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ETP LANDSCAPE
MONTHLY SNAPSHOT | FEBRUARY 2014
The opinions expressed are as of February 28th, 2014
and may change as subsequent conditions vary.
What’s Inside
BlackRock ETP Research
Dodd Kittsley
Head of BlackRock ETP
Research
Raj Seshadri
Head of BlackRock ETP Insights
Global Overview
3
YTD Overview
5
Reference Schedules
Flows by Listing Region
6
ETP and Mutual Fund Monthly Equity Flows
7
ETP and Mutual Fund Monthly Fixed Income Flows
8
ETP Flows by Exposure
9
For inquiries, contact
[email protected]
FIXED INCOME ETP FLOWS SURGED IN EARLY FEBRUARY
WHILE EQUITIES RECOVERED AFTER A ROCKY START 1
 Global ETP inflows finished February at $27.2bn spurred on by Janet Yellen’s
February 11th address to Congress, which was well received by equity markets.
 Fixed Income flows of $19.6bn set a new monthly record amid expectations for
continued low interest rates and low inflation.
• US Treasuries brought in $11.4bn and Investment Grade Corporate gathered
$3.6bn. High Yield Corporate added $1.4bn.
• Despite inflows into all duration buckets, Short Maturity funds had a record
month taking in $7.4bn.
 Overall Equity flows were moderate at $5.8bn with investors continuing to favor
non-US Developed Markets exposures.
• Japanese Equity inflows reached $4.1bn and Pan-European funds gathered
$2.8bn as evidence continues to point toward improving growth in the region.
• US Equity outflows totalled ($0.2bn) and Emerging Markets shed ($4.5bn).
 February played out as a tale of two halves and ETPs enabled market
participants to efficiently reallocate capital as sentiment shifted.
• Prior to Yellen’s remarks, Equity ETP redemptions reached ($21.2bn) while
Fixed Income accumulated $16.8bn as investors waited out the equity market
volatility that carried over from January.
• Subsequently, the trend reversed with Equities recovering $27.1bn (largely
US Equity) while Fixed Income cooled but still brought in an additional $2.8bn.
About the ETP Landscape: Monthly Snapshot Report
This report provides a summary of global ETP assets under management and asset flows for the most recent month-end period.
[2]
Global Overview
GLOBAL ETP WEEKLY FLOWS1
Highlights (US$):1,2
2014 February Flows $27.2bn
February inflows of $27.2bn for the Global ETP Industry
represented a dramatic turnaround from January’s outflows,
underscoring the uncertainty confronting markets so far in
2014. Going forward this year, volatility is likely to move
higher, reverting to its long-term historical average.
6.0
(3.4) (12.0)
(4.5)
The lack of a clear signal on global economic growth –
following a year in which the anticipation of improvement
propelled stocks to impressive gains – has led to active
movement of capital among asset classes that was reflected
in ETP flows during the month. There were, however,
categories that continued to consistently gather assets.
Global Fixed Income flows of $19.6bn set a new record in
February and were led by US exposures with $16.8bn, also a
new high. Flows spiked as US Equity redemptions mounted
early in the month, but then slowed abruptly. It remains
unclear whether the pickup this month was a sign of changing
investor behavior or more opportunistic in nature given shortterm market conditions as well as range-bound interest rates
and low inflation expectations. Still, in two months it brings
year-to-date Fixed Income flows to $23.1bn, close to the total
for all of 2013 at $27.1bn. US Treasuries and Investment
Grade bonds led the way accumulating $11.4bn and $3.6bn
this month, respectively. High Yield added $1.4bn. European
Fixed Income exposures continued their strong run gathering
$1.3bn, just off the pace from January. Short Maturity Fixed
Income flows also reached their highest monthly total on
record at $7.4bn after subsiding late in 2013.
While the outlook for Emerging Markets Equity remains
tenuous in light of tension in the Ukraine and Chinese
currency volatility, it has stabilized notably since January and
so have ETP flows. February brought additional outflows of
($4.5bn) but they were concentrated early in the month.
