Fixed Income ETFs New Asset Class, Same Benefits
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- Ethelbert Gardner
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1 Fixed Income ETFs New Asset Class, Same Benefits August 2016 FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION is
2 Why ETFs for Fixed Income? 1 Managing Costs is Critical What s Left for the Investor? 2 Bonds can be Hard to Find 3 Fixed Income ETFs can Help Fill the Void 2
3 1 Managing Costs is Critical What s Left for the Investor? The Fixed Income Challenge Avg Core Bond Expense Ratio 0.53% * 1.55% Breakeven + = 1.02%^ Advisory Fee Bond Return Dwindling Bond Returns Leave Less for the Investor * Total return of the Bar Cap Agg. by decade 12.8% = 1.55% fees 7.9% 6.4% = What s left for the investor 3.8% 3.0% 1980s 1990s 2000s 2010s 2016 YTD Source: *Morningstar as of 7/31/16. Average mutual fund net expense ratio is represented by the average of the US Intermediate Bond Fund category institutional shares class only. as constituted by Morningstar. Average bond returns calculated based off of annual returns of the Barclays Aggregate TR Index. ^ Source: Price Metrix as of 4/30/2016 average annual fee charged by advisors across the U.S. 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 is no guarantee of future results. 3
4 Primary Dealer Inventory ($bn) 2 Bonds can be Hard to Find Volker Rule and Basel III have reduced broker inventory New investment grade bond issues are 3x oversubscribed 80% of large corporate bonds don t trade daily Inventory is Down It s Harder to Find Bonds Corp (Before 4/1/2013) RMBS CMBS Commerical Paper High Yield Inv Grade Inventory based on Federal Reserve Bank of New York, Barclays, as of 6/30/
5 3 Fixed Income ETFs can Help Fill the Void Fixed Income is the Fastest Growing Category in ETFs $400 Fixed Income ETF AUM ($ Billion) $300 $ % Annualized Growth $100 $ Broad Market US Treasury Investment Grade Credit High Yield Municipal Other Advisors Are Using ETFs More than Ever Portfolio Construction Liquidity Management Tactical Asset Allocation Diversification Source: BlackRock and Bloomberg as of 3/31/2016 5
6 Same Benefits as Equity ETFs, Different Asset Class Competitive Performance Low Cost Tax Efficient AGG has outperformed 66% of intermediate bond funds over the last 10 years AGG is 1/10 the price of the average mutual fund 5% of ishares bond ETFs paid capital gains in 2015 vs. 30% for mutual funds Source: BlackRock, Bloomberg and Morningstar Direct as of 4/30/2016. Average mutual fund relative AGG is represented by the average of US Intermediate Bond Fund category all share classes as constituted by Morningstar. Transactions in shares of ETFs will results in brokerage commissions and will generate tax consequences. All regulated investment companies are obliged to distribute portfolio gains to shareholders. Past performance and distributions not indicative of future results. 6
7 What is the Role of Fixed income In Your Portfolio? Core Bonds Diversify Risk AGG IUSB LQD MUB Seek Increased Income High Yield, Corporate, Preferred, Munis HYG PFF EMB Short Duration Put Cash to Work NEAR FLOT CSJ 7
8 Diversifying Equity Risk AGG ishares Core U.S. Aggregate Bond ETF IUSB ishares Core Total USD Bond Market ETF LQD ishares iboxx $ Investment Grade Corporate Bond ETF MUB ishares National Muni Bond ETF 8
9 Advisors Want to Diversify Equities But May Not be Doing Enough Most advisors say fixed income diversification is critical BlackRock PCS survey results: What is the primary purpose of fixed income in your portfolio? But credit-heavy portfolios are correlated with equities % of fixed income portfolios where credit risk 56% outweighs rate risk #1 Diversify equity risk #2 Protect principal #3 Generate income Credit risk Rate risk Source: BlackRock Portfolio Consulting Services. Survey conducted during portfolio consultations from 6/1/15-12/31/ portfolio sample includes the fixed income portion of advisor models in the range of 55% equities / 45% fixed income to 65% equity / 45% fixed income. % of fixed income sleeve driven by credit risk calculated by dividing credit risk by total fixed income sleeve risk. Risk defined by estimated standard deviation derived from BlackRock s proprietary holdings-based risk model in Aladdin. 9
