ETP LANDSCAPE

2013 SURPRISES | NOVEMBER 2013

The opinions expressed are as of November 30th, 2013
and may change as subsequent conditions vary.
ONLY FOR ACCREDITED INVESTORS IN CANADA
AND PROFESSIONAL INVESTORS IN OTHER REGIONS
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
ETP Landscape 2013 Surprises
[ 2 ]
GLOBAL ETP CUMULATIVE FLOWS
1
(US $billions)
79
109 146 218 319
428
598
851
772
1,156
1,483
1,525
1,944
2,361
106
219
297
300
357
524
883
1,541
2,220
2,694
3,543
4,311
4,759
4,981
0
1,000
2,000
3,000
4,000
5,000
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$2,200
$2,400
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Nov-13
Assets ($bn)
Global ETP ASSETS & NUMBER OF ETPs BY YEAR
1
# of ETPs
173.5
262.7
209.9
0
50
100
150
200
250
300
J F M A M J J A S O N D
2011 2012 Jan-Nov 2013
Overview:
The role of ETPs continues to grow in the global capital markets as investors seek efficient, tailored access to varied
investment exposures and look for diversified buy-and-hold investment products. As we approach year-end, the global
ETP industry is closing in on another year of strong asset growth. Year-to-date flows of $209.9bn through November
remain close to last years record level, a strong proof point for the secular growth of the industry. Flows exhibited
increased volatility, particularly during the second half of the year due to the debate over Fed tapering, but despite this
total assets have increased by 21% from 2012 to $2.4 trillion. Along the way some surprising trends emerged in the
2013 ETP growth story.
2013 Surprises:
1) ETPs listed in the US grew at a faster rate than in
any other region
2) Developed Markets Equity flows drove industry
growth
3) Emerging Markets Equity flows remain in negative
territory for the year
4) Strategic Beta Equity
3
captured nearly a third of
industry flows
5) Fixed Income experienced a duration rotation but
kept growing
6) The pace of new launches moderated, yet these
funds attracted meaningful assets
7) Demand and dollars invested in Pan European
ETPs reached all-time highs
8) Monetary and fiscal policy heavily influenced ETP
flows
9) US Retail investors amped up their ETP usage
10) Gold outflows were a consistent and significant drag
on industry growth
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
ETP Landscape 2013 Surprises
[ 3 ]
ETP ASSET GROWTH BY LISTING REGION
1
(2013 YTD vs. 3-Year CAGR)
24%
13%
4%
23%
-6%
19%
15%
26%
28%
6%
-10%
0%
10%
20%
30%
US Europe Canada Asia Pacific Latin America
2013 YTD 3-YEAR CAGR 2010 2012
ASSET GROWTH RATES AND # OF ETPs
1
(# ETPs)
$1,669
$414
$59
$11
$169
-30
-10
10
30
50
70
90
110
-10% -5% 0% 5% 10% 15% 20% 25% 30%
2
0
1
3

