BlackRock ETP Landscape Industry Highlights February 2014

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ETP LANDSCAPE
INDUSTRY HIGHLIGHTS | FEBRUARY 28, 2014
The opinions expressed are as of February 28th, 2014
and may change as subsequent conditions vary.
ONLY FOR ACCREDITED INVESTORS IN CANADA
AND PROFESSIONAL INVESTORS IN OTHER REGIONS
What’s Inside
BlackRock ETP Research
Dodd Kittsley,
Head of BlackRock ETP Research
Raj Seshadri
Head of BlackRock ETP Insights
For inquiries, contact
[email protected]
Global ETP Overview
3
United States
16
Europe
21
Asia Pacific
26
Canada
31
Latin America
36
Endnotes
38
FIXED INCOME ETP FLOWS SURGED IN EARLY FEBRUARY
WHILE EQUITIES RECOVERED AFTER A ROCKY START1
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 totaled ($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: Industry Highlights Report
The “ETP Landscape: Industry Highlights” provides a summary of ETP assets
under management and asset flows at a global level for the most recent
month-end period.
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ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[2]
Global Overview
GLOBAL ETP WEEKLY FLOWS1
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.
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.
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
($4.5bn) but they were concentrated early in the month.
6.0
(3.4) (12.0)
(4.5)
19.2
Net Flows (US$bn)
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.
2014 February Flows $27.2bn
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
20.9
20
Jan-Feb 2014
10
10.5
8.2
3.6
7.4
7.3
9.3
2.5
0
-10
(11.6)
(13.2)
US
Japan
Pan
Other DM/
European Global
Emerging
Markets
GLOBAL FIXED INCOME ETP FLOWS1
2014 February Flows: $19.6bn
Monthly Net Flows ($US$bn)
Highlights (US$):1,2
20
10
0
Short Maturity
-10
Other Duration Buckets
F
A
J
A
O
2012
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
D
F
A
J
A
2013
O
D
F
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
2014 YTD Equity Flows: ($1.9bn)
2014 YTD Fixed Income Flows: $23.1bn
Cumulative Net Flows (US$bn)
CUMULATIVE FIXED INCOME ETP FLOWS1
Cumulative Net Flows (US$bn)
CUMULATIVE EQUITY ETP FLOWS1
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[4]
2014 Year-To-Date Overview
GLOBAL ETP 2014 YTD FLOWS BY EXPOSURE1
(US$bn)
YTD 2014
YTD 2013
Annual
2013
GLOBAL ETP CUMULATIVE NET FLOWS1
2014 YTD Flows $20.6bn vs. 2013 Flows: $236.1bn
300
262.7
236.1
200
173.5
100
20.6
0
J
F
M
A
M
J
J
A
S
O
N
D
2014 YTD Commodities & Others Flows: ($0.5bn)
2014 YTD Strategic Beta Equity ETP Flows: $5.8bn
Net Flows (US$bn) (R)
MONTHLY GLOBAL EQUITY ETP FLOWS1
Cumulative Net Flows (US$bn)
CUMULATIVE COMMODITIES & OTHERS ETP FLOWS1
Strategic Beta Equity
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
Market Cap Weighted
[5]
Flows By Listing Region
Highlights (US$):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 $8bn each.
Funds listed in the US account for 70.9% of global ETP
assets
FEBRUARY FLOWS BY LISTING REGION1
ASSET GROWTH RATES AND # OF ETPs1
(# ETPs)
40
2014 Growth in # ETPs
35
30
US
Bubble
size =
Assets
($bn)
$1,727
25
Canada
20
Europe
$59
15
$429
Asia Pacific
10
5
Latin
America
0
$9
$169
-5
-24% -20% -16% -12% -8% -4%
-10
2014 AUM Growth
0%
4%
8%
Commodities & Others
Fixed Income
Equity
LISTING REGION VIEW1
Net Flows
By Listing Region
Feb
2014
FOR MEDIA ONLY. NOT FOR PUBLIC DISTRIBUTION
YTD
2014
Feb 2014
Assets
% Asset
Market
Share
Number of
Products
[6]
ETP and Mutual Fund Equity
Flows
Highlights (US$):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 $159.1bn
300
258.4
300
250
250
200
200
150
150
100
100
50
50
165.7
50.6
11.3
0
0
(13.2)
(10.3)
(50)
J
F
M
A
M
J
J
A
S
O
N
D
(15.5)
(6.6)
(50)
J
F
M
A
M
J
J
A
Developed Markets Flows in 2014
Emerging Markets Flows in 2014
Developed Markets Flows in 2013
Emerging Markets Flows in 2013
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
S
O
N
D
[7]
ETP and Mutual Fund Flows Fixed Income and Money Market
Highlights (US$):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 ($32.3bn)
0
(20.1)
(32.3)
(50)
Money Market Mutual Fund Flows in 2014
(100)
Money Market Mutual Fund Flows in 2013
(150)
(200)
J
F
M
A
M
J
J
A
S
O
N
D
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[8]
Largest Year-To-Date Fund
Inflows and Outflows
ETPs as of February 2014 (US$mn)1
Bloomberg Ticker
2014 YTD
Inflows
Feb-14
Assets
iShares Barclays 3-7 Year Treasury Bond
IEI US
3,580
6,313
iShares Barclays 1-3 Year Treasury Bond
SHY US
3,525
11,752
ProShares Ultra 7-10 Year Treasury
UST US
2,919
2,951
NIKKEI 225 ETF
1321 JP
1,716
18,272
Vanguard European
VGK US
1,655
15,750
iShares MSCI EMU
EZU US
1,582
10,170
NEXT FUNDS Nikkei 225 Leveraged
1570 JP
1,580
2,684
iShares Barclays 1-3 Year Credit Bond
CSJ US
1,370
13,225
Vanguard Total Stock Market
VTI US
1,321
41,089
Vanguard REIT
VNQ US
1,293
20,420
20,540
142,627
Grand Total
ETPs as of February 2014 (US$mn)1
Bloomberg Ticker
2014 YTD
Outflows
Feb-14
Assets
SPDR S&P 500
SPY US
(17,383)
158,175
iShares MSCI Emerging Markets
EEM US
(7,572)
30,907
iShares Core S&P 500
IVV US
(4,063)
49,911
Vanguard FTSE Emerging Markets
VWO US
(3,482)
41,139
iShares Core S&P Mid-Cap
IJH US
(2,463)
20,653
Consumer Discretionary Select SPDR
XLY US
(2,030)
5,410
ProShares Ultra S&P 500
SSO US
(1,806)
1,619
iShares iBoxx $ High Yield Corporate Bond
HYG US
(1,803)
13,581
ProShares Ultra MidCap 400
MVV US
(1,471)
164
iShares Russell 2000
IWM US
(1,427)
27,212
(43,500)
348,771
Grand Total
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[9]
Largest Asset Gathering
ETPs Launched in 2014
Highlights (US$):1
93 new ETPs and 16 individual share class listings debuted
around the globe so far this year and have accumulated
$2.1bn in assets.
