BlackRock Global ETP Landscape

BlackRock Global ETP Landscape Industry Highlights May 2017 The opinions expressed are as of May 31, 2017 and may change as subsequent conditions vary. ONLY FOR ACCREDITED INVESTORS IN CANADA,QUALIFIED INVESTORS IN SWITZERLAND, AND PROFESSIONAL INVESTORS IN OTHER REGIONS

Summary Global ETP flows of $45.0bn during May pushed assets past the $4 trillion milestone Industry assets crossed $4 trillion after first reaching $3 trillion just two years earlier, with organic growth rising from 11% in the first year to 18% in the second year Non-U.S. equity funds experienced record flows of $30.4bn for the month, including broad Europe accelerating to $9.3bn following the French election, EAFE setting an all-time high with $8.8bn and broad EM reaching a nine-month high of $5.7bn Fixed income remained on track for a second consecutive record year by gathering another $14.3bn, led by investment grade flows of $6.8bn (the best month ever) and followed by EM debt with $2.1bn BlackRock ETP Research A cross-regional team analyzing global markets to deliver insights on the intersection of investment trends and ETP flows For inquiries, please email ETPResearch@BlackRock.com Global ETP Overview...3 United States... 7 Europe... 10 Asia Pacific... 13 Canada... 15 Latin America... 17 Endnotes... 19 AND PROFESSIONAL INVESTORS IN OTHER REGIONS 2

Global ETP Highlights May Global ETP flows of $45.0bn included a record $30.4bn for non-u.s equities, which have already generated $119.2bn year-to-date versus the full-year record of $173.3bn from 2015. Key investment themes / ETP flow trends Broad Europe equity led all categories with $9.3bn (see below) after they began to strengthen immediately following the first round of the French presidential election in late April. EAFE equity inflows also benefited from the Europe trend, doubling from the prior month to reach $8.8bn, the best ever. Broad Eur eqty EAFE equity Inv. grade corp. Europe equity EM debt U.S. equity Japan equity Gold miners Broad EM equity flows accelerated to $5.7bn, with country funds adding $1.0bn driven by Brazil. U.S. equity experienced outflows of ($3.1bn), the first in over a year, despite fresh new highs for the S&P 500, which was up 8% year-to-date 2. U.S. large cap inflows were modest at $0.8bn, not enough to offset U.S. small cap outflows of ($4.7bn), which were the most in three years and followed a stretch of strong inflows since the U.S. presidential election. Global ETP Flows by Asset Class & Exposure 1 May 2017 flows: $45.0bn Broad Europe equity EAFE equity Inv grade corporate debt 6.8 9.3 8.8 The secular trend of increased fixed income ETP adoption persisted with flows of $14.3bn, exceeding $10bn for the fifth consecutive month. Broad EM equity Global / ex U.S. equity 3.1 5.7 Investment grade corporate set a new monthly record with inflows of $6.8bn. Year-to-date flows of $23.9bn were on track to eclipse the full-year record of $32.6bn set last year. High yield corporate debt U.S. mid cap equity (0.4) (0.4) EM debt added another $2.1bn, exceeding $2bn for an unprecedented fourth month in a row. The year-to-date total of $10.5bn was on the cusp of reaching the full-year high of $11.0bn from 2016. TIPS Gold miners U.S. small cap equity (4.7) (0.5) (1.9) Spotlight on Broad Europe Equity Broad Europe equity ETP inflows of $9.3bn across all listing regions during May ranked 2 nd all time and unhedged flows of $8.5bn were the best on record. The year-to-date total reached $20bn. Broad Europe flows have been volatile the past three years: 1. 2015 was a record year driven by the expansion of the ECB stimulus plan and anticipation of further dollar strengthening versus the Euro, which led to more flows for currency-hedged funds listed in the U.S. 2. 2016 was marked by a swing to outflows due to Brexit concerns and the loss of momentum for currencyhedged funds as the exchange rate stabilized Annual Broad Europe Equity Flows 2010 through year-to-date 2017 Europe-listed US-listed (unhedged) U.S.-listed (hedged) Other 1 1 (5) (5) 27 11 14 18 5 6 6 8 7 66 11 20 34 (6) (11) (11) (27) 20 9 11 3. 2017 has brought renewed inflows as the outlook for European economic growth improves 2010 2011 2012 2013 2014 2015 2016 YTD 2017 3