G
r
o
w
t
h

i
n

#

E
T
P
s

2013 AUM Growth
US
Europe
Canada
Asia Pacific
Latin
America
Bubble
size =
Assets
($bn)
1. ETPs listed in the US grew at a faster rate than
in any other region
One wouldnt expect the largest regional asset base to
grow at such a high rate compared to smaller regions,
but the US industry saw net inflows of $169bn as well
as robust Equity market returns in 2013. Although the
US now accounts for 71% of all global ETP assets, it
had the highest growth rate. Year to date, assets have
grown 24%, surpassing its three year annualized
growth rate of 19%. $16bn or approximately 10% of US
ETP flows have come from non-US clients. The US
also saw the highest number of new funds with 86.
The Asia Pacific ETP market experienced similar
growth to the US. Assets increased 23% and the
number of ETPs available increased by 81.
Europe managed low double digit growth, however, if
Gold outflows were excluded, the growth rate would
have been 15% which is on par with the compound
annual growth rate for the last 3 years.
The Canadian ETP market had modest growth this year
at 4% largely due to headwinds in Canadian Equities
which were held back by a more cautious market
sentiment.
Latin America was the only region where assets
declined. However, this trend is not indicative of the
regions true growth as many institutional investors in
the region purchase ETPs listed in the US or Europe.
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 4 ]
2. Developed Markets Equity flows drove industry
growth
Flows of $227.9bn into ETPs offering exposure to
Developed Markets Equities eclipsed the previous
annual record inflows of $180bn (from 2008) and are
nearly double the levels seen last year. While other
asset classes experienced outflows (Commodities and
Emerging Markets Equities) or moderate inflows (Fixed
Income), Developed Markets Equities thrived,
representing an out-sized portion of 2013 asset
gathering.
Investors flocked to US Equity ETPs throughout the
year except in August when taper fears flared and the
industry suffered record monthly outflows. Prolonged
stimulus from the Federal Reserve helped to boost
demand throughout most of 2013, leading to $128.6bn
in net new assets.
Dovish monetary policies and Abenomics in Japan
helped boost demand for Japanese Equity exposures to
a new record with flows of $36.1bn, three times higher
than last years $10.6bn.
ETPs offering Pan European Equity exposure gained
meaningful traction in the second half of the year and
took in a record $24.0bn year to date, more than twice
the asset raise seen in 2012.
3. Emerging Markets Equity flows remain in
negative territory for the year
Growth rates for Emerging Markets economies continue
to outpace those of Developed Markets, yet in 2013
Emerging Markets Equity indices underperformed
Developed Markets by nearly 20 percentage points and
US Equities by more than 30. Emerging Markets Equity
ETP flows similarly lagged behind, with redemptions of
($9.8bn).
Emerging Markets had been in favor for several years,
holding up after the end of the financial crisis as interest
rates remained low and growth expectations high. In
fact, the category took in $55bn in new assets last year.
However, the anticipation of an end to loose monetary
policy in the developed world began to take hold in
2013 and acted as a catalyst that led investors to
recalibrate expectations for emerging markets. Ben
Bernankes comments in May about tapering in the US
accelerated the trend. Emerging Markets currencies
DEVELOPED MARKETS EQUITY ETP FLOWS
1
(US $billions)
101.8
115.9
227.9
0
50
100
150
200
250
J F M A M J J A S O N D
2011 2012 2013
EQUITY ETP 2013 YTD FLOWS
1
BY EXPOSURES
(US $billions)
128.6
36.1
24.0
39.1
(9.8)
-40
0
40
80
120
160
J F M A M J J A S O N
US
Other
Developed
Japan
Pan-
European
EM
weakened, particularly for those economies with weaker
fiscal positions. Growth expectations for China
moderated. Additionally, signs of improving economic
growth for the US and Europe albeit slow attracted
flows to Equity ETPs with these exposures.
ETP Landscape 2013 Surprises
2013 YTD INDEX RETURNS (%)
Index returns (ex-
div) in USD (%)
Jan-Nov
2013
Annual 2012 Annual 2011
MSCI EM (3.5) 15.1 (20.4)
MSCI EAFE 17.8 13.6 (14.8)
S&P 500 26.6 13.4 0.0
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 5 ]
$285bn
16%
GLOBAL FIXED INCOME ETP FLOWS
1
,
2
(US $billions)
J F M A M J J A S O N
-20
0
20
40
(9.0)
34.7
4. Strategic Beta Equity captured nearly a third of
industry flows
Strategic Beta Equity funds have gained more
momentum in 2013. We define Strategic Beta as
funds designed to track indexes that weight holdings by
factors other than market capitalization such as
dividends, volatility or factors (for example,
momentum). Strategic Beta Equity funds gathered a
record total of $61.3bn nearly a third of this years
global industry flows with asset growth of over 40%.
Dividend weighted
7
funds once again led Strategic Beta
with $27.6bn of flows this year, more than double the
$13.1bn collected in 2012. Many income-seeking
investors have turned to dividend stocks as bond
alternatives in a persistent low-interest rate
environment.
Another rapidly growing area is Minimum Volatility
where assets have more than doubled over eleven
months to $13.3bn. These funds seek to smooth out
the markets peaks and valleys in part by holding stocks
that have exhibited less price volatility, capitalizing on
investors desire to manage volatility.
5. Fixed Income experienced a duration rotation
but kept growing
In early 2013, market concern over rising interest rates
amid improving economic conditions and possible Fed
tapering spurred debate over a potential great rotation
out of bonds. The ETP industry did not experience a
great rotation, but rather a duration rotation as flows
shifted from longer- to shorter-maturity funds. Fixed
Income ETP flows of $25.7bn through November were
ETP Landscape 2013 Surprises
down from last years record-setting annual level of
$70bn, but still strong. Short maturity products have
steadily gathered $34.7bn while other maturities began
to experience outflows in May and have shed ($9.0bn)
year-to-date.
The duration shift manifested in the US where investors
pulled ($21.8bn) from broad maturity ETPs and plowed
$30.3bn into short maturity products. Assets in US-
listed short-maturity ETPs almost doubled from $48.1bn
in 2012 to $78.4bn this year.
There was less rate sensitivity outside the US as flows
were distributed across short, intermediate, and broad
maturities with roughly $4bn each. Fixed Income ETPs
with European exposure did particularly well gathering
$6.3bn the highest total since 2008 anchored by the
ECBs monetary policy of continued low rates.
Mutual funds saw a larger duration rotation with
outflows of ($42.7bn) this year vs. $435bn of inflows
last year.
6
Short maturity mutual funds have also
steadily gathered assets while outflows for other
maturities have accelerated and reached ($165.9bn).
123.1
(165.9)
-200
-150
-100
-50
0
50
100
150
J F M A M J J A S O N
C
u
m
u
l
a
t
i
v
e