Product Name (US$mn)1
Bloomberg
Ticker
16 products and 27 individual share class listings were
delisted this year with combined assets of less than $900mn.
Exposure
Listing
Region
Others
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
Launch
Date
Assets as of
Feb-2014
566
[ 10 ]
Global ETP Multi-Year Asset
Growth and Top 10 Providers
Global ETP Assets & Number of ETPs by Year1
Assets ($bn)
# of ETPs
5,024 5,098
4,759
5,000
$2,400
4,311
$2,200
$2,000
3,543
4,000
$1,800
$1,600
2,694
$1,400
$1,200
1,541
$1,000
2,396 2,434
1,944
883
$800
$400
297
300
357
$200
106
219
$0
79
2000
109
146
218
319
428
2001
2002
2003
2004
2005
2,000
1,483 1,525
524
$600
3,000
2,220
851
772
2007
2008
1,156
1,000
598
0
2006
2009
2010
2011
2012
2013 Feb-14
Global ETP Providers Ranked by Assets (US$bn)1
Provider *
Feb-2014
Assets
% Market
Share
Feb-2014
Net Flows
2014 YTD
Net Flows
# ETPs
2014 YTD Change
% Market
Assets
Share
* Providers measured at parent company level.
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 11 ]
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
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
% of
Assets
# ETPs
[ 12 ]
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
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
# ETPs
[ 13 ]
United States ETPs
ONLY FOR ACCREDITED INVESTORS IN CANADA
AND PROFESSIONAL INVESTORS IN OTHER REGIONS
US ETP Multi-Year Asset
Growth and Top 10 Providers
US ETP Assets & Number of ETPs by Year1
Assets ($bn)
1536
$1,800
1445
1370
$1,600
1400
1099
$1,400
$1,200
1200
925
1000
844
$1,000
673
1,701 1,727
$800
$400
$0
118
95
71
2000
88
2001
130
169
134
1,012 1,062
221
542
2007
2008
433
106
157
237
314
2002
2003
2004
2005
400
794
621
800
600
1,350
381
$600
$200
# of ETPs
1568
1600
200
0
2006
2009
2010
2011
2012
2013 Feb-14
US ETP Providers Ranked by Assets (US$bn)1
Provider *
Feb-2014
Assets
% Market
Share
Feb-2014
Net Flows
2014 YTD
Net Flows
# ETPs
2014 YTD Change
% Market
Assets
Share
iShares
672.3
38.9
9.9
3.3
306
10.6
0.0
State Street
378.9
21.9
(2.2)
(18.8)
129
(12.7)
(1.1)
Vanguard
345.2
20.0
3.6
7.8
67
11.4
0.4
Invesco PowerShares
101.5
5.9
2.5
1.7
162
3.9
0.1
WisdomTree Investments
33.9
2.0
0.0
0.0
62
(0.9)
(0.1)
ProShares
27.0
1.6
0.1
0.7
143
(0.2)
0.0
Guggenheim
24.1
1.4
1.3
2.0
69
2.5
0.1
Van Eck Global
23.7
1.4
0.3
(0.3)
62
1.5
0.1
First Trust Portfolios
23.1
1.3
1.0
2.5
82
3.3
0.2
Charles Schwab
18.4
1.1
0.6
1.3
21
1.6
0.1
44 other US providers
78.9
4.6
2.3
3.9
465
5.2
0.2
1,727.0
100.0
19.4
4.1
1,568
26.1
0.0
Grand Total
* Providers measured at parent company level.