10 (%) Return Core Bonds Have Been an Equity Ballast Diversify Equities Hypothetical Growth of $100 Barclays U.S. Aggregate Bond Index Tech Bubble S&P 500: -43.8% Barclays Agg: +28.6% Avg bond fund: +23.8% Credit Crisis S&P 500: -50.8% Barclays Agg: +6.9% Avg bond fund: -3.8% Bond vs. Stock Performance During Equity Market Drawdowns (2010 to 2015) [VALUE [VALUE 0.92% ]% 0.87% ]% % S&P 500 TR Barclays US Agg Bond TR Barclays Municipal TR 50 0 Dec-96 Dec-99 Dec-02 Dec-05 Dec-08 Dec-11 Dec-14 Source: Morningstar, as of December 31, Notes: An equity market drawdown is defined as a period in which the S&P 500 fell by 2 or more percent. Based on 9 monthly periods from 12/31/10-12/31/15. Source: S&P, Barclays, Bloomberg and Blackrock as of 3/31/2016. Diversification may not protect against market risk or loss of principal. Tech Bubble is reflected as period from April September Credit Crisis is reflected as period from October February Average bond fund is median performing mutual fund in the US Intermediate Bond Fund category as constituted by Morningstar. 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. 10
11 ishares High Yield and Preferred ETFs Seek Income HYG ishares iboxx $ High Yield Bond ETF PFF ishares US Preferred Stock ETF EMB ishares J.P. Morgan USD Emerging Markets Bond ETF 11
12 Boost Portfolio Income Potential Seek Income Broaden Your Income Universe to Complement Core Bonds 30 Day SEC Yield Inflation 4.9% 5.4% 6.3% 3.0% 1.7% 0.6% 1-Yr Treasury Bill 10-Yr Treasury Note LQD EMB PFF HYG Investment Grade Corporates EM Debt Preferred Stocks High Yield Corporates Source: Bloomberg, ishares.com as of 6/30/16. Inflation measured by US CPI Urban Consumers Less Food & Energy YoY NSA. Past performance does not guarantee future results. For standardized performance, please see the end of this document. 12
13 ishares Short Term and Credit ETFs Put Cash to Work NEAR ishares Short Maturity Bond ETF (ACTIVE) FLOT ishares Floating Rate Bond ETF CSJ ishares 1-3 Year Credit Bond ETF 13
14 CSJ: Employing Short Term Credit Put Cash to Work 1-3 Year Credit: Positive Returns Even When Bond Funds Have Suffered 25% 20% 15% Barclays U.S. 1-3 Year Credit Bond Index Intermediate Bond Mutual Fund Category 10% 5% 11.6% 0% 0.3% 4.2% 1.8% 3.7% 1.5% [VALUE] 0.9% -5% Source: Morningstar as of 12/31/2015 Median 1 YR return of the US Intermediate Bond Fund category as constituted by Morningstar. 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. Index returns do not represent actual ishares Fund performance. For actual fund performance, please visit or 14
15 What is the Role of Fixed income In Your Portfolio? Core Bonds Diversify Risk AGG IUSB LQD MUB Seek Increased Income High Yield, Corporate, Preferred, Munis HYG PFF EMB Short Duration Put Cash to Work NEAR FLOT CSJ 15
16 ishares ETFs offer exposure along the yield curve With over 50 funds to choose from, ishares fixed income ETFs offer intraday liquidity and continuously actionable prices in what is generally considered an opaque market Multi-sector Municipals Mortgage-backed High Yield International U.S. Government High Yield Credit Curve Inflation-linked Investment Grade Investment Grade Credit Curve Convertible Emerging Market Treasury Yield Curve Source: BlackRock, Bloomberg as of 3/31/16. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained. 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. For standardized performance, see appendix.. 16
17 Top Questions Asked By Fixed Income ETF Buyers
