BLACKROCK GLOBAL ETP LANDSCAPE

BLACKROCK GLOBAL ETP LANDSCAPE
MONTHLY SNAPSHOT | MARCH 2015
The opinions expressed are as of March 31st, 2015
and may change as subsequent conditions vary.
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
Summary
BlackRock ETP Research
NON-U.S. DEVELOPED MARKETS EQUITY ETP FLOWS SURGED
IN MARCH TO SECURE BEST Q1 ON RECORD
A cross-regional team analyzing
global markets to deliver insights
on the intersection of investment
trends and ETP flows
Global ETPs gathered $36.1bn to lift Q1 flows to $97.2bn, nearly triple the total
For inquiries, please email
[email protected]
Nearly all of the March flows went to non-U.S. developed markets equity funds,
from Q1 2014
led by a new high for European exposures of $14.8bn and accelerating Japanese
equity flows of $8.3bn
Currency-hedged equity had its best month ever, accounting for $13.4bn spread
across Europe, EAFE and Japan exposures as investors anticipated further
strengthening of the U.S. dollar
European debt exposures brought in $3.6bn as the ECB began its bond buying
program, though U.S. Treasuries and U.S. high yield corporate bond funds lost
momentum, limiting overall fixed income flows to $4.3bn after two strong months
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
KEY INVESTMENT THEMES / ETP FLOW TRENDS
Q1 flows of $97.2bn came largely from investor demand for nonU.S. equities, whereas the all-time high of $138.0bn from Q4 2014
was concentrated in U.S. equities. This demonstrates the ability of
the ETP industry to respond quickly to changing market conditions
while maintaining strong growth. Only one other quarter outside of
the past two has ever topped asset gathering of $100bn.
Flows for Europe and Japan, as well as broad developed markets
(EAFE), have benefitted significantly from currency-hedged
equity funds, which had a record month gathering $13.4bn. This
trend is expected to persist. The consensus is the U.S. dollar is in
the midst of a strengthening cycle and these cycles have
historically lasted for six to seven years.
Europe equity established a new monthly high of $14.8bn. While
pan-European equities led with $13.4bn, German equities
added $1.4bn and have already captured $4.8bn year-to-date
(see below).
Broad dev. eqty
EM equity
Japan equity
Inv. grade corp.
U.S. Treasuries
NON-U.S. DEVELOPED MARKETS EQUITY ETP FLOWS1
2015 YTD Flows: $71.0bn including currency-hedged of $26.8bn
50
Flows (US$bn)
March was driven by accelerating non-U.S. developed markets
equity flows of $32.6bn, nearly as much as the prior two months
combined. Year-to-date flows of $71.0bn have almost reached the
full-year total from 2014, spurred on by attractive valuations in
Europe and Japan relative to the U.S. The divergence of
increasingly accommodative ECB and Bank of Japan monetary
policy with that of the Fed has also been a key factor.
Europe equity
Europe equity
Broad dev. mkts
Japan
Other
36.5
25
18.9
14.2
1.4
J
3)
The ECB bond buying program, which has pushed
European investors toward equities by driving bond yields
lower and supports corporate earnings by putting
downward pressure on the euro
Discounted valuations for Germany relative to the broader
eurozone as well as the eurozone relative to the U.S.,
where investors are increasing European exposure
including heightened use of currency-hedged funds
F
0.1
0
M
J
F
M
2015 YTD Flows: $4.8bn including currency-hedged of $1.5bn
18.5
20
Europe-listed
U.S.-listed
Other
10
Flows (US$bn)
2)
Evidence of improving economic growth relative to
moderate expectations, both broadly for Europe and
specifically for Germany, which as the strongest country in
the region is best positioned for a cyclical upswing
7.6
GERMAN EQUITY ETP FLOWS1
Flows into German equity ETPs totaled $1.4bn in March and
have reached $4.8bn year-to-date. Sentiment is improving after
three years of redemptions dating back to the European debt
crisis. The renewed asset gathering is supported by:
1)
10
3.1
0
SPOTLIGHT ON GERMAN EQUITY ETPs
20 Hedged Europe
Hedged broad dev. mkts
Hedged Japan
16.0
Hedged other
Flows (US$bn)
Global ETP flows of $36.1bn in March ensured that 2015 began
with the best opening quarter on record.