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 15 ]
US ETPs Ranked by 2014
YTD Inflows and Outflows
2014 YTD
Inflows
Feb-14
Assets
ETPs as of February (US$mn)1
Bloomberg Ticker
iShares Barclays 3-7 Year Treasury Bond
IEI US
3,580
6,313
iShares Barclays 1-3 Year Treasury Bond
SHY US
3,525
11,752
ProShares Ultra 7-10 Year Treasury
UST US
2,919
2,951
Vanguard European
VGK US
1,655
15,750
iShares MSCI EMU
EZU US
1,582
10,170
iShares Barclays 1-3 Year Credit Bond
CSJ US
1,370
13,225
Vanguard Total Stock Market
VTI US
1,321
41,089
Vanguard REIT
VNQ US
1,293
20,420
Vanguard FTSE Developed Markets ETF
VEA US
1,292
20,507
iShares MSCI EAFE
EFA US
1,101
54,578
19,639
196,756
2014 YTD
Outflows
Feb-14
Assets
Grand Total
ETPs as of February (US$mn)1
Bloomberg Ticker
SPDR S&P 500
SPY US
(17,383)
158,175
iShares MSCI Emerging Markets
EEM US
(7,572)
30,907
iShares Core S&P 500
IVV US
(4,063)
49,911
Vanguard FTSE Emerging Markets
VWO US
(3,482)
41,139
iShares Core S&P Mid-Cap
IJH US
(2,463)
20,653
Consumer Discretionary Select SPDR
XLY US
(2,030)
5,410
ProShares Ultra S&P 500
SSO US
(1,806)
1,619
iShares iBoxx $ High Yield Corporate Bond
HYG US
(1,803)
13,581
ProShares Ultra MidCap 400
MVV US
(1,471)
164
iShares Russell 2000
IWM US
(1,427)
27,212
(43,500)
348,771
Grand Total
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 16 ]
US ETP Flows by Exposure:
Equity
Exposure (US$mn)
Feb
2014
Net
Flows
1
Broad-based
(534.0)
332,665.9
19.3
69
732.4
931.9
22.5
53,999.4
3.1
19
Value
179.4
443.1
10.7
44,716.5
2.6
20
33.3
62.8
1.5
2,384.5
0.1
3
(8.1)
(8.1)
(0.2)
34.0
0.0
3
-
4.0
0.1
4.0
0.0
2
(3,705.4)
(20,648.9)
(499.3)
433,804.3
25.1
116
(3,322.6)
(2,767.0)
(66.9)
83,845.3
4.9
45
992.2
(1,268.0)
(30.7)
87,364.4
5.1
57
US Large Cap Total
Mid Cap
Small Cap
Micro Cap
96.6
120.6
2.9
1,253.1
0.1
4
Total Market
677.9
1,902.8
46.0
59,046.1
3.4
35
Extended Market
112.6
262.9
6.4
4,393.1
0.3
2
Preferred Stock
US Size and Style Total
Basic Materials
Consumer Cyclicals
(99.2)
(2.4)
12,471.2
0.7
5
(22,496.8)
(544.0)
682,177.5
39.5
264
519.3
1,019.9
24.7
8,620.6
0.5
13
(1,095.6)
(2,146.6)
(51.9)
14,254.8
0.8
17
(867.6)
(979.7)
(23.7)
9,127.1
0.5
11
Energy
1,576.2
1,901.9
46.0
34,700.7
2.0
41
836.6
338.4
8.2
32,077.4
1.9
36
Health Care
2,676.6
3,849.7
93.1
31,791.5
1.8
24
Industrials
(790.4)
(687.7)
(16.6)
14,791.9
0.9
16
Real Estate
1,209.8
2,080.8
50.3
31,786.1
1.8
19
Technology
(373.6)
626.9
15.2
26,759.1
1.5
26
7.5
114.8
2.8
1,132.7
0.1
6
216.3
681.6
16.5
7,857.9
0.5
11
Telecommunications
Utilities
Theme
US Sector Total
US Strategy
138.9
144.8
3.5
1,296.2
0.1
3
4,054.1
6,944.6
167.9
214,196.1
12.4
223
56.9
646.0
15.6
69,478.7
4.0
48
(1,016.3)
(14,906.2)
(360.5)
965,852.3
55.9
535
Global
1,092.3
1,212.0
29.3
53,086.5
3.1
115
Global Ex-U.S.
1,875.9
4,996.8
120.8
127,508.1
7.4
92
North America
125.6
93.8
2.3
8,415.3
0.5
16
Europe
2,307.0
6,655.8
161.0
55,864.3
3.2
47
Asia-Pacific
(201.7)
45.4
1.1
41,320.8
2.4
44
18.4
33.5
0.8
164.9
0.0
2
US Equity Total
Middle East & Africa
Developed International Total
5,217.5
13,037.2
315.3
286,360.0
16.6
316
(2,905.6)
(11,166.7)
(270.0)
90,612.2
5.2
56
Regional
(45.7)
(172.7)
(4.2)
2,618.1
0.2
22
Country
(299.3)
(657.6)
(15.9)
31,634.4
1.8
94
(3,250.6)
(11,997.0)
(290.1)
124,864.7
7.2
172
950.6
(13,866.0)
(335.3)
1,377,077.0
79.7
1,023
Broad
EM Equity Total
Equity Total
21.4
(5,127.3)
Consumer Non-cyclicals
Financials
Emerging Markets Equity
# ETPs
(22,082.6)
Risk-adjusted
Developed International
Equity
% of
Assets
(4,642.4)
Covered call
US Sector
Assets
Growth
Large Cap High Dividend Yield
US Size and Style
2014
YTD
% of
Net 2014 YTD
Flows
Flows
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 17 ]
US ETP Flows by Exposure:
Fixed Income, Commodities
& Others
Exposure (US$mn)
Feb
2014
Net
Flows
1
2014
YTD
Net
Flows
% of
2014 YTD
Flows
Assets
% of
Assets
# ETPs
Broad/Aggregate
330.5
1,354.4
32.8
40,907.2
2.4
16
Govt/Corp
670.1
413.7
10.0
29,253.1
1.7
19
68.0
(127.1)
(3.1)
8,997.3
0.5
20
Investment Grade Corporate
2,982.5
3,396.3
82.1
56,676.9
3.3
44
High Yield Corporate
1,017.8
302.0
7.3
36,329.6
2.1
28
Municipals
47.1
163.3
3.9
11,798.6
0.7
34
Sovereign
(33.3)
(121.1)
(2.9)
3,244.0
0.2
16
11,146.6
11,747.2
284.1
42,276.5
2.4
52
(163.8)
(359.3)
(8.7)
20,245.0
1.2
17
Mortgage
390.3
309.1
7.5
6,118.5
0.4
4
Others
490.3
869.3
21.0
10,420.3
0.6
7
16,945.9
17,947.7
434.0
266,267.0
15.4
257
Broad Market
17.9
(561.0)
(13.6)
10,961.1
0.6
24
Agriculture
55.6
16.8
0.4
2,347.7
0.1
34
252.8
190.9
4.6
3,723.0
0.2
33
37.0
69.5
1.7
469.1
0.0
20
Gold
573.8
308.3
7.5
43,351.9
2.5
19
Silver
21.3
128.0
3.1
8,196.7
0.5
9
Other
(25.8)
(153.1)
(3.7)
1,717.8
0.1
10
Precious Metals Total
569.3
283.1
6.8
53,266.4
3.1
38
932.6
(0.7)
(0.0)
70,767.3
4.1
149
(125.7)
(789.4)
(19.1)
3,539.6
0.2
37
220.6
226.1
5.5
2,803.1
0.2
16
32.1
69.1
1.7
1,980.1
0.1
45
252.7
295.1
7.1
4,783.2
0.3
61
491.9
548.4
13.3
4,577.1
0.3
41
19,448.1
4,135.2
100.0
1,727,011.1
100.0
1,568
Emerging Markets
Fixed Income
U.S. Government
Inflation
Fixed Income Total
Energy
Industrial Metals
Commodities
Precious Metals
Commodities Total
Currency
Volatility
Alternatives
Others
Alternatives Total
Asset Allocation
US ETP Total
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 18 ]
Europe ETPs
ONLY FOR ACCREDITED INVESTORS IN CANADA
AND PROFESSIONAL INVESTORS IN OTHER REGIONS
Europe ETP Multi-Year Asset
Growth and Top 10 Providers
Europe ETP Assets & Number of ETPs by Year1
Assets ($bn)
# of ETPs
$450
2105
2167
2180
2400
1893
$400
2000
$350
1593
$300
1600
1108
$250
$200
503
$150
305
315
299
429
1200
367
800
243
$100
$50
414
854
6
71
118
104
20
$0
2000
2001
2002
2003
115
167
400
150
35
56
92
2004
2005
2006
133
0
2007
2008
2009
2010
2011
2012
2013 Feb-14
Europe ETP Providers Ranked by Assets (US$bn)1
Provider *
Feb-2014
Assets
% Market
Share
Feb-2014
Net Flows
2014 YTD
Net Flows
# ETPs
2014 YTD Change
% Market
Assets
Share
* Providers measured at parent company level.
