Municipal Bond ETF Applications. Solomon Stewart, CFA ishares Fixed Income Strategy
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1 Municipal Bond ETF Applications Solomon Stewart, CFA ishares Fixed Income Strategy
2 Municipal Bond Market Update FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION.
3 Jan-07 Jun-07 Nov-07 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10 Mar-11 Aug-11 Jan-12 Jun-12 Nov-12 Monthly Flows Into Municipal Bond Funds ($MM) Municipal bond market update Flows Into Municipal Bond Mutual Funds $15,000 $10,000 $5,000 $- $(5,000) $(10,000) $(15,000) Source: BlackRock and Investment Company Institute as of March 27, 2013 FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION 3
4 Issuance Follows a Seasonal Pattern Net supply in the municipal bond market has been negative during certain months of the year. Issuance is declining as municipal issuers are deleveraging and funding fewer infrastructure projects. Net Supply for Municipal Bond Market (Five Year Average) Source: BlackRock estimates, using data from Thomson Reuters, Siebert, JPM, Bloomberg. Assumes 65% of coupons are reinvested. Time frame: 2008 to FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION. 4
5 Municipal ETF Value Proposition FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION.
6 Increasing Portfolio Efficiency Holding bonds directly creates challenges with Liquidity Getting bids and offers in volatile markets Trading when you need to trade Access Exposure to many of issuers, rather than the ones trading today Performing sufficient research on individual credits Scale Getting sufficient diversification, especially for smaller accounts High transaction costs on odd lots Trading individual municipal bonds is more challenging than in the past. FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION. 6
7 Par Amount ($B) Trading volume over a bond s lifecycle $450 Par Amount Traded by Years After Sale Date, 2011 $400 $350 $300 $250 $200 $150 $100 $50 $ Years After Sale Date Par Amount ($B) Source: MSRB as of 12/31/2012 FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION. 7
8 Bid/Offer Spread (bps) ishares fixed income ETFs allow for bond market cost efficiency MUB SUB CMF NYF ETF Bid/Offer 32 Bond Market Bid/Offer (est.) Underlying Market ETF Avg. Daily Volume ($M)* S&P National AMT- Free Municipal Bond Index S&P Short Term National AMT-Free Municipal Bond Fund S&P California AMT- Free Municipal Bond Fund S&P New York AMT- Free Municipal Bond Fund $35.6 $4.3 $2.7 $1.2 Sources: BlackRock, Bloomberg, Barclays. *30-day average daily volume and bid/offer, as of 12/31/12. FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION. 8
9 Increasing Portfolio Efficiency: The logistics of bond ladders One Client 100 Clients Custom bond ladder 5 callable bonds 1-5 year maturity 10 coupon payments per year 5 maturity payments 5 potential calls 100 custom bond ladders 500 callable bonds 1-5 year maturity 1,000 coupon payments per year 500 maturity payments 500 potential calls FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION. 9
10 Target Maturity ETFs FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION.
11 Muni Bond Market Access Vehicles Traditionally, investors have used both funds and bonds to access the municipal bond market Benefits of municipal funds Professional management Diversification Daily liquidity MATURES, like a bond TRADES, like a stock DIVERSIFIED, like a fund Benefits of individual municipal bonds Specified investment end-date Regular income Know investment yield at purchase The ishares Muni Series offers the benefits of both funds and bonds FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION. 11
12 Monthly Distributions MUAA: A Case Study ishares 2012 S&P AMT-Free Municipal Series (MUAA) launched in January 2010 at an initial NAV of $50.38 and a portfolio YTM of 66 bps after fees. Similar to a conventional bond, investors realized MUAA s yield to maturity through a combination of cash flows MUAA Calendar of Events Jan 8, 2010 MUAA is launched with a NAV of $50.38 Feb 5, 2010 MUAA pays first monthly income distribution Falling interest rates and fund growth resulted in a shift in the fund cash flow composition from the monthly payments to the final payment Shareholders received a final payment of $50.62, which was $0.24 greater than the initial NAV on August 21, 2012 The realized YTM over the life of the fund was 0.69% - within 3 bps of the initial YTM. Feb Aug 2012 Jun 1, 2012 Aug 15, 2012 Aug 21, 2012 MUAA pays monthly income distributions First bonds in MUAA mature Last bond in MUAA matures. MUAA ceases trading and the fund closes MUAA holders receive a final lump sum payment of $50.62 MUAA Monthly Distributions Yield to Maturity Summary Table MUAA Initial Outlay $50.38 Monthly Distribution $ $0.036 Final Distribution $50.62 Realized Yield to Maturity 0.69% $0.06 $0.05 $0.04 $0.03 $0.02 $0.01 $0.00 The amount of the final fund distribution paid at maturity in excess of initial NAV Source: BlackRock as of 8/30/12. Source: BlackRock. For illustrative purposes only. Realized yield to maturity represents the yield an investor would have received if they invested at the initial outlay price and held the fund or bond through maturity. The calculations for MUAA take into account fees and expenses for owning the ETF, but the hypothetical par bond does not. Does not include impact of taxes, which may vary by investor. Differences between an investor s purchase price and the final distribution may result in either a capital gain or loss. FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION. 12
13 Muni Series Applications Advisors can use the new ishares Muni Series for a variety of applications: Help fill gaps in a client s muni portfolio Constructing cash flow ladders for clients who have had difficulty accessing individual bonds Gaining exposure to targeted points of the muni yield curve Help manage future client cash flow needs, such as college or retirement FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION. 13