6.6
6.0
Developed Int’l Equity
Fixed Income
US Equity
EM Equity
Commodities/Other
1/17
1/24
1/31
2/7
2/14
2/21
2/28
GLOBAL EQUITY ETP FLOWS1
2014 YTD Flows ($1.9bn) vs. 2013 YTD Flows: $46.8bn
Jan-Feb 2013
Jan-Feb 2014
US
Japan
Pan
Other DM/
European Global
Emerging
Markets
GLOBAL FIXED INCOME ETP FLOWS1
2014 February Flows: $19.6bn
Cumulative Net Flows ($US$bn)
Redemptions in US Equity exposures that had emerged
during late January continued into the first week of February
but then reversed to inflows despite further lackluster reports
on the labor market and manufacturing. The catalysts were
Janet Yellen’s testimony before Congress and news of an
agreement on debt ceiling legislation. The former was an
encouraging sign of a smooth Fed transition and confirmation
of low-for-longer interest rate policy in conjunction with
tapering while the latter pushed an obstacle to 2014 growth
off until next year. US Large Cap outflows abated, finishing
the month down ($2.9bn) as opposed to the ($15.7bn)
witnessed in January. One consistent trend was strength in
US Sectors which built on existing momentum adding $4.1bn
in February driven by Health Care, Energy and Real Estate.
19.2
Short Maturity
Other Duration Buckets
2012
2013
2014
[3]
Global Overview (cont’d)
Highlights (US$):1,2
Year-to-date outflows of ($13.2bn) have now surpassed the total
of ($10.3bn) for all of 2013. Valuations remain relatively attractive
by historical standards for longer-term investors willing to ride out
the volatility inherent in the asset class and encouraging forecasts
for individual economies such as South Korea also continue to
present opportunities for selective investors.
Flows into Pan-European Equity exposures remained strong
reaching $2.8bn in February. Data released mid-month indicated
Q4 Eurozone GDP growth of 0.3% – above expectations for 0.2%
– and February inflation of 0.8% annualized that remains low but
has stabilized recently.3 Single country funds have also seen
momentum in flows continue to build this year. They gathered
$1.3bn in February led by Italy and Switzerland with $0.4bn each.
In aggregate, flows into European Equity exposures totaled
$4.2bn during the month.
FEBRUARY RESULTS AT A GLANCE1
(US $billions)
February
2014
January
2014*
December
2013*
February
2013
Monthly Flows
27.2
(6.6)
24.6
9.8
Assets
2,434
2,322
2,396
2,036
# of ETPs
5098
5,063
5,024
4,792
*Q4 2013 and Jan 2014 restated with additional Europe and Asia data. Global ETPs
crossed 5,000 in product count during Dec 2013.
GLOBAL 13-MONTH ROLLING FLOWS1
2014 YTD Flows: $20.6bn vs. 2013 Flows: $236.1bn
(US$bn)
The pace of Japanese Equity flows remained strong with $4.1bn
added in February predominantly among a select set of Nikkei
and TOPIX funds. Year-to-date the total has already reached
$8.2bn. Inflows had tapered late in 2013 following impressive
asset gathering of $26.0bn during the first half. Despite evidence
that economic growth remains moderate – the latest Q4 data
revealed GDP growth of 0.3%4 – the government reasserted its
commitment to boost record stimulus measures if needed.
Equity
Fixed Income
Commodities & Others
CUMULATIVE EQUITY ETP FLOWS1
CUMULATIVE FIXED INCOME ETP FLOWS1
2014 YTD Equity Flows: ($1.9bn)
2014 YTD Fixed Income Flows: $23.1bn
[4]
2014 Year-To-Date Overview
GLOBAL ETP 2014 YTD FLOWS BY EXPOSURE1
(US$bn)
YTD 2014
YTD 2013
Annual
2013
GLOBAL ETP CUMULATIVE NET FLOWS1
2014 YTD Flows $20.6bn vs. 2013 Flows: $236.1bn
Global ETP Assets & Number of ETPs by Year1
Assets ($bn)
$2,400
$2,200
$2,000
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
4,311
# of ETPs
5,024 5,098
4,759
5,000
3,543
4,000
2,694
3,000
2,220
2,396 2,434
1,541
1,944
883
524
297
300
357
218
2003
319
428
2004
2005
106
219
79
2000
109
146
2001
2002
2,000
1,483 1,525
851
772
2007
2008
1,156
1,000
598
0
2006
2009
2010
2011
2012
2013 Feb-14
[5]
Flows By Listing Region
Highlights (US$):1
 Europe-listed ETPs gathered $4.3bn in February, the eighth
consecutive month with positive flows
 Year-to-date Asia Pacific and Europe contributed to 85% of
all global ETP inflows, with more than $8bn each.