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 20 ]
Europe ETPs Ranked by 2014
YTD Inflows and Outflows
ETPs as of February (US$mn)1
Bloomberg Ticker
2014 YTD
Inflows
Feb-14
Assets
Vanguard S&P 500 UCITS ETF
VUSA LN
793
3,397
iShares J.P. Morgan $ Emerging Markets Bond UCITS ETF
SEMB LN
566
3,304
UBS-ETF MSCI USA **
USACHA SW **
**
513 **
1,996
451 **
826
CSJP SW
413
1,437
396 **
1,274
UBS ETF DJ Euro STOXX 50
**
iShares MSCI Japan - B UCITS ETF (Acc)
E50EUA SW
**
UBS ETF MSCI Emerging Markets TRN INDEX SF A **
EGUSAS SW
iShares Euro Corporate Bond UCITS ETF
IEBC LN
374
4,075
UBS MSCI United Kingdom UCITS ETF - A AC
UKGBPB SW
361
448*
412
UBS-ETF MSCI EMU **
EMUEUA GY **
347 **
1,622
iShares $ Treasury Bond 1-3yr UCITS ETF
IBTS LN
344
2,611
4,557
20,990
Grand Total
ETPs as of February (US$mn)1
Bloomberg Ticker
2014 YTD
Outflows
Feb-14
Assets
UBS ETF DJ Euro STOXX 50 I **
E50EUI SW **
(562) **
iShares MSCI World UCITS ETF (Inc)
IWRD LN
(479)
6,937
iShares MSCI Emerging Markets UCITS ETF (Inc)
IEEM LN
(405)
4,737
UBS ETF FTSE 100 SF
F1GBAS SW
(402)
101
db x-trackers MSCI Emerging Market TRN Index ETF
XMEM GY
(318)
2,475
UBS-ETF MSCI World I **
WRDUSI SW **
(315) **
iShares MSCI Emerging Markets UCITS ETF (LUX)
CSEM SW
(303)
UBS-ETF MSCI Japan I **
JPNJPI SW **
(282) **
iShares FTSE 100 UCITS ETF (Inc)
ISF LN
(263)
UBS-ETF MSCI Emerging Markets I **
EMMUSI SW **
(232) **
Grand Total
(3,562)
0 **
0 **
614
0 **
7,029
0 **
21,893
* Representing aggregate AUM attributed from all individual share classes. Flows are attributed per share class.
** Due to fund merger and elimination of institutional share class.
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 21 ]
European ETP Flows by
Exposure: Equity
Exposure (US$mn)
Feb
2014
Net
Flows
1
Large Cap
Mid Cap
Pan-European Size and
Small Cap
Style
Total Market
Assets
% of
Assets
# ETPs
69.2
(43.2)
(0.5)
36,685.4
8.6
67
26.4
(19.3)
(0.2)
1,265.5
0.3
9
23.2
272.0
3.0
3,149.5
0.7
11
942.4
10.2
26,310.4
6.1
61
Size and Style Total
414.1
1,151.9
12.5
67,410.8
15.7
148
Basic Materials
137.0
(99.5)
(1.1)
1,102.4
0.3
13
Consumer Cyclicals
90.8
33.4
0.4
703.6
0.2
19
Consumer Non-cyclicals
(9.6)
(28.2)
(0.3)
584.4
0.1
8
Energy
16.2
16.8
0.2
634.5
0.1
10
168.6
587.0
6.4
5,273.0
1.2
25
Health Care
82.8
82.4
0.9
1,301.6
0.3
11
Industrials
(84.3)
37.0
0.4
1,110.2
0.3
19
Real Estate
114.9
217.4
2.4
2,354.0
0.5
10
Technology
52.7
43.4
0.5
307.0
0.1
9
(152.9)
(138.3)
(1.5)
502.3
0.1
9
Utilities
(37.1)
(34.6)
(0.4)
431.1
0.1
8
Theme
(0.1)
11.8
0.1
303.1
0.1
7
379.1
728.7
7.9
14,607.1
3.4
148
82.2
97.5
1.1
3,344.9
0.8
16
-
-
-
15.6
0.0
1
875.4
1,978.1
21.5
85,378.3
19.9
313
233.3
(215.7)
(2.3)
34,614.2
8.1
51
6.2
173.6
1.9
17,820.1
4.2
49
360.4
437.1
4.7
10,290.9
2.4
30
79.3
23.8
0.3
5,675.0
1.3
15
Telecommunications
Sector Total
Pan European Strategy
Nordic Regional
Pan European Total
Germany
U.K.