N
e
t

F
l
o
w
s

(
U
S
$
b
n
)
GLOBAL FIXED INCOME MUTUAL FUND FLOWS
1
,
2
(US $billions)
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 6 ]
CUMULATIVE ETP FLOWS SINCE 2010 BY LISTING YEAR
1
(US $billions)
991
952
659
485
97 92
217 211
0
200
400
600
800
1000
1200
2010 2011 2012 Jan-Nov 2013
Newly Launched Delisted
NEWLY LAUNCHED VS. DELISTED IN THE YEAR
1
(including individual share classes and excluding cross listings)
VINTAGE
(100)
0
100
200
300
400
500
600
700
800
900
Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Nov-13
C
u
m
u
l
a
t
i
v
e

F
l
o
w
s

S
i
n
c
e

2
0
1
0

(
U
S
$
b
n
)
2013
2012
2011
2010
Historical Launches
$22.9
$57.1
$84.6
$97.2
$566.1
6. The pace of new launches moderated, yet these
funds attracted meaningful assets
New products are an important component of industry
growth. Funds launched since the beginning of 2010
have gathered more than $260bn in net new assets.
485 ETPs made their debut in 2013 and accumulated
assets of $22bn through November. Of these new
launches, 100 were Strategic Beta Equity funds with
total assets of $5.5bn.
New fund launches have been on the decline with 659
coming to market last year and more than 900 for each
of the prior two years. In 2013, there were 211 funds
and share classes delisted. This is on par with 2012,
but higher than previous years.
With over 4,900 ETPs available globally, rapid growth
opportunities may be diminishing for launching new
ETPs based upon traditional market capitalization
weighted equity indexes.
As in past years, there is no discernible pattern to the
top asset-gathering funds launched in 2013 the 15
largest spanned regions and asset classes.
ETP Landscape 2013 Surprises
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 7 ]
M
a
y

6
-
1
1
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2
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1
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-
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8
May 22
nd
First
Taper
Comments
June 19
th
Second Taper
Announcement
July 10
th
Bernanke
Qualifies his
Position
Sept 18
th
Fed
Decision No
Taper
Markets
anticipate
modest taper
Oct 16
th
US
Debt Ceiling
Resolved
Period of Uncertainty
US Debt Ceiling
Negotiations
Drag On
N
o
v