14 Standardized Returns As of 12/31/2012 Ticker MUB SUB CMF NYF ishares ETF S&P National AMT-Free Municipal Bond Fund S&P National Short Term AMT-Free Municipal Bond Fund S&P California AMT-Free Municipal Bond Fund S&P New York AMT-Free Municipal Bond Fund Inception date 7 September November October October 2007 Returns NAV Market price NAV Market price NAV Market price NAV Market price 1 year year N/A N/A year N/A N/A N/A N/A N/A N/A N/A N/A Since inception The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling toll-free iShares ( ) or by visiting Shares of ishares Funds are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. eastern time (when NAV is normally determined for most ishares Funds), and do not represent the returns you would receive if you traded shares at other times. FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION. 14
15 Standardized Returns As of 12/31/2012 (Continued) Ticker MUAB MUAC MUAD MUAE MUAF ishares ETF 2013 AMT-Free Municipal Bond Fund 2014 AMT-Free Municipal Bond Fund 2015 AMT-Free Municipal Bond Fund 2016 AMT-Free Municipal Bond Fund 2017 AMT-Free Municipal Bond Fund Inception date 7 January January January January January 2010 Returns NAV Market price NAV Market price NAV Market price NAV Market price NAV Market price 1 year year N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 10-year N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Since inception The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling toll-free iShares ( ) or by visiting Shares of ishares Funds are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. eastern time (when NAV is normally determined for most ishares Funds), and do not represent the returns you would receive if you traded shares at other times. FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION. 15
16 Important Notes Carefully consider the ishares Funds investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Funds prospectuses, which may be obtained by calling iShares ( ) or visiting Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise and are subject to credit risk, which refers to the possibility that the debt issuers may not be able to make principal and interest payments or may have their debt downgraded by ratings agencies. A portion of a municipal bond fund's income may be subject to federal or state income taxes or the alternative minimum tax. Capital gains, if any, are subject to capital gains tax. The ishares S&P AMT-Free Municipal Series ( Muni Series ) ETFs may be subject to geographic or asset class risk. Shares of the Muni Series ETFs trade at market price, which may be greater or less than net asset value. Each Muni Series ETF ( Fund ) will terminate on or about August 31 of the year in the Fund s name. An investment in the Fund(s) is not guaranteed, and an investor may experience losses, including near or at the termination date. In the final months of the Fund s operation, as the bonds it holds mature, its portfolio will transition to cash and cash-like instruments. Following the Fund s termination date, the Fund will distribute substantially all of its net assets, after deduction of any liabilities, to then-current investors without further notice and will no longer be listed or traded. The Funds do not seek to return any predetermined amount.. FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION 16
17 Important Notes The information provided is not intended to be a complete analysis of every material fact respecting any strategy and has been presented for educational purposes only. Asset allocation models and diversification do not promise any level of performance, guarantee against loss of principal or protect against volatility of returns. Shares of ishares Funds are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained. Mutual funds and ishares Funds are obliged to distribute portfolio gains to shareholders by year-end. These gains may be generated due to index rebalancing or to meet diversification requirements. Trading shares of the ishares Funds will also generate tax consequences and transaction expenses. Certain traditional mutual funds can be tax efficient as well. When comparing stocks or bonds and ishares Funds, it should be remembered that management fees associated with fund investments, like ishares Funds, are not borne by investors in individual stocks or bonds. The annual management fees of ishares Funds may be substantially less than those of most mutual funds. Buying and selling shares of ishares Funds will result in brokerage commissions, but the savings from lower annual fees can help offset these costs. Index returns are for illustrative purposes only and do not represent actual ishares 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. BlackRock does not provide tax advice. Please note that (i) any discussion of U.S. tax matters contained in this communication cannot be used by you for the purpose of avoiding tax penalties; (ii) this communication was written to support the promotion or marketing of the matters addressed herein; and (iii) you should seek advice based on your particular circumstances from an independent tax advisor. 17
18 Important Notes The ishares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock ). The ishares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., European Public Real Estate Association ( EPRA ), FTSE International Limited ( FTSE ), JPMorgan Chase & Co., MSCI Inc., Markit Indices Limited, Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts ( NAREIT ), New York Stock Exchange, Inc., Russell Investment Group, S&P Dow Jones Indices LLC or Standard & Poor s, nor are they sponsored, endorsed or issued by Barclays Capital Inc. None of these companies make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with the companies listed above. Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50/Residential/ Retail/Mortgage or Industrial/Office Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-us/north America/Europe/Asia Index; all rights vest in FTSE, NAREIT and EPRA. All rights in the FTSE Developed Small Cap ex-north America Index vest in FTSE. FTSE is a trademark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under license BlackRock. All rights reserved. ishares and BLACKROCK are registered trademarks of BlackRock. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. is Not FDIC Insured No Bank Guarantee May Lose Value 18
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