Switzerland
Europe Single Country
% of
2014 YTD
Flows
295.3
Financials
Pan European Sector
2014
YTD
Net
Flows
France
Sweden
(101.2)
(214.2)
(2.3)
2,666.5
0.6
12
Italy
267.3
365.9
4.0
4,018.1
0.9
15
Others
100.2
338.7
3.7
2,971.4
0.7
28
Single Country Total
945.6
909.2
9.9
78,056.1
18.2
200
Europe Equity Total
1,821.0
2,887.4
31.3
163,434.4
38.1
513
North America
622.1
2,769.4
30.1
52,277.8
12.2
153
Asia-Pacific
(92.6)
438.0
4.8
22,614.3
5.3
103
48.7
202.8
2.2
26,851.8
6.3
116
2,399.2
6,297.6
68.4
265,178.3
61.8
885
Broad
(348.4)
(1,041.1)
(11.3)
13,583.8
3.2
47
Regional
(111.5)
(323.0)
(3.5)
3,246.9
0.8
36
Country
(139.1)
90.6
1.0
11,064.0
2.6
101
(598.9)
(1,273.5)
(13.8)
27,894.7
6.5
184
1,800.3
5,024.1
54.5
293,073.0
68.3
1,069
Global
Developed Equity Total
Emerging Markets
Equity
EM Equity Total
Equity Total
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 22 ]
European ETP Flows by
Exposure: Fixed Income,
Commodities & Others
Exposure (US$mn)
Feb
2014
Net
Flows
1
Broad/Aggregate
Assets
% of
Assets
# ETPs
34.6
212.9
2.3
1,813.7
0.4
6
Govt/Corp
154.9
200.5
2.2
1,559.8
0.4
4
Emerging Markets
587.4
595.1
6.5
6,262.1
1.5
17
Sovereign
540.1
1,661.4
18.0
33,119.4
7.7
172
U.S. Government
248.2
268.2
2.9
3,742.8
0.9
25
Government Total
788.4
1,929.6
20.9
36,862.1
8.6
197
High Yield Corporate
392.4
815.1
8.8
7,124.1
1.7
12
Inflation
145.5
190.8
2.1
4,479.8
1.0
18
Investment Grade Corporate
446.0
1,144.8
12.4
21,132.8
4.9
42
(151.2)
(316.5)
(3.4)
4,225.7
1.0
14
(55.9)
(37.2)
(0.4)
1,408.1
0.3
3
3.9
28.5
0.3
2,740.4
0.6
19
2,346.0
4,763.7
51.7
87,608.8
20.4
332
132.6
13.1
0.1
6,195.7
1.4
82
(8.3)
(23.3)
(0.3)
2,878.6
0.7
151
Energy
(23.6)
(153.0)
(1.7)
3,119.5
0.7
153
Industrial Metals
(66.1)
45.7
0.5
1,432.9
0.3
92
Gold
(27.9)
(580.7)
(6.3)
25,924.5
6.0
63
Silver
175.6
125.5
1.4
4,025.9
0.9
47
Other
18.9
27.8
0.3
2,923.8
0.7
59
166.6
(427.4)
(4.6)
32,874.2
7.7
169
Commodities Total
201.3
(544.8)
(5.9)
46,500.9
10.8
647
Volatility
(12.8)
(35.1)
(0.4)
185.6
0.0
25
Others
(30.8)
(25.7)
(0.3)
733.5
0.2
16
Alternatives Total
(43.5)
(60.8)
(0.7)
919.1
0.2
41
2.2
8.8
0.1
209.9
0.0
3
10.5
22.7
0.2
495.4
0.1
88
4,316.7
9,213.7
100.0
428,807.2
100.0
2,180
Government
Fixed Income
2014
YTD
% of
Net 2014 YTD
Flows
Flows
Money Market
Mortgage
Others
Fixed Income Total
Broad Market
Agriculture
Commodities
Precious Metals
Precious Metals Total
Alternatives
Asset Allocation
Currency
Europe ETP Total
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 23 ]
Asia Pacific ETPs
ONLY FOR ACCREDITED INVESTORS IN CANADA
AND PROFESSIONAL INVESTORS IN OTHER REGIONS
Asia Pacific ETP Multi-Year
Asset Growth and Top 10
Providers
Asia Pacific ETP Assets & Number of ETPs by Year1
# of ETPs
Assets ($bn)
$180
632
$160
644
700
600
542
$140
432
$120
500
312
$100
$80
87
173
400
217
169
62
$60
38
$40
42
169
300
137
45
29
52
$20
12
10
25
34
39
42
53
61
$0
2001
2002
2003
2004
2005
2006
2007
200
93
87
64
100
0
2008
2009
2010
2011
2012
2013
Feb-14
Asia Pacific ETP Providers Ranked by Assets (US$bn)1
% Market
Share
Nomura Group
38.8
22.9
1.8
4.2
53
2.4
1.4
Nikko Asset Management
17.9
10.6
0.5
0.5
26
(0.3)
(0.2)
Daiwa Securities Group
16.1
9.5
1.0
0.7
23
0.1
0.0
State Street
13.7
8.1
0.1
0.2
18
0.1
0.1
iShares
9.7
5.7
0.1
0.8
28
0.4
0.2
Samsung Group
9.2
5.4
0.0
0.3
30
(0.1)
(0.1)
China AMC
8.1
4.8
(0.4)
0.1
11
(0.5)
(0.3)
HSBC
8.0
4.7
0.1
0.4
10
0.0
0.0
Mitsubishi Group
6.3
3.7
0.3
0.4
14
0.1
0.1
Harvest Fund Management
4.7
2.8
0.0
(0.2)
7
(0.6)
(0.3)
36.8
21.7
0.1
0.8
424
(1.2)
(0.8)
169.1
100.0
3.5
8.3
644
0.4
0.0
Provider *
89 other providers in Asia Pacific
Grand Total
Feb-2014
Net Flows
2014 YTD
Net Flows
2014 YTD Change
% Market
Assets
Share
Feb-2014
Assets
# ETPs
* Providers measured at parent company level.
