider websites and product prospectuses. Other static product information is obtained from provider websites,
product prospectuses, provider press releases, and provider surveys. Market returns are sourced from Bloomberg.
2.
Bloomberg (SPX US Index)
3.
Bloomberg (EURUSD)
4.
Bloomberg (DXY Currency)
5.
Chicago Board Options Exchange
6.
Bloomberg (SPY US Equity)
7.
Bloomberg (USGG10YR)
Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses.
Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
ABOUT BLACKROCK
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients
worldwide. At December 31, 2014, BlackRock’s AUM was $4.652 trillion. BlackRock helps clients meet their goals and overcome
challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange traded funds), and other
pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a
broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of December 31, 2014,
the firm had approximately 12,200 employees in more than 30 countries and a major presence in key global markets, including
North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the
Company's website at www.blackrock.com.
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[ 10 ]
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affiliate. This publication does not provide financial, investment or tax advice or information relating to the securities of any particular fund or other issuer. The
information and opinions included in this publication are based on publicly available information, are subject to change and should not be relied upon for any
purpose other than general information and education. This publication has been prepared without regard to the individual financial circumstances and
objectives of those who receive it and the types of securities discussed in this publication may not be suitable for all investors. The information included in this
document has been taken from trade and other sources considered to be reliable. This document is published in good faith but no representation or warranty,
express or implied is made by BlackRock or by any person as to its accuracy or completeness and it should bot be relied on as such. BlackRock or any of its
directors, officers, employees or agents shall have no liability for any loss or damage arising out of the use or reliance on the material provided including
without limitation, any loss of profit or any other damage, direct or consequential. Any opinions expressed in this document reflect our analysis at this date
and are subject to change. This is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any strategy in any jurisdiction.
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
[ 11 ]
Disclaimer (continued)
NOTICE TO RESIDENTS IN AUSTRALIA:
Issued in Australia by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230523 ("BlackRock Australia") to institutional
investors only. iShares® exchange traded funds (“ETFs”) that are made available in Australia are issued by BlackRock Australia, iShares, Inc. ARBN
125 632 279 and iShares Trust ARBN 125 632 411. BlackRock Australia is the local agent and intermediary for iShares ETFs that are issued by iShares,
Inc. and iShares Trust. BlackRock Australia is a wholly-owned subsidiary of BlackRock, Inc. (collectively “BlackRock”). A Product Disclosure Statement
(“PDS”) or prospectus for each iShares ETF that is offered in Australia is available at iShares.com.au. You should read the PDS or prospectus and
consider whether an iShares ETF is appropriate for you before deciding to invest. iShares securities trade on ASX at market price (not, net asset value
("NAV")). iShares securities may only be redeemed directly by persons called “Authorised Participants”. This information is general in nature, and has
been prepared without taking into account any individual's objectives, financial situation, or needs. You should seek independent professional legal,
financial, taxation, and/or other professional advice before making an investment decision regarding the iShares funds.
FOR INVESTORS IN CANADA:
The information and opinions herein are provided for informational purposes only, are subject to change and should not be relied upon as the basis for
investment decisions. Past performance is not necessarily indicative of future performance. This document is not and should not be construed as a
solicitation or offering of units of any funds or other security in any jurisdiction. No part of this publication may be reproduced in any manner without prior
written permission of BlackRock Asset Management Canada Limited and/or its affiliates.
FOR INVESTORS IN HONG KONG:
Some of the funds mentioned herein have not been registered with the Securities and Futures Commission for offering or distribution in Hong Kong.
Accordingly, this material may not be circulated or distributed, nor may the funds be offered or sold whether directly or indirectly, to any person in Hong
Kong other than to a Professional Investor as defined in the Securities and Futures Ordinance ("SFO") (Cap. 571 of the laws of Hong Kong) and any
regulations there under.
NOTICE TO RESIDENTS IN INDIA:
This document is intended for information purposes only and does not constitute investment advice or an offer to sell or solicitation of an offer to buy the
funds described herein. This document has been provided by BlackRock in a private and confidential manner to financial intermediaries only upon their
request. The funds mentioned herein have not been registered with any authorities in India.
NOTICE TO RESIDENTS IN JAPAN:
This document is solely for educational purposes and does not constitute advertisement of financial services targeted at investors in Japan. This
document is intended for information purposes only and does not constitute investment advice or an offer to sell or solicitation of an offer to buy the funds
described herein. This document has been provided by BlackRock in a private and confidential manner to Qualified Institutional Investors (as defined in
the Financial Instruments and Exchange Law of Japan) only upon their request.
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
[ 12 ]
Disclaimer (continued)
FOR INSTITUTIONAL AND PROFESSIONAL INVESTORS ONLY IN LATIN AMERICA:
In Latin America, for Institutional and Professional Investors only. This material is solely for educational purposes only and does not constitute an offer or a
solicitation to sell or a solicitation of an offer to buy any shares of any securities (nor shall any such securities be offered or sold to any person) in any
jurisdiction within Latin America in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. It is possible that
all or some of the funds mentioned or inferred to in this material have not been registered with the securities regulator of Brazil, Chile, Colombia, Mexico and
Peru or any other securities regulator in any Latin American country, and thus, might not be publicly offered, purchased or sold within any such country. The
securities regulators of such countries have not confirmed the accuracy of any information contained herein. No information discussed herein can be provided
to the general public in Latin America.
NOTICE TO RESIDENTS IN SINGAPORE:
This document is provided by BlackRock (Singapore) Limited (company registration number: 200010143N) for use with institutional investors only. This
document has not been registered as a prospectus with the Monetary Authority of Singapore (MAS). Some of the funds mentioned herein have not been
registered with the MAS for distribution in Singapore. Accordingly, this and any other document or material in connection with the offer or sale of the Shares
may not be circulated or distributed, nor may the Shares be offered or sold, whether directly or indirectly, to any person in Singapore other than (i) to an
institutional investor pursuant to Section 304 of the Securities and Futures Act (SFA) or (ii) otherwise pursuant to, and in accordance with the conditions of,
any other applicable provision of the SFA. First sales of the Shares acquired pursuant to Section 304 of the SFA are subject to the requirements under Section
304A of the SFA.
NOTICE TO RESIDENTS IN SOUTH AFRICA:
BlackRock Investment Management (UK) Limited is registered with the South African Financial Services Board, FSP No. 43288.
NOTICE TO RESIDENTS IN THAILAND:
This document is intended for information purposes only and does not constitute investment advice or an offer to sell or solicitation of an offer to buy the funds
described herein. This document has been provided by BlackRock in a private and confidential manner to institutional investors only upon their request. The
funds mentioned herein have not been registered with any authorities in Thailand, and accordingly, this document may not be circulated or distributed, nor
may the shares of these funds be offered or sold whether directly or indirectly, to any person in Thailand.
NOTICE TO RESIDENTS IN VIETNAM:
This document is intended for information purposes only and does not constitute investment advice or an offer to sell or solicitation of an offer to buy the funds
described herein. This document has been provided by BlackRock in a private and confidential manner to institutional investors only upon their request. The
funds mentioned herein have not been registered with any authorities in Vietnam, and accordingly, this document may not be circulated or distributed, nor may
the shares of these funds be offered or sold whether directly or indirectly, to any person in Vietnam.
© 2015 BlackRock Advisors (UK) Limited. All rights reserved. Registered Company No. 00796793. All rights reserved. Calls may be monitored or recorded.
BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES, are registered and unregistered trademarks of BlackRock, Inc. or its
subsidiaries in the United States and elsewhere. All other marks are those of their respective owners.
iS-14635-0215