2
5
-
2
9
N
o
v


1
8
-
2
2
Nov 21
st
Yellen
Nomination
backed by
Senate Banking
Committee
PAN-EUROPEAN EQUITY ETP FLOWS
1
2010-2013 Quarterly Trends
ECONOMIC POLICY IMPACT ON GLOBAL ETP FLOWS
1
2013 Recent Weekly Trends
7. Demand and dollars invested in Pan European
ETPs reached all time highs
Pan-European Equity ETPs surged in popularity on news
the Eurozone emerged from recession in the second
quarter of 2013. Second half flows totaled an impressive
$24.3bn (through November). Europe had remained
mired in a long recession. ETPs offering Pan-European
Equity exposure gathered $2.0bn in 2010 and saw
redemptions of ($5.4bn) in 2011 when the debt crisis led
investors to rush into safe-haven German Equities.
This years $24.0bn in Pan-European flows has included
three consecutive record-setting months (August
October). In addition to early signs of economic growth in
the region, Pan-European ETPs also got a boost from
relatively richer valuations for US stocks, turmoil in
Washington in the fall and the selloff in Emerging
Markets this year. Additionally, European-listed ETP
Industrys assets rallied to cross the $400bn mark.
8. Monetary & fiscal policy heavily influenced ETP
flows
Volatility in ETP flows was more pronounced in 2013 as
shifts in monetary and government economic policies
impacted markets, highlighting the value of ETPs in
quickly expressing market sentiment. Global flows were
particularly volatile from May to September, alternating
between positive and negative totals each month. This
underscored the importance of ETP liquidity and funds
such as minimum volatility that seek to smooth the
impact of market swings.
The US fiscal cliff, Abenomics in Japan, and US debt
ceiling negotiations all impacted flows. However, the
potential for tapering by the Federal Reserve was the
most crucial factor particularly in US listed products.
Still, flows were on pace with last years record level for
much of the year despite the ups and downs.
ETP Landscape 2013 Surprises
-5 0 5 10 15
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4TD
2
0
1
3
2
0
1
2
2
0
1
1
2
0
1
0
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 8 ]
US RETAIL ETP INDUSTRY ASSETS BY INVESTOR
TYPE
4
Gold Other Commodities
GOLD ETP ASSETS VS CENTRAL BANK RESERVES
5
(Million troy ounces)
261.5
108.9
90.5
78.8 78.3
59.2
0
50
100
150
200
250
300
US Germany IMF Italy France Global
Gold
ETPs
COMMODITIES ETP FLOWS
1
2013 YTD Net Flows: ($37.3bn)
9. US Retail investors amped up their ETP usage
Combined ETP assets held by Financial Advisors, RIAs
and individual investors increased 26% YTD through
October to $1.1 trillion.
4
ETPs are becoming more
mainstream in the US particularly among individual
investors. More than $20bn in flows this year came
from individual investors and they now account for 13%
of the US ETP market.
10. Gold outflows were a consistent and
significant drag on industry growth
Gold ETPs saw outflows every month this year in
contrast to record-breaking flows in 2012 and assets
declined by 48%. There were some upticks in the price
of gold in 2013, and easy money policies continued in
the US and Japan, but low inflation remained a
challenge for gold and rising real interest rates also
caused headwinds. Gold can be costly to hold and
offers no income stream to investors.
However, Gold ETP assets remain sizeable at $74.1bn
globally making ETPs collectively the 6th largest holder
of gold behind the IMF and sovereign nations.
Closing Summary:
2013 is heading towards another successful year for the
Global ETP industry, in many ways exceeding
expectations following record flows in 2012. There were
unique upside surprises and unexpected challenges,
but growth remained robust as signs of improvement in
Developed Markets economies augmented the ongoing
secular trend of growing ETP adoption.
Global ETP assets have now increased more than 20%
for two consecutive years and four of the past five.
Looking ahead to 2014 we remain confident that the
industry still has ample room to grow.
ETP Landscape 2013 Surprises
709.8
895.8
181.5
228.7
0
200
400
600
800
1,000
1,200
YE2012 Oct-13
A
s
s
e
t
s

U
S
$
b
n
Individual Investors
Financial Advisors & RIAs
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
Endnotes
ABOUT BLACKROCK
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients
worldwide. At September 30, 2013, BlackRocks AUM was $4.096 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 September 30, 2013, the firm had approximately 11,200 employees in 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.
[ 9 ]
Dodd Kittsley
Head of BlackRock ETP
Research
For inquiries, contact
ETPresearch@BlackRock.com
BlackRock ETP Research
Raj Seshadri
Head of BlackRock ETP Insights
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 November 28, 2013 for Europe and November 29, 2013 for the US, Canada, Latin America, Israel, and some Asia ETPs. Some Asia
ETP data is as of the end of October 2013. 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. Strategic Beta Equity ETPs are defined as funds designed to track indexes that weight holdings by factors other than market capitalization such as
dividends, minimum volatility, or factors (for example, momentum).
4. Source: Broadridge
5. Source: Bloomberg and IMF website as of October 2013
6. Source: EPFR as of November 2013
7. Equity ETPs that are dividend focus or dividend weighted can provide very different geographic exposures such as US, global, European, or other
single-country or regional exposures.
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.
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
REGULATORY INFORMATION
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Avenue, London, EC2N 2DL, England, Tel +44 (0)20 7743 3000.
This document has been provided by BlackRock in a private and confidential manner to professional and or institutional investors (as such term is defined
according to applicable regulations in the relevant jurisdiction) only upon express request.
This document is solely for informational and educational purposes only and represents an assessment of the market environment at a specific time 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.
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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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Disclaimer
[ 10 ]
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
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You should read the PDS or prospectus and consider whether an iShares ETF is appropriate for you before deciding to invest.
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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
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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.
Disclaimer (continued)
[ 11 ]
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 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.
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