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 25 ]
Asia Pacific ETPs Ranked by
2014 YTD Inflows and Outflows
ETPs as of February (US$mn)1
Bloomberg Ticker
2014 YTD
Inflows
Feb-14
Assets
NIKKEI 225 ETF
1321 JP
1,716
18,272
NEXT FUNDS Nikkei 225 Leveraged
1570 JP
1,580
2,684
Daiwa ETF NIKKEI 225
1320 JP
1,027
8,447
Samsung KODEX Leverage ETF
122630 KS
725
2,483
TOPIX ETF
1306 JP
575
14,942
CSOP FTSE China A50 ETF
82822 HK
525
3,662
iShares FTSE A50 China
2823 HK
492
6,818
MAXIS NIKKEI225 ETF
1346 JP
407
4,330
ChinaAMC CSI 300 Index ETF
510330 CH
368
3,199
iShares Nikkei 225
1329 JP
356
881
7,771
65,718
Grand Total
ETPs as of February (US$mn)1
Bloomberg Ticker
2014 YTD
Outflows
Feb-14
Assets
Mirae Asset MAPS TIGER 200 ETF
102110 KS
(858)
2,051
Daiwa ETF TOPIX
1305 JP
(390)
7,308
Samsung Kodex200 ETF
069500 KS
(385)
4,179
China AMC CSI 300
83188 HK
(251)
1,180
HARVEST Shanghai & Shenzhen 300
159919 CH
(169)
4,098
Bosera FTSE China A50 Index ETF
82832 HK
(163)
100
KITM KINDEX 200 ETF
105190 KS
(154)
810
Yuanta/P-shares MSCI Taiwan ETF
006203 TT
(147)
16
Yuanta/P-shares Taiwan Top 50 ETF
0050 TT
(103)
2,585
Samsung KODEX Inverse ETF
114800 KS
(84)
409
(2,703)
22,736
Grand Total
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 26 ]
Asia Pacific ETP Flows by
Exposure: Equity
Exposure (US$mn)
Feb
2014
Net
Flows
1
Asia Pacific Regional Equity
Large Cap
Mid Cap
Size and Style
Small Cap
Total Market
Japan Equity
Size and Style Total
Sector
Strategy
2014
YTD
% of
Net 2014 YTD
Flows
Flows
% of
Assets
Assets
# ETPs
-
(1.0)
(0.0)
117.3
0.1
9
2,874.3
5,825.0
70.2
45,148.7
26.7
27
0.0
5.3
0.1
20.9
0.0
2
0.0
0.0
0.0
53.2
0.0
2
670.6
528.2
6.4
31,308.6
18.5
12
3,544.9
6,358.4
76.6
76,531.5
45.2
43
71.3
76.2
0.9
2,112.1
1.2
39
22.8
26.3
0.3
242.7
0.1
2
3,639.0
6,460.9
77.8
78,886.2
46.6
84
Australia
46.7
102.7
1.2
3,961.4
2.3
32
Hong Kong
72.5
266.5
3.2
12,366.0
7.3
17
0.5
0.4
0.0
193.4
0.1
3
Japan Equity Total
New Zealand
Singapore
(7.3)
(5.5)
(0.1)
398.2
0.2
4
Developed Asia Pacific Single Country Total
3,751.4
6,824.9
82.2
95,805.2
56.6
140
Asia Pacific Equity Total
3,751.4
6,823.9
82.2
95,922.4
56.7
149
14.9
115.9
1.4
534.1
0.3
28
3,766.3
6,939.8
83.6
96,456.5
57.0
177
(3.6)
(4.9)
(0.1)
69.4
0.0
2
4.2
2.0
0.0
77.0
0.0
9
14.5
1,651.9
19.9
25,972.8
15.4
65
Other Developed Equity
(Europe, North America, Global and Global ex-US)
Developed Equity Total
Broad Emerging Markets Equity
Regional Emerging Markets Equity
Large Cap
Mid Cap
Size and Style
China Equity
0.7
(2.1)
(0.0)
144.9
0.1
4
(81.0)
345.1
4.2
1,794.2
1.1
7
Total Market
(105.6)
36.4
0.4
12,780.8
7.6
22
Size and Style Total
(171.4)
2,031.4
24.5
40,692.8
24.1
98
Small Cap
Sector
Strategy
China Equity Total
South Korea
Equity
1,361.0
0.8
37
(0.2)
282.3
0.2
2
2,012.9
24.2
42,336.0
25.0
137
(879.0)
(10.6)
5,294.7
3.1
46
Mid Cap
-
(0.9)
(0.0)
6.9
0.0
2
Small Cap
-
-
-
11.7
0.0
1
70.6
332.7
4.0
8,109.9
4.8
13
(48.1)
(547.2)
(6.6)
13,423.2
7.9
62
(37.7)
(30.9)
(0.4)
429.8
0.3
32
Size and Style Total
Strategy
(0.0)
(15.2)
(330.4)
Total Market
Sector
(3.3)
(8.9)
(118.8)
Large Cap
Size and Style
(150.1)
22.9
10.6
0.1
131.8
0.1
6
(62.9)
(567.5)
(6.8)
13,984.8
8.3
100
Other EM Single Country Equity
3.1
(287.4)
(3.5)
4,733.8
2.8
85
EM Single Country Equity Total
(390.2)
1,158.0
13.9
61,054.6
36.1
322
Emerging Markets Equity Total
(389.6)
1,155.0
13.9
61,201.0
36.2
333
Equity Total
3,376.7
8,094.8
97.5
157,657.5
93.2
510
South Korea Equity Total
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 27 ]
Asia Pacific ETP Flows by
Exposure: Fixed Income,
Commodities & Other
Exposure (US$mn)
Feb
2014
Net
Flows
1
Broad/Aggregate
2014
YTD
% of
Net 2014 YTD
Flows
Flows
Assets