Year-to-date Overview RESULTS AT A GLANCE 1 EQUITY SMART BETA FLOWS BY TYPE 1 (US$bn) May 2017 May 2016 Dec 2016 (US$bn) May 2017 Flows 2017 YTD Flows Current Assets Monthly flows 45.0 11.2 57.4 Dividend 0.6 6.8 173 Year-to-date flows 273.6 93.8 378.7 Assets 4,044 3,138 3,502 # of ETPs 6,148 6,073 6,053 Multi-Factor 1.5 5.4 63 Low Volatility 0.6 (0.0) 49 Equal Weight (0.4) 2.0 46 Single Exposure 0.7 3.9 32 Grand Total 3.0 18.1 363 CUMULATIVE ETP FLOWS 1 Year-to-date flows: $273.6bn 2017 2016 2015 2014 273.6 378.7 349.7 330.5 GLOBAL 13-MONTH ROLLING FLOWS 1 57.4 56.0 62.0 62.2 64.3 55.4 39.9 40.2 45.0 28.1 29.7 18.6 11.2 M J J A S O N D J F M A M 2016 2017 J F M A M J J A S O N D Equity Fixed income Commodities & others CUMULATIVE EQUITY ETP FLOWS 1 Year-to-date flows: $190.7bn 2017 2016 2015 2014 190.7 249.5 246.6 242.0 CUMULATIVE FIXED INCOME ETP FLOWS 1 Year-to-date flows: $70.4bn 2017 2016 2015 2014 70.4 115.7 86.8 83.3 J F M A M J J A S O N D J F M A M J J A S O N D 4

Year-to-date Overview (cont d) GLOBAL ETP ASSETS 1 (US$bn) 5,000 4,000 3,000 2,000 1,000 0 Equity Fixed income Commodities & others 79 109 146 218 319 428 598 851 772 1,143 1,451 1,494 1,908 2,363 2,749 2,961 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 May'17 3,502 4,044 ETP Assets and Flows By Listing Region ASSETS BY LISTING REGION 1 (US$bn) Equity Fixed Income Commodity & others Total U.S. 2,335 490 86 2,911 Europe 447 159 67 673 Canada 65 27 3 95 Asia Pacific 314 9 31 353 Latin America 5 0 0 6 Middle East & Africa 4 0 2 6 Total 3,169 685 189 4,044 MONTH-TO-DATE FLOWS BY LISTING REGION 1 Month-to-date flows: $45.0bn YEAR-TO-DATE FLOWS BY LISTING REGION 1 Year-to-date flows: $273.6bn U.S. 18.2 10.3 28.4 U.S. 139.0 55.6 197.3 Europe 6.8 11.0 Europe 26.611.6 44.7 Canada 3.2 Canada 9.4 Asia Pacific 2.0 Asia Pacific 19.1 21.7 Latin America 0.3 Latin America 0.5 Equity Fixed Income Commodities & others 5

ETP Flows by Exposure 1 (US$bn) May Flows 2017 YTD Flows Current Assets Equity U.S. (3.1) 71.6 1,813 Broad Developed Markets 12.5 49.2 432 Asia-Pacific 1.0 25.3 319 Europe 9.5 22.9 275 Canada 0.9 1.8 37 Developed Equity 20.8 170.8 2,875 Single Country 1.0 (2.2) 121 Broad 5.7 21.5 165 Regional (0.2) 0.7 7 Emerging Markets Equity 6.5 19.9 294 Equity Total 27.3 190.7 3,169 Fixed Income Investment Grade Corp 6.8 23.9 181 High Yield Corp (0.4) 1.6 65 Broad 2.2 8.3 113 U.S. Treasury 1.0 7.7 63 Sovereign 0.4 (0.4) 46 Municipal 0.4 1.8 28 Emerging Markets Debt 2.1 10.5 45 Other Fixed Income 1.8 17.0 144 Fixed Income Total 14.3 70.4 685 Commodities Gold 0.3 3.7 88 Crude oil 0.1 0.7 11 Silver 0.4 0.3 10 Agriculture 0.0 0.4 3 Other Precious Metals (0.0) (0.1) 3 Other Commodities (0.3) 1.2 18 Commodities Total 0.6 6.4 134 Other Other Total 2.7 6.1 55 Grand Total 45.0 273.6 4,044 6