4.8
3.9
0
(0.4)
(6.0)*
(10)
(10.7)*
(20)
2010
2011
2012
2013
2014
Q1 2015
*2013 includes a single fund outflow of ($7.7bn) and
2014 includes a single fund outflow of ($10.4bn)
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
[3]
Global ETP Highlights (cont’d)
Japan equity brought in $8.3bn, the second highest monthly
total ever. Flows were diversified across Japan-, U.S.- and
Europe-listed funds. Japanese stocks retain upside even as the
Nikkei 225 index approaches its highest level in 15 years.2
Corporate governance reforms have shown progress and
pensions have announced further reallocation of assets to
equities.
U.S. equity flows improved by $6.2bn in March, helped by the
Fed indicating after its March meeting that though rates may
soon rise, the pace could be slower than previously expected. It
was the second consecutive month of inflows, but year-to-date
redemptions are still ($8.4bn) due to the impact of large cap
weakness during January.
RESULTS AT A GLANCE1
(US $billions)
Mar
2015
Dec
2014
Mar
2014
Monthly Flows
36.1
60.8
12.5
Assets
2,933
2,797
2,445
# of ETPs
5,497
5,431
5,090
GLOBAL 13-MONTH ROLLING FLOWS1
2015 YTD Flows: $97.2bn vs. 2014 Flows: $329.6bn
(US$bn)
Emerging markets equity outflows resumed, hitting ($7.3bn)
after stabilizing briefly in February. Broad EM equity and China
equity redemptions overwhelmed a thirteenth consecutive
month of India equity inflows.
Fixed income flows stayed ahead of record pace for the year,
but slowed to $4.3bn in March. Appetite for European fixed
income remained healthy as the ECB began the bond buying
program announced in January. Flows totaled $3.6bn across
sovereign as well as high yield and investment grade corporate
bonds.
U.S. fixed income, however, had modest outflows of ($0.2bn).
Investment grade corporate and broad U.S. funds each
gathered $1.1bn, but high yield corporate momentum from
recent months stalled and U.S. Treasuries experienced outflows
of ($3.2bn).
Equity
Fixed Income
Commodities & Others
GLOBAL ETP ASSETS1
Assets ($bn)
3,000
2,797
Equity
Fixed Income
Commodities & Others
2,500
2,933
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 Mar-15
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
[4]
Year-to-date Overview
GLOBAL ETP FLOWS BY EXPOSURE1
YTD
2015
YTD
2014
62.6
28.3
243.9
(10.7)
(15.5)
(1.8)
52.0
12.8
242.1
Government
6.1
4.9
19.5
High Yield Corporate
8.2
2.3
4.0
Investment Grade Corporate
10.8
6.1
22.4
Others
10.7
6.7
39.0
Total
35.7
20.0
84.9
Commodities & Others Total
9.6
0.1
2.6
97.2
32.9
329.6
(US$bn)
Equity
Developed Markets
Emerging Markets
Total
Fixed Income
Grand Total
Annual
2014
CUMULATIVE ETP FLOWS1
2015 YTD Flows $97.2bn
329.6
2015
2014
2013
2012
262.6
236.1
97.2
J
F
M
A
M
J
J
A
S
O
N
D
CUMULATIVE EQUITY ETP FLOWS1
CUMULATIVE FIXED INCOME ETP FLOWS1
2015 YTD Equity Flows: $52.0bn
2015 YTD Fixed Income Flows: $35.7bn
2015
2014
2013
2012
84.9
2015
2014
2013
2012
248.1
242.1
70.0
170.7
35.7
27.1
52.0
J
F
M
A
M
J
J
A
S
O
N
D
J
F
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
M
A
M
J
J
A
S
O
N
D
[5]
Flows By Listing Region
Highlights (US$):1
Canada-listed ETPs brought in $2.1bn, the fourteenth
U.S.-listed ETPs gathered $26.8bn in March to finish Q1 with
consecutive month of inflows
$56.3bn despite posting moderate outflows in January
Asia Pacific-listed ETPs were flat for the month, with Japan
Europe-listed ETP flows totaled $7.6bn in March and
equity flows of $4.3bn offset by China equity redemptions
$34.2bn in Q1, the best quarter ever for the European
industry
MTD FLOWS BY LISTING REGION1
ASSET GROWTH RATES AND # OF ETPs1
(# ETPs)
2015 YTD Growth in # ETPs
50
Equity
Fixed Income
Commodities & Others
Bubble
size =
Assets
($bn)
40
30
U.S.