% of
Assets
# ETPs
3.7
4.7
0.1
494.9
0.3
4
127.7
265.7
3.2
3,814.8
2.3
30
26.7
(6.7)
(0.1)
3,841.1
2.3
12
High Yield Corporate
1.1
1.1
0.0
76.8
0.0
2
Inflation
1.1
1.1
0.0
10.3
0.0
1
Investment Grade Corporate
-
5.5
0.1
8.9
0.0
2
Money Market
-
-
-
33.6
0.0
3
160.3
271.3
3.3
8,280.5
4.9
54
-
-
-
3.1
0.0
2
1.6
1.6
0.0
24.1
0.0
6
(0.1)
(6.1)
(0.1)
42.2
0.0
9
0.2
0.2
0.0
17.9
0.0
5
Gold
(29.5)
(73.0)
(0.9)
2,607.1
1.5
33
Silver
(1.0)
(2.3)
(0.0)
113.4
0.1
4
Other
(1.1)
(1.1)
(0.0)
50.0
0.0
8
Total
(31.6)
(76.4)
(0.9)
2,770.4
1.6
45
(29.9)
(80.6)
(1.0)
2,857.8
1.7
67
Volatility
2.0
(1.4)
(0.0)
112.2
0.1
3
Alternatives Total
2.0
(1.4)
(0.0)
112.2
0.1
3
11.7
11.7
0.1
74.8
0.0
5
4.8
6.9
0.1
154.8
0.1
5
3,525.6
8,302.7
100.0
169,137.4
100.0
644
Emerging Markets
Government
Fixed Income
Fixed Income Total
Broad Market
Agriculture
Energy
Industrial Metals
Commodities
Precious Metals
Commodities Total
Alternatives
Asset Allocation
Currency
Asia Pacific ETP Total
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 28 ]
Canada ETPs
ONLY FOR ACCREDITED INVESTORS IN CANADA
AND PROFESSIONAL INVESTORS IN OTHER REGIONS
Canada ETP Multi-Year Asset
Growth and Top 10 Providers
Canada ETP Assets & Number of ETPs by Year1
Assets ($bn)
# of ETPs
307
291
$60
300
272
227
250
157
$40
200
109
56
45
$20
76
16
14
15
3
3
6
7
11
13
2001
2002
2003
2004
2005
2006
$0
150
100
29
20
16
59
42
38
25
60
18
50
16
0
2007
2008
2009
2010
2011
2012
2013
Feb-14
Canada ETP Providers Ranked by Assets (US$bn)1
Provider *
Feb-2014
Assets
% Market
Share
Feb-2014
Net Flows
2014 YTD
Net Flows
# ETPs
2014 YTD Change
% Market
Assets
Share
iShares
38.6
65.6
(0.1)
(0.5)
92
(1.0)
(0.8)
BMO
11.9
20.2
0.1
0.2
58
0.0
0.2
Horizon (Mirae Asset)
3.8
6.4
(0.1)
(0.2)
72
(0.3)
(0.4)
Vanguard
1.9
3.3
0.1
0.3
16
0.2
0.5
Invesco PowerShares
1.6
2.8
0.0
0.0
14
0.0
0.1
First Asset Capital
0.6
1.0
0.1
0.1
29
0.1
0.2
RBC
0.3
0.4
0.1
0.1
12
0.1
0.1
Purpose Investments
0.1
0.2
0.0
0.0
6
0.0
0.0
First Trust Portfolios
0.1
0.1
0.0
0.0
5
0.0
0.0
Barclays
0.0
0.0
0.0
0.0
3
0.0
0.0
58.8
100.0
0.2
0.0
307
(0.8)
0.0
Grand Total
* Providers measured at parent company level.
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 30 ]
Canada ETPs Ranked by 2014
YTD Inflows and Outflows
ETPs as of February (US$mn)1
Bloomberg Ticker
2014 YTD
Inflows
Feb-14
Assets
BMO S&P 500 ETF
ZSP CN
214
1,011*
947
Horizons BetaPro NYMEX Natural Gas Bear Plus
HND CN
198
219
iShares 1-5 Yr Laddered Corporate Bond
CBO CN
73
1,828*
1,724
Vanguard U.S. Total Market Index ETF
VUN CN
58
109
BMO International Equity Hedged to CAD Index ETF
ZDM CN
54
725
PowerShares 1-5 Year Laddered Investment Grade Corporate..PSB CN
48
282
Vanguard Canadian Short-Term Corporate Bond Index ETF
VSC CN
41
199
BMO S&P/TSX Laddered Preferred Share Index ETF
ZPR CN
38
862
iShares S&P 500
XUS CN
36
116
BMO Canadian Dividend ETF
ZDV CN
36
319
796
5,671
Grand Total
ETPs as of February (US$mn)1
Bloomberg Ticker
2014 YTD
Outflows
Feb-14
Assets
iShares S&P/TSX 60
XIU CN
(549)
11,252
Horizons BetaPro S&P/TSX 60 Index ETF
HXT CN
(179)
633
BMO US Equity Index ETF
ZUE CN
(160)
275
Horizons BetaPro NYMEX Natural Gas Bull Plus
HNU CN
(72)
57
BMO Long Corporate Bond Index ETF
ZLC CN
(70)
95
BMO Aggregate Bond Index ETF
ZAG CN
(68)
631
Horizons BetaPro S&P 500 Index ETF
HXS CN
(67)
246*
124
Horizons S&P 500 Index ETF (USD Share Class)
HXS/U CN
(67)
Share Class of
123
HXS CN
Horizons BetaPro S&P/TSX Global Gold Bull Plus ETF
HGU CN
(58)
71
PowerShares Fundamental High Yield Corporate Bond (CAD H.. PFH CN
(45)
90
(1,335)
13,351
Grand Total
* Representing aggregate AUM attributed from all individual share classes. Flows are attributed per share class.