18 Trading Volume as a % of Bond Market What Happens to Fixed Income ETF Liquidity in a Crisis? Fixed Income ETFs have traded more in crisis periods. Credit Crisis (2008) European Sovereign Debt Crisis (2010) U.S. Treasury Downgrade (2011) Taper Tantrum (2013) Oil Selloff (2014) During each of these periods, bond ETFs have displayed: Increased Volumes Discounts to NAV No Forced Selling HYG s Exchange and Create / Redeem Volume 30% HYG Create/Redeem HYG Exchange Volume 25% 20% 15% 10% 5% Financial Crisis European Debt Crisis U.S. Treasury Downgrade Taper Tantrum Oil Selloff 0% Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 HYG s Exchange and Create / Redeem Volume Source: Bloomberg as of 3/31/2016. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained. 18
19 MATURITY How Are Fixed Income ETFs Managed? Most fixed income ETFs are portfolios of cash bonds with the goal of tracking a stated index Most funds hold a sub-set of bonds in the index The portfolio managers seek to create a portfolio that have the same risk characteristics as the index Primary risks include duration, sector, maturity, call features and credit ratings Each sector has risk factors specific to those bonds that must be considered As the funds grow and season, the number of bonds tends to increase relative to the index PORTFOLIOS CREATED USING REPRESENTATIVE SAMPLING Portfolios are constructed by sampling bonds from each index cell Government Bonds Sector/ issue type Maturity Mortgagebacked Securities Issuer (GNMA, FNMA, FHLMC) Maturity (30 yr, 15 yr, balloon) Credit and Asset-backed Securities Sector/ issue type Maturity/ average life Municipal Bonds GO/ Revenue / Pre-Refunded Credit Rating International Sector/ issue type Maturity Call features Coupon Credit rating Call Features Country / Currency CELL CHARACTERISTICS 1. BBB-rated 2. Industrial years maturity 19
20 How Do Fixed Income ETFs Manage Inflows and Outflows? Mutual Fund Structure Exchange Traded Fund Structure Flows into mutual funds result in purchase and sales of securities Two Layers of Liquidity: Most trading occurs on exchange and ETFs can transfer bonds in kind * Mutual Fund Portfolio Manager Bond Market * Source: Bloomberg since inception of each fund as of 12/31/2015. Funds analyzed include AGG, LQD, HYG, MUB. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained 20
21 Total Return (%) Why Do ETFs Trade at a Market Price and Not NAV? NAV is not an actionable price. ETF prices reflect the cost of buying bonds. Fixed income ETFs typically trade at a premium or above NAV to reflect bond trading costs (bid-offer) Not all bonds trade each day, so the NAV (end of day prices) may be not indicate where all the bonds are trading now For long-term shareholders, market price and NAV returns have been very similar within 3 bps for the funds below* Fixed Income ETFs Generally Trade Between Price and NAV Market Price and NAV Returns * Since Fund Inception 7.00 Market Price NAV Bond offer $ ETF price $ :30 12:00 4:00 Bond bid (NAV) $ Inception Date AGG LQD HYG MUB 9/22/03 7/22/02 4/4/07 9/7/07 For illustrative purposes only. Past performance does not guarantee future results. For standardized performance, please see the end of this document. *Source: Bloomberg as of 3/31/16. 21
22 Potential Yield Can I Build a Bond Ladder with ETFs? ibonds ETFs offer investors an easier way to build and maintain bond ladders Mature, like a bond. Investment grade bond portfolios with a specified maturity date. Like individual bonds, investors are exposed to less interest rate risk over time as ibonds ETFs approach maturity. Trade, like a stock. ibonds ETFs trade throughout the day on the exchange, so you are not subject to trading in the over-the-counter (OTC) bond market. Diversify, like a fund. Exposure to hundreds of bonds in a single fund. Designed to: MATURE, like a bond TRADE, like a stock DIVERSIFY, like a fund Manage a 5 Year Bond Ladder with just 5 ibonds ibonds ETF ibonds ETF ibonds ETF ibonds ETF ibonds ETF Create new bond ladders with ibonds ETFs Plug holes in existing ladders when bonds mature, get called or default Reinvest bond coupons into ibonds ETFs Year 1 Year 2 Year 3 Year 4 Year 5 For illustrative purposes only. Not meant to portray any specific fund yield. Suite Corporate IBDF IBDJ IBDH IBDK IBDL IBDM IBDN IBDO IBDP IBDQ Municipal IBME IBMF IBMG IBMH IBMI IBMJ IBMK 22