United States ETPs ONLY FOR ACCREDITED INVESTORS IN CANADA QUALIFIED INVESTORS IN SWITZERLAND,

U.S. ETP Multi-Year Asset Growth and ETP Multi-Year Flows U.S. ETP Assets & Number of ETPs by Year 1 Assets ($bn) # of ETPs 3,500 3,000 2,500 2,000 1,500 1,000 500 0 1,982 1,971 1,846 1,661 1,370 1,445 1,536 1,099 925 2,911 844 2,544 673 2,009 2,135 381 1,701 221 1,350 130 134 169 1,012 1,062 95 118 621 794 433 542 71 88 106 157 237 314 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 May-17 2,500 2,000 1,500 1,000 500 0 CUMULATIVE U.S. ETP FLOWS 1 2017 Flows: $197.3bn 2017 2016 2015 2014 286.6 244.9 229.3 197.3 J F M A M J J A S O N D 8

U.S. ETP Flows by Exposure (US$bn) Month Flows YTD Flows Current Assets Equity U.S. (3.4) 65.9 1,685 Broad Developed Markets 11.1 42.6 356 Europe 5.5 10.7 68 Asia-Pacific 0.3 0.3 43 Canada (0.2) (0.6) 3 Developed Equity 13.2 119.0 2,155 Broad 4.4 18.2 138 Single Country 0.7 1.5 39 Regional (0.2) 0.3 3 Emerging Markets Equity 5.0 20.0 180 Equity Total 18.2 139.0 2,335 Fixed Income Investment Grade Corp 4.3 17.9 113 HY Corp (0.9) 0.1 46 Broad 2.2 7.8 101 U.S. Government 0.5 6.7 56 Municipal 0.3 1.6 27 Emerging Markets 1.1 5.0 22 Sovereign 0.2 (0.1) 2 Other Fixed Income 2.7 16.5 122 Fixed Income Total 10.3 55.6 490 Commodities Gold (0.3) 1.3 45 Silver 0.2 0.0 7 Crude Oil (0.1) 0.4 6 Agriculture 0.0 0.1 1 Energy 0.0 0.2 1 Other Commodities (0.4) (0.7) 6 Other Precious Metals (0.0) 0.0 1 Commodities Total (0.6) 1.4 67 Alternatives 0.8 1.9 16 Currency (0.3) (0.5) 3 Grand Total 28.4 197.3 2,911 [ 4 ]

Europe ETPs ONLY FOR ACCREDITED INVESTORS IN CANADA QUALIFIED INVESTORS IN SWITZERLAND,

Europe ETP Multi-Year Asset Growth and ETP Multi-Year Flows Europe ETP Assets & Number of ETPs by Year 1 Assets ($bn) # of ETPs 700 600 500 1,593 1,893 2,105 2,167 2,257 2,343 2,339 2,360 2,500 2,000 400 1,108 673 1,500 300 200 100 0 565 503 854 506 305 458 414 299 367 167 243 315 115 71 118 104 6 150 56 92 20 35 133 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 May-17 1,000 500 0 European ETP Industry Cumulative Flows by Year 1 2017 Flows: $44.7bn 2017 2016 2015 2014 81.5 61.8 44.7 53.1 J F M A M J J A S O N D 11

European ETP Flows by Exposure (US$bn) Month Flows YTD Flows Current Assets Equity Europe 3.9 11.8 204 U.S. 0.1 4.3 107 Broad Developed Markets 1.1 5.4 62 Asia-Pacific 0.5 1.3 31 Canada (0.1) (0.3) 1 Developed Equity 5.4 22.6 406 Broad 1.2 3.1 26 Single Country 0.2 0.5 9 Regional (0.0) 0.3 4 Emerging Markets Equity 1.4 3.9 40 Equity Total 6.8 26.6 447 Fixed Income Investment Grade Corp 2.1 4.8 58 HY Corp 0.5 1.3 16 Sovereign 0.1 (0.6) 36 Emerging Markets 1.0 5.8 20 U.S. Government 0.5 0.9 7 Broad Aggregate (0.2) (0.4) 5 Other Fixed Income (1.2) (0.2) 17 Fixed Income Total 2.8 11.6 159 Commodities Gold 0.7 2.7 39 Crude Oil 0.1 0.4 3 Silver 0.2 0.3 3 Agriculture 0.0 0.3 2 Energy 0.0 0.0 1 Other Commodities 0.1 1.8 9 Other Precious Metals 0.0 (0.1) 2 Commodities Total 1.2 5.2 59 Money Market 0.3 1.5 6 Alternatives (0.1) (0.1) 2 Currency 0.0 (0.2) 1 Grand Total 11.0 44.7 673 12