$2,097
20
Canada
$66
10
Asia Pacific
Europe
$494
$215
Latin America
$7
0
(10)
(20)
(10%)
(5%)
0%
5%
2015 YTD AUM Growth
10%
15%
LISTING REGION VIEW1
Net Flows ($bn)
% Asset
Market
Share
Number of
Products
2,097.3
71.5
1,688
34.2
494.0
16.8
2,269
3.7
65.8
2.2
362
7.1
0.2
47
214.5
7.3
753
53.9
1.8
378
2,932.6
100.0
5,497
By Listing Region
Mar
2015
YTD
2015
US
26.8
56.3
Europe
7.6
Canada
2.1
Latin America
(0.3)
(0.2)
Asia Pacific
(0.1)
3.2
Middle East and Africa
Global ETP Total
Not Available
36.1
Not Available
97.2
Mar 2015
Assets
($bn)
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
[6]
Fund Inflows and Outflows
ETPs as of March 2015 (US$bn)1
Bloomberg Ticker
2015 YTD
Inflows
Mar-15
Assets
WisdomTree Europe Hedged Equity
HEDJ US
10.1
17.3
db-X MSCI EAFE Currency-Hedged Equity
DBEF US
5.1
7.2
Vanguard Total Stock Market
VTI US
3.2
54.8
Vanguard S&P 500
VOO US
3.0
30.6
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD US
2.7
22.4
WisdomTree Japan Hedged Equity Fund
DXJ US
2.5
15.8
iShares iBoxx $ High Yield Corporate Bond ETF
HYG US
2.1
16.7
Nomura TOPIX ETF
1306 JP
2.1
20.3
iShares Core MSCI EAFE ETF
IEFA US
2.0
5.4
iShares Currency Hedged MSCI EAFE ETF
HEFA US
2.0
2.1
34.9
192.7
Grand Total
ETPs as of March 2015 (US$bn)1
Bloomberg Ticker
2015 YTD
Outflows
Mar-15
Assets
SPDR S&P 500
SPY US
(31.0)
185.4
iShares MSCI Emerging Markets ETF
EEM US
(3.2)
29.6
Financial Select SPDR
XLF US
(2.7)
18.0
PowerShares QQQ
QQQ US
(2.7)
38.6
iShares FTSE A50 China Index ETF
2823 HK
(2.3)
9.1
iShares S&P 500 UCITS ETF (Dist)
IUSA LN
(2.2)
11.7
Consumer Staples Select SPDR
XLP US
(1.8)
8.3
iShares U.S. Technology ETF
IYW US
(1.7)
3.0
HARVEST Shanghai & Shenzhen 300
159919 CH
(1.6)
6.7
Industrial Select SPDR
XLI US
(1.4)
7.8
(50.4)
318.2
Grand Total
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[7]
Equity ETP Flows by Exposure
Exposure
Equity
US
Large cap
Mid cap
Small cap/Micro cap
Total market/Extended Market
Preferred stock
US size & style total
Basic Materials
Consumer Cyclicals
Consumer Non-cyclicals
Energy
Financials
Health Care
Industrials
Real Estate
Technology
Telecommunications
Utilities
Others
US sector total
US high dividend / other strategy
US total
Canada
North America regional equity
Large Cap
Mid/Small Cap
Total Market
Pan European size & style total
Pan European sector
Pan European strategy
Europe
Pan European total
Germany
U.K.