23 Appendix: Standardized performance as of 6/30/16 All Data as of 6/30/16 Fund Inception Gross Expense 30-Day SEC Yield (With / Without Contractual Fee Waiver Expiration 1-Year Returns 5-Year Returns 10-Year Returns Since Inception Fund Name Date Ratio Waiver) (If Applicable) NAV Mkt Price NAV Mkt Price NAV Mkt Price NAV Mkt Price ishares Treasury Floating Rate Bond ETF (TFLO) 2/3/ % 0.21% % 0.15% % 0.17% ishares 0-5 Year Investment Grade Corporate Bond ETF (SLQD) 10/15/ % 1.57% % 2.82% % 2.13% ishares 0-5 Year High Yield Corporate Bond ETF (SHYG) 10/15/ % 6.07% / 5.87% February 28, % 0.60% % 1.91% ishares California Muni Bond ETF (CMF) 10/4/ % 1.07% % 8.10% 5.86% 6.10% % 5.27% ishares New York Muni Bond ETF (NYF) 10/4/ % 1.12% % 7.74% 4.98% 4.91% % 4.74% ishares National Muni Bond ETF (MUB) 9/7/ % 1.21% % 7.76% 4.85% 4.83% % 4.67% ishares Short-Term National Muni Bond ETF (SUB) 11/5/ % 0.56% % 1.44% 0.97% 0.95% % 1.80% ishares 1-3 Year International Treasury Bond ETF (ISHG) 1/21/ % 0.01% % 2.82% -4.29% -4.46% % -0.88% ishares Short Maturity Bond ETF (NEAR) 9/25/ % 1.11% % 0.94% % 0.92% ishares Short Maturity Municipal Bond ETF (MEAR) 3/3/ % 0.71% % 1.46% % 0.83% ishares Ultra Short-Term Bond ETF (ICSH) 12/11/ % 0.68% % 0.41% % 0.47% ishares 10+ Year Credit Bond ETF (CLY) 12/8/ % 4.01% % 15.00% 8.05% 7.88% % 8.21% ishares Core 10+ Year USD Bond ETF (ILTB) 12/8/ % 3.59% % 17.56% 8.82% 9.17% % 8.62% ishares Core 1-5 Year USD Bond ETF (ISTB) 10/18/ % 1.61% % 2.89% % 1.53% ishares 1-3 Year Credit Bond ETF (CSJ) 1/5/ % 1.27% % 2.07% 1.52% 1.53% % 3.00% ishares 0-5 Year TIPS Bond ETF (STIP) 12/1/ % 5.37% / 5.27% February 28, % 1.63% 0.44% 0.44% % 1.13% ishares 3-7 Year Treasury Bond ETF (IEI) 1/5/ % 1.00% % 5.04% 2.85% 2.86% % 4.64% ishares 20+ Year Treasury Bond ETF (TLT) 7/22/ % 2.17% % 21.11% 11.17% 11.19% 8.91% 8.91% 7.89% 7.90% ishares Year Treasury Bond ETF (TLH) 1/5/ % 1.61% % 12.51% 7.39% 7.44% % 7.22% ishares 1-3 Year Treasury Bond ETF (SHY) 7/22/ % 0.59% % 1.17% 0.68% 0.69% 2.35% 2.34% 2.21% 2.21% ishares CMBS ETF (CMBS) 2/14/ % 2.32% % 5.91% % 3.72% ishares Core U.S. Aggregate Bond ETF (AGG) 9/22/ % 1.82% / 1.81% June 30, % 6.17% 3.69% 3.72% 4.99% 4.99% 4.44% 4.45% ishares Agency Bond ETF (AGZ) 11/5/ % 0.98% % 3.78% 2.28% 2.23% % 3.19% ishares 7-10 Year Treasury Bond ETF (IEF) 7/22/ % 1.40% % 9.52% 5.34% 5.35% 6.51% 6.52% 5.60% 5.61% ishares Intermediate Credit Bond ETF (CIU) 1/5/ % 2.07% % 4.90% 3.71% 3.70% % 4.84% ishares Edge U.S. Fixed Income Balanced Risk ETF (FIBR) 2/24/ % 2.70% % 4.99% % 3.53% The performance quoted represents past performance of specific funds and does not guarantee future results for such funds. 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 visiting or 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. 23
24 Appendix: Standardized performance as of 6/30/16 All Data as of 6/30/16 Fund Inception Gross Expense 30-Day SEC Yield (With / Without Contractual Fee Waiver Expiration 1-Year Returns 5-Year Returns 10-Year Returns Since Inception Fund Name Date Ratio Waiver) (If Applicable) NAV Mkt Price NAV Mkt Price NAV Mkt Price NAV Mkt Price ishares Interest Rate Hedged High Yield Bond ETF (HYGH) 5/27/ % 6.34% / 5.75% February 28, % -2.97% % -2.79% ishares Government/Credit Bond ETF (GBF) 1/5/ % 1.77% % 6.94% 3.92% 4.03% % 4.84% ishares GNMA Bond ETF (GNMA) 2/14/ % 1.29% / 1.23% February 28, % 4.09% % 1.84% ishares Core U.S. Credit Bond ETF (CRED) 1/5/ % 2.76% % 7.99% 4.97% 5.03% % 5.52% ishares TIPS Bond ETF (TIP) 12/4/ % 5.28% % 4.42% 2.50% 2.52% 4.61% 4.60% 4.43% 4.43% ishares Short Treasury Bond ETF (SHV) 1/5/ % 0.28% % 0.26% 0.07% 0.07% % 0.90% ishares MBS ETF (MBB) 3/13/ % 2.21% % 4.11% 2.74% 2.73% % 4.19% ishares Intermediate Government/Credit Bond ETF (GVI) 1/5/ % 1.34% % 4.34% 2.71% 2.71% % 4.10% ishares Core U.S. Treasury Bond ETF (GOVT) 2/14/ % 1.10% % 6.36% % 2.32% ishares Floating Rate Bond ETF (FLOT) 6/14/ % 0.94% % 0.60% 0.88% 0.81% % 0.86% ishares