 Funds listed in the US account for 70.9% of global ETP
assets
ASSET GROWTH RATES AND # OF ETPs1
FEBRUARY FLOWS BY LISTING REGION1
(# ETPs)
40
2014 Growth in # ETPs
35
30
US
Bubble
size =
Assets
($bn)
$1,727
25
Canada
20
Europe
$59
15
$429
Asia Pacific
10
5
Latin
America
0
$9
$169
-5
-24% -20% -16% -12% -8% -4%
-10
2014 AUM Growth
0%
4%
8%
Commodities & Others
Fixed Income
Equity
LISTING REGION VIEW1
Net Flows
By Listing Region
Feb
2014
YTD
2014
Feb 2014
Assets
% Asset
Market
Share
Number of
Products
[6]
ETP and Mutual Fund Equity
Flows
Highlights (US$):1,5
ETP and mutual funds Equity flows exhibited similar
patterns so far this year.
 Emerging Markets Equity mutual fund outflows were
 Developed Markets Equity mutual fund inflows were
$50.6bn year-to-date, after finishing 2013 with $165.7bn.
Developed Markets Equity ETPs had inflows of $11.3bn vs.
$258.4bn for full-year 2013.
($15.5bn) year-to-date, already more than double the
($6.6bn) total for last year. EM Equity ETP outflows reached
($13.2bn) year-to-date, also surpassing the ($10.3bn) from
last year.
GLOBAL EQUITY ETP FLOWS1,5
GLOBAL EQUITY MUTUAL FUND FLOWS1,5
2014 YTD Flows ($1.9bn) vs. 2013 Flows $248.1bn
2014 YTD Flows $35.0bn vs. 2013 Flows $159.1bn
300
258.4
300
250
250
200
200
150
150
100
100
50
50
165.7
50.6
11.3
0
0
(13.2)
(10.3)
(50)
J
F
M
A
M
J
J
A
S
O
N
D
(15.5)
(6.6)
(50)
J
F
M
A
M
J
J
A
Developed Markets Flows in 2014
Emerging Markets Flows in 2014
Developed Markets Flows in 2013
Emerging Markets Flows in 2013
S
O
N
D
[7]
ETP and Mutual Fund Flows Fixed Income and Money Market
Highlights (US$):1,5
The preference for Short Maturity Fixed Income that was a
key theme in 2013 is still evident for Mutual Funds but is
less pronounced for ETPs.
 Short Maturity Fixed Income mutual funds gathered
$11.0bn so far this year, while other maturities had
redemptions of ($11.2bn).
 Fixed Income ETPs gathered $23.1bn year-to-date, led by
US Treasury Bond and Investment Grade Corporate Bond
funds. Flows of $9.3bn came from Short Maturity funds and
other duration buckets added $13.8bn.
 Money Market mutual funds surrendered ($20.1bn) year-
to-date, similar thus far to the pattern seen last year. Money
Market ETP trends are not shown below as assets are
minimal. Flows are included with those of Fixed Income
funds.
2014 YTD Flows ($0.2bn) vs. 2013 Flows ($103.3bn)
35.8
40
30
20
13.8
9.3
10
0
(8.7)
-10
-20
Cumulative Net Flows (US$bn)
GLOBAL FIXED INCOME MUTUAL FUND FLOWS1,2,5
2014 YTD Flows $23.1bn vs. 2013 Flows $27.1bn
Cumulative Net Flows (US$bn)
GLOBAL FIXED INCOME ETP FLOWS1,2,5
129.3
150
100
50
11.0
0
-50
(11.2)
-100
-150
(232.7)
-200
-250
-300
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
Short Maturity Flows in 2014
Other Maturity Buckets Flows in 2014
Short Maturity Flows in 2013
Other Maturity Buckets Flows in 2013
S
O
N
D
MONEY MARKET MUTUAL FUND FLOWS1,5
2014 YTD Flows ($20.1bn) vs. 2013 Flows ($32.3bn)
0
(20.1)
(32.3)
(50)
Money Market Mutual Fund Flows in 2014
(100)
Money Market Mutual Fund Flows in 2013
(150)
(200)
J
F
M
A
M
J
J
A
S
O
N
D
[8]
ETP Flows by Exposure:
Developed Equity
Exposure (US$mn)
Feb 2014
Flows
2014 YTD
Flows
% of
2014 YTD
Flows
Assets
(2,877)
(3,292)
949
97
559
113
21
(4,430)
520
(1,102)
(868)
1,578
803
2,698
(785)
1,234
(367)
7
216
139
4,074
147
(208)
(398)
206
(399)
515
26
203
1,595
(18,598)
(2,663)
(1,272)
121
2,850
263
(99)
(19,398)
1,018
(2,149)
(982)
1,893
315
3,888
(700)
2,088
663
115
680
145
6,975
797
(11,626)
(1,125)
484
(12,268)
886
(19)
757
4,703
(90.2)
(12.9)
(6.2)
0.6
13.8
1.3
(0.5)
(94.1)
4.9
(10.4)
(4.8)
9.2
1.5
18.9
(3.4)
10.1
3.2
0.6
3.3
0.7
33.8
3.9
(56.4)
(5.5)
2.3
(59.5)
4.3
(0.1)
3.7
22.8
471,427
84,321
89,264
1,253
69,412
4,393
12,471
732,541
8,628
14,302
9,138
34,895
32,664
31,982
14,891
32,487
26,964
1,133
7,867
1,302
216,253
72,199
1,020,992
31,482
8,789
1,061,263
46,892
1,265
4,346
54,013
19.4
3.5
3.7
0.1
2.9
0.2
0.5
30.1
0.4
0.6
0.4
1.4
1.3
1.3
0.6
1.3
1.1
0.0
0.3
0.1
8.9
3.0
41.9
1.3
0.4
43.6
1.9
0.1
0.2
2.2
238
49
70
4
72
2
5
440
15
19
13
45
40
30
18
24
28
6
13
8
259
65
764
93
22
879
83
9
12
75
2,338
6,324
30.7
106,438
4.4
177
396
93
2,827
169
848
121
7,296
(164)
4.1
0.6
35.4
(0.8)
15,134
3,454
125,104
41,118
0.6
0.1
5.1
1.7
152
21
352
66
U.K.