Other European countries
Europe single country total
Europe total
Japan
Asia-Pacific
Other Asia-Pacific
Asia-Pacific total
Broad developed markets (including Global/Global ex-US)
Developed markets total
Broad emerging markets
Regional emerging markets
China
South Korea
Emerging markets
Mexico
India
Other EM Countries
EM single country total
Emerging markets total
Equity total
Mar 2015
Flows ($bn)
2015 YTD
Flows ($bn)
(4.5)
1.1
3.2
0.3
0.6
0.7
0.0
3.5
(2.3)
1.9
(0.2)
3.0
(0.1)
1.0
0.4
0.1
(1.6)
0.0
5.7
(0.1)
6.2
0.6
(0.1)
1.2
0.5
11.5
13.2
0.1
0.1
13.4
1.4
(0.2)
0.2
1.4
14.8
8.3
0.4
8.7
8.6
38.8
(1.8)
(0.1)
(4.1)
(1.5)
(0.5)
0.9
(0.1)
(5.3)
(7.3)
31.6
(28.6)
4.8
3.3
5.0
1.7
(13.7)
(0.0)
3.1
(1.7)
4.8
(5.4)
6.0
(1.7)
1.1
(1.9)
0.1
(2.2)
0.0
2.3
3.1
(8.4)
(0.3)
0.1
4.5
0.7
23.4
28.7
1.5
0.7
30.9
4.8
0.8
0.0
5.6
36.5
14.2
1.7
15.9
18.9
62.6
(3.4)
0.0
(8.0)
(1.4)
(1.0)
2.3
0.7
(7.4)
(10.7)
52.0
FOR FINANCIAL PROFESSIONAL AND MEDIA USE ONLY - NOT FOR PUBLIC DISTRIBUTION
Assets
($bn)
597.8
107.0
104.0
99.8
18.0
926.5
5.7
23.4
14.6
44.8
33.8
50.0
15.1
45.8
30.9
1.7
9.8
2.1
277.8
94.3
1,298.6
29.6
9.7
48.4
4.5
82.5
135.3
16.3
4.8
156.4
34.9
21.6
30.8
87.4
243.8
160.8
45.4
206.2
259.9
2,047.8
112.1
6.2
72.6
18.7
6.6
12.6
23.4
133.8
252.1
2,299.9
# ETPs
248
50
80
78
5
461
15
21
13
49
41
37
21
24
31
6
13
9
280
94
835
102
24
85
29
98
210
144
31
387
78
65
148
291
678
193
161
354
526
2,519
127
69
232
121
24
59
222
658
854
3,373
[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
Mar 2015
Flows ($bn)
2015 YTD
Flows ($bn)
Assets
($bn)
# ETPs
2.5
0.7
3.2
(3.1)
1.3
(1.8)
1.1
(0.0)
0.6
0.5
0.4
0.3
0.4
(0.4)
4.3
(2.1)
(0.2)
(0.1)
(2.4)
(0.5)
2.2
0.1
0.1
(0.5)
0.3
0.1
0.4
0.2
0.2
0.0
36.1
10.8
8.2
18.9
2.4
3.7
6.1
3.9
1.8
1.2
1.7
1.5
0.2
0.5
(0.2)
35.7
1.4
(0.1)
(0.2)
1.1
(0.5)
8.1
(0.1)
(0.1)
8.4
0.6
0.1
0.7
0.4
0.1
0.0
97.2
107.8
53.0
160.8
47.5
45.7
93.2
68.5
39.9
26.6
25.7
16.8
9.3
4.4
14.0
459.2
62.0
9.3
17.4
88.7
12.6
14.6
3.6
1.5
121.1
4.1
3.2
7.3
6.6
5.0
33.6
2,932.6
167
60
227
81
260
341
45
33
36
89
38
9
20
37
875
127
70
81
278
110
204
186
116
894
47
67
114
78
163
0
5,497
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[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 March 30, 2015 for Europe and March 31, 2015 for the US, Canada, Latin America, Israel, and some Asia ETPs. Some Asia ETP data is as
of February 28, 2015. 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.
Source: Nikkei
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.
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[ 10 ]
Disclaimer
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not intended to be relied upon by the reader as research, a forecast of future events or a guarantee of future results.
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 not be relied
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This is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any strategy in any jurisdiction.
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TO RESIDENTS IN THE UNITED STATES:
This publication has not been prepared, reviewed or distributed by any broker-dealer affiliate of BlackRock and should not be deemed a product of any such
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.
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[ 11 ]
Disclaimer (continued)
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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-15180-0415

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