iboxx $ Investment Grade Corporate Bond ETF (LQD) 7/22/ % 3.04% % 9.73% 6.03% 6.03% 6.39% 6.39% 5.97% 5.98% ishares Interest Rate Hedged High Yield Bond ETF (HYGH) 5/27/ % 6.34% / 5.75% February 28, % -2.97% % -2.79% ishares International Treasury Bond ETF (IGOV) 1/21/ % 0.19% % 10.91% 0.35% 0.21% % 2.50% ishares Emerging Markets High Yield Bond ETF (EMHY) 4/3/ % 6.45% % 9.80% % 5.59% ishares Emerging Markets Corporate Bond ETF (CEMB) 4/17/ % 4.64% % 4.02% % 4.27% ishares Emerging Markets Local Currency Bond ETF (LEMB) 10/18/ % 4.46% % 2.78% % -0.01% ishares Global High Yield Corporate Bond ETF (GHYG) 4/3/ % 5.70% / 5.54% February 28, % -2.63% % 3.33% ishares International High Yield Bond ETF (HYXU) 4/3/ % 3.88% / 3.73% February 28, % 1.19% % 2.71% ishares J.P. Morgan USD Emerging Markets Bond ETF (EMB) 12/17/ % 4.88% / 4.68% February 28, % 9.98% 5.74% 5.74% % 6.76% ishares U.S. Preferred Stock ETF (PFF) 3/26/ % 5.40% % 7.98% 6.42% 6.45% % 4.56% ishares iboxx $ High Yield Corporate Bond ETF (HYG) 4/4/ % 6.33% % 1.01% 4.73% 4.71% % 5.25% ishares Convertible Bond ETF (ICVT) 6/2/ % 2.43% % -5.68% % -6.41% ishares Interest Rate Hedged Emerging Markets Bond ETF (EMBH) 7/22/ % 4.80% / 4.17% February 28, % 1.22% ishares Interest Rate Hedged 10+ Year Credit Bond ETF (CLYH) 7/22/ % 4.12% / 3.88% February 28, % -3.02% ishares Interest Rate Hedged Corporate Bond ETF (LQDH) 5/27/ % 3.36% / 3.16% February 28, % % % -1.68% ishares Yield Optimized Bond ETF (BYLD) 4/22/ % 3.40% / 3.15% February 28, % 4.57% % 3.29% ishares Currency Hedged International High Yield Bond ETF (HHYX) 7/28/ % 2.45% / 1.91% February 29, % 0.89% ishares Core Total USD Bond Market ETF (IUSB) 6/10/ % 2.25% / 2.24% February 28, % 5.88% % 4.18% The performance quoted represents past performance of specific funds and does not guarantee future results for such funds. 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 visiting or 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. Performance shown may reflect fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers. 24
25 Important Information Regarding ishares ETFs Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting or Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities. Securities with floating or variable interest rates may decline in value if their coupon rates do not keep pace with comparable market interest rates. The Fund s income may decline when interest rates fall because most of the debt instruments held by the Fund will have floating or variable rates. Shares of ETFs trade at market price, which may be greater or less than net asset value. The ishares ibonds ETFs ( Funds ) will terminate within the month and year in each Fund s name. An investment in the Fund(s) is not guaranteed, and an investor may experience losses and/or tax consequences, including near or at the termination date. In the final months of each Fund's operation, its portfolio will transition to cash and cash-like instruments. As a result, its yield will tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields in the bond market. Preferred stocks are not necessarily correlated with securities markets generally. Rising interest rates may cause the value of the Fund s investments to decline significantly. Removal of stocks from the index due to maturity, redemption, call features or conversion may cause a decrease in the yield of the index and the Fund. Actively managed funds do not seek to replicate the performance of a specified index. Actively managed funds may have higher portfolio turnover than index funds. The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock ). The ishares Funds are not sponsored, endorsed, issued, sold or promoted by JPMorgan Chase & Co. or Markit Indices Limited, 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 BlackRock. All rights reserved. ishares, ibonds, ALADDIN and BLACKROCK are registered trademarks of BlackRock. All other marks are the property of their respective owners. is
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