194
841
4.1
22,810
0.9
58
Switzerland
France
363
79
454
(21)
2.2
(0.1)
11,413
6,067
0.5
0.2
32
18
Others
Europe Single Country
Total
522
1,162
5.6
13,442
0.6
68
1,326
2,273
11.0
94,850
3.9
242
4,154
(604)
4,059
9,569
(889)
8,207
46.4
(4.3)
39.8
219,954
15,369
144,595
9.0
0.6
5.9
594
61
255
3,455
7,318
35.5
159,964
6.6
316
3,159
10,368
6,662
11,280
32.3
54.7
212,536
1,653,717
8.7
67.9
463
2,252
1
Large Cap
Mid Cap
Small Cap
Micro Cap
US Size and Style
Total Market
Extended Market
Preferred Stock
US Size and Style Total
Basic Materials
Consumer Cyclicals
Consumer Non-cyclicals
Energy
Financials
Health Care
US Sector
Industrials
Real Estate
Technology
Telecommunications
Utilities
Theme
US Sector Total
US Strategy
US Total
Canada Equity
North America Regional Equity
North America Total
Large Cap
Mid Cap
Pan European
Small Cap
Size and Style
Total Market
Pan European
Size and Style Total
Pan European Sector
Pan European Strategy
Pan European Total
Germany
Country
Europe Total
Asia-Pacific
Regional
Country
Asia Pacific Total
Broad-Based Global /Global ex-US
Developed Equity Total
% of
Assets
# ETPs
[9]
ETP Flows by Exposure: EM
Equity, Fixed Income, &
Commodities
Exposure (US$mn)
Broad EM
1
Broad Emerging Markets
Broad Frontier Markets
Broad EM Total
Regional EM
Brazil
China
India
Russia
EM Single Country
South Korea
Mexico
Others
EM Single Country Total
Emerging Markets Equity Total
Equity Total
Broad/Aggregate
Govt/Corp
Emerging Markets
Municipal
Government - Sovereign
Government - US Treasury
Government Total
Fixed Income
Inflation
High Yield Corporate
Investment Grade Corporate
Money Market
Mortgage
Others
Fixed Income Total
Broad Market
Agriculture
Energy
Industrial Metals
Commodities
Precious Metals - Gold
Precious Metals - Silver
Precious Metals - Others
Precious Metals - Total
Commodities Total
Alternatives
Volatility
Others
Alternatives Total
Asset Allocation
Currency
Israel ETP
Global ETP Total
Feb 2014
Flows
2014 YTD
Flows
% of
2014 YTD
Flows
Assets
% of
Assets
(3,309)
40
(3,270)
(161)
(65)
(528)
(97)
(202)
(101)
(207)
86
(1,115)
(4,545)
5,823
347
809
771
39
577
11,394
11,971
(17)
1,402
(12,306)
84
(12,222)
(510)
37
1,904
(256)
(425)
(756)
(924)
(60)
(480)
(13,212)
(1,932)
1,488
594
712
145
1,570
12,015
13,585
(172)
1,125
(59.7)
0.4
(59.3)
(2.5)
0.2
9.2
(1.2)
(2.1)
(3.7)
(4.5)
(0.3)
(2.3)
(64.1)
(9.4)
7.2
2.9
3.5
0.7
7.6
58.3
65.9
(0.8)
5.5
104,013
835
104,848
6,082
6,881
54,720
5,224
2,411
19,296
8,916
21,546
118,993
229,923
1,883,640
45,566
33,193
19,686
11,980
42,655
46,027
88,682
25,134
45,891
4.3
0.0
4.3
0.2
0.3
2.2
0.2
0.1
0.8
0.4
0.9
4.9
9.4
77.4
1.9
1.4
0.8
0.5
1.8
1.9
3.6
1.0
1.9
111
5
116
76
45
206
52
17
113
20
150
603
795
3,047
37
29
79
37
263
78
341
39
51
3,586
4,686
22.7
83,720
3.4
139
(147)
334
501
19,598
149
49
298
(29)
501
200
(8)
693
1,159
220
2
222
507
(100)
-
(308)
272
948
23,075
(551)
(5)
89
110
(372)
258
(126)
(240)
(596)
197
43
240
574
(750)
-
(1.5)
1.3
4.6
112.0
(2.7)
(0.0)
0.4
0.5
(1.8)
1.3
(0.6)
(1.2)
(2.9)
1.0
0.2
1.2
2.8
(3.6)
-
4,410
7,527
14,183
379,971
17,206
5,250
7,383
1,920
73,995
12,493
4,692
91,180
122,940
3,136
2,772
5,908
5,164
4,247
32,458
0.2
0.3
0.6
15.6
0.7
0.2
0.3
0.1
3.0
0.5
0.2
3.7
5.1
0.1
0.1
0.2
0.2
0.2
1.3
19
7
33
811
113
192
207
117
124
67
80
271
900
49
68
117
79
144
-
27,208
20,610
100.0
2,434,327
100.0
5,098
# ETPs
[ 10 ]
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 February 27, 2014 for Europe and February 28, 2014 for the US, Canada, Latin America, Israel, and some Asia ETPs. Some Asia ETP data
is as of January 31, 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.