Asia Pacific ETPs ONLY FOR ACCREDITED INVESTORS IN CANADA QUALIFIED INVESTORS IN SWITZERLAND,

Asia Pacific ETP Multi-Year Asset Growth and ETP Flows and Assets by Exposure Asia Pacific ETP Assets & Number of ETPs by Year 1 Assets ($bn) 400 848 899 886 # of ETPs 1000 350 300 250 200 150 100 50 0 742 632 542 432 312 353 217 87 173 299 62 45 244 42 202 38 169 29 137 12 34 39 42 53 61 87 93 52 64 10 25 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 May-17 750 500 250 0 Asia Pacific ETP Flows and Assets by Exposure 1 (US$bn) Month Flows YTD Flows Current Assets Equity Asia-Pacific 0.2 23.7 244.1 Broad Developed Markets 0.0 (0.0) 2.1 U.S. 0.0 0.1 1.2 Europe 0.0 0.0 0.2 Developed Equity 0.3 23.9 247.6 Emerging Markets Equity (0.3) (4.7) 66.2 Equity Total (0.0) 19.1 313.8 Fixed Income 0.0 (0.2) 8.7 Commodities 0.0 (0.4) 5.4 Money Market 1.9 3.1 24.2 Alternatives 0.0 (0.0) 0.4 Currency (0.0) 0.0 0.6 Grand Total 2.0 21.7 353.1 14

Canada ETPs ONLY FOR ACCREDITED INVESTORS IN CANADA QUALIFIED INVESTORS IN SWITZERLAND,

Canada ETP Multi-Year Asset Growth and ETP Flows and Assets by Exposure Canada ETP Assets & Number of ETPs by Year 1 Assets ($bn) 100 461 # of ETPs 515 500 75 348 381 400 50 25 0 291 272 227 95 85 157 67 56 60 65 109 76 38 42 20 25 45 29 14 15 16 16 16 3 3 6 7 11 13 18 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 May-17 300 200 100 0 Canada ETP Flows and Assets by Exposure 1 (US$bn) Month Flows YTD Flows Current Assets Equity Canada 1.2 2.7 32.6 U.S. 0.2 1.2 18.3 Broad Developed Markets 0.4 1.1 10.9 Europe 0.2 0.3 1.4 Asia-Pacific 0.0 (0.0) 0.1 Developed Equity 1.9 5.3 63.3 Emerging Markets Equity 0.1 0.3 1.6 Equity Total 2.0 5.6 64.9 Fixed Income 1.1 3.4 27.3 Commodities 0.0 0.1 0.9 Money Market (0.0) 0.2 0.5 Alternatives 0.0 0.2 1.3 Currency (0.0) (0.0) 0.1 Grand Total 3.2 9.4 94.9 16

Latin America ETPs ONLY FOR ACCREDITED INVESTORS IN CANADA QUALIFIED INVESTORS IN SWITZERLAND,

Latin America ETP Multi-Year Asset Growth and Flows by Exposure Latin America ETP Assets & Number of ETPs by Year 1 Assets ($bn) 15 10 5 0 1 1 2 0.1 0.4 0.4 2 1.3 2 2.7 10 17 6.3 5.5 9.8 6 26 31 35 38 10.1 10.3 12.2 11.0 46 46 7.8 44 44 5.1 4.6 5.3 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Apr-17 # ETPs 60 40 20 0 Latin America ETP Flows by Exposure 1 Exposure (US$mn) Month Flows YTD Flows Assets Equity Developed Markets U.S. Equity 1 64 204 Mexico 59 (75) 2,405 Colombia 68 197 1,339 Emerging Markets Brazil 100 208 1,225 China 84 84 143 Chile 8 4 113 EM Equity Total 319 418 5,226 Equity Total 320 481 5,430 Fixed Income Fixed Income & Others 10 58 259 Latin America Listed ETP total 329 540 5,689 18

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, and Wind. 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, assets and 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. Product level information is aggregated by provider, asset class, exposure, and listing region to produce the various analyses in the report. 1. Data is as of May 31, 2017 for all regions. Global ETP flows and assets are sourced using Markit, as well as BlackRock internal sources. Flows for the years between 2010 and 2015 are sourced from Bloomberg as well as BlackRock internal sources. Flows for years prior to 2010 are sourced from Strategic Insights Simfund. Asset classifications are assigned by 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: spindices.com 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 global leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2017, BlackRock s AUM was $5.4trillion. BlackRock helps clients around the world meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, ishares ETFs (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. As of March 31, 2017, the firm had approximately 13,000 employees in more than 30 countries and a major presence in 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. 19

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