We classify maturity buckets of a Fixed Income ETP if the fund invests at least 70% of its assets in the corresponding maturity/exposure range: Short
maturity includes: underlying security maturities < 3 years and floating rate where the fund holds floating rate securities and/or bank loans. Intermediate
includes: 3 years < underlying security maturities < 10 years. The “other” category includes Long-Term: underlying security maturities > 10 years; Broad
Maturities: The fund invests in more than two maturity buckets without emphasizing one; Selected Maturities: The fund holds securities with multiple
selected range of maturity buckets, i.e. barbell strategy which focuses on the specific short-term and long-term buckets with even weights; and Fixed
Maturity: The fund itself has a target maturity date and arranged holdings correspondingly.
3.
Source: Eurostat
4.
Source: Cabinet Office, Government of Japan
5.
Mutual fund data is sourced from EPFR (excluding Money Market funds and ETFs). 2013 and Jan 2014 data is sourced from EPFR monthly data.
February 2014 data is sourced from EPFR weekly data for the four weeks ended February 26, 2014. 2013 and Jan 2014 Money Market mutual fund data
is sourced from EPFR monthly data. Money Market mutual fund flows is sourced from EPFR weekly data for the four weeks ended February 26, 2014.
Index returns are for illustrative purposes only and do not represent actual Fund performance. 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, 2013, BlackRock’s AUM was $4.324 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, 2013, the firm had approximately 11,400 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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Disclaimer
This document has been provided by BlackRock for informational purposes only.
This document is solely for informational and educational purposes only and represents an assessment of the market
environment and is 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 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.
This document 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.
Investing involves risk, including possible loss of principal. BlackRock has not performed any due diligence on
products which are not managed by BlackRock and accordingly does not make any remark on their suitability for
investment purposes. Investment in the products mentioned in this document may not be suitable for all investors.
Past performance is not a guide to future performance and should not be the sole factor of consideration when
selecting a product. The price of the investments may go up or down and the investor may not get back the amount
invested. Income is not fixed and may fluctuate. The value of investments involving exposure to foreign currencies
can be affected by exchange rate movements.
This document or any portion hereof may not be reprinted, sold or redistributed without authorisation from
BlackRock, Inc. or its affiliates (together, ‘BlackRock’).
© 2014 BlackRock, Inc. All Rights reserved. iShares® and BlackRock® are registered trademarks of BlackRock,
Inc., or its subsidiaries in the United States and elsewhere. All other trademarks, servicemarks or registered
trademarks are the property of their respective owners.
Regulatory Information
In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been
reviewed by the Securities and Futures Commission. In Singapore, this material is issued by BlackRock (Singapore)
Limited (co. registration no. 200010143N).
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