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 31 ]
Canada ETP Flows by
Exposure
Exposure (US$mn)
Feb
2014
Net
Flows
1
North America Regional Equity
Size and Style
Canada
Sector
Large Cap
Small Cap
Total Market
Preferred Stock
Size and Style Total
Basic Materials
Consumer Non-cyclicals
Energy
Financials
Industrials
Real Estate
Technology
Utilities
Theme
Sector Total
Strategy
Canada Equity Total
U.S.
North America Equity Total
Other Developed Equity (Asia Pac, Global and Global ex-US)
Developed Equity Total
EM Equity Total
Equity Total
Broad/Aggregate
Govt/Corp
Emerging Markets
Municipal
Government
Fixed Income Inflation
High Yield Corporate
Investment Grade Corporate
Money Market
Others
Fixed Income Total
Broad Market
Agriculture
Energy
Industrial Metals
Commodities
Gold
Silver
Precious Metals
Other
Precious Metal Total
Commodities Total
Volatility
Alternatives Others
Alternatives Total
Asset Allocation
Currency
Canada ETP Total
9.2
(294.6)
5.8
(26.9)
3.8
(311.9)
(9.7)
(5.2)
15.1
7.5
(16.2)
(8.5)
49.5
(270.8)
117.2
(144.4)
145.8
1.4
(19.9)
(18.5)
(21.9)
(15.9)
(4.7)
(7.7)
42.7
(0.2)
(9.2)
157.7
4.5
7.3
152.5
(1.9)
68.7
(15.7)
4.1
(11.7)
55.1
10.3
0.4
10.7
1.2
10.0
211.0
2014
YTD
% of
Net 2014 YTD
Flows
Flows
16.0
(706.8)
8.6
11.9
20.5
(665.9)
(10.9)
(34.2)
9.5
4.0
0.1
(1.6)
(27.7)
(61.0)
100.7
(626.1)
252.8
(357.3)
269.3
(88.0)
(25.4)
(113.4)
(83.6)
(20.5)
(13.2)
(18.1)
36.0
(4.3)
6.9
139.8
8.8
49.8
101.5
(2.9)
57.5
(5.0)
(27.0)
7.1
(19.9)
29.6
7.1
(0.4)
6.7
4.9
9.5
38.8
41.3
(1,822.1)
22.2
30.6
52.8
(1,716.5)
(28.2)
(88.3)
24.4
10.3
0.2
(4.2)
(71.4)
(157.2)
259.6
(1,614.1)
651.7
(921.2)
694.2
(227.0)
(65.4)
(292.4)
(215.5)
(52.9)
(34.0)
(46.7)
92.9
(11.1)
17.7
360.3
22.7
128.3
261.6
(7.5)
148.2
(13.0)
(69.7)
18.4
(51.3)
76.4
18.4
(1.1)
17.3
12.6
24.5
100.0
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
Assets
333.7
13,265.7
152.7
2,327.6
2,452.8
18,198.8
162.9
37.4
670.6
3,331.6
13.8
1,444.8
28.3
314.5
22.4
6,026.4
3,264.1
27,489.3
6,577.1
34,400.1
4,593.3
38,993.5
825.1
39,818.5
2,349.7
2,380.0
240.4
181.2
2,458.1
398.8
2,360.7
5,901.3
150.3
1,022.5
17,443.1
46.5
498.7
373.4
156.9
530.3
1,075.5
35.1
58.2
93.2
301.7
57.1
58,789.2
% of
Assets
0.6
22.6
0.3
4.0
4.2
31.0
0.3
0.1
1.1
5.7
0.0
2.5
0.0
0.5
0.0
10.3
5.6
46.8
11.2
58.5
7.8
66.3
1.4
67.7
4.0
4.0
0.4
0.3
4.2
0.7
4.0
10.0
0.3
1.7
29.7
0.1
0.8
0.6
0.3
0.9
1.8
0.1
0.1
0.2
0.5
0.1
100.0
# ETPs
8
12
1
11
5
29
2
1
7
12
1
3
1
2
1
30
13
72
44
124
44
168
18
186
9
5
3
3
13
2
8
28
2
7
80
2
8
4
4
8
18
5
7
12
10
1
307
[ 32 ]
Latin America ETPs
ONLY FOR ACCREDITED INVESTORS IN CANADA
AND PROFESSIONAL INVESTORS IN OTHER REGIONS
Latin America ETP Multi-Year
Asset Growth, Top Providers
and Flows by Exposure
Latin America ETP Assets & Number of ETPs by Year1
Assets ($bn)
38
# ETPs
40
38
35
$15
35
31
17
30
26
$10
25
20
6
10
$5
9.8
2
1
0.1
1
0.4
2
0.4
2
2002
2003
2004
2005
1.3
$0
6.3
10.3
10.1
12.2
15
11.0
9.0
5.5
10
5
2.7
0
2006
2007
2008
2009
2010
2011
2012
2013
Feb-14
Latin America ETP Providers Ranked by Assets (US$bn)1
Feb-2014
Assets
Provider *
% Market
Share
Feb-2014
Net Flows
2014 YTD
Net Flows
# ETPs
2014 YTD Change
% Market
Assets
Share
Latin America ETP Flows by Exposure
Exposure (US$mn)
Equity
Feb
2014
Net
Flows
1
Emerging
Markets
Regional EM
Mexico
Colombia
Brazil
Chile
China
EM Equity Total
Equity Total
Fixed
Income
* Providers measured at parent company level.
Latin America Listed ETP total
2014
YTD
Net
Flows
% of
2014 YTD
Flows
Assets % of Assets
# ETPs
-
0.3
(0.0)
2.4
0.0
1
(277.3)
(1,058.0)
97.9
6,168.1
68.6
11
1.8
0.3
(0.0)
1,372.8
15.3
1
(9.3)
(15.3)
1.4
1,171.1
13.0
16
(1.2)
1.1
(0.1)
16.9
0.2
2
-
-
-
2.5
0.0
1
(286.0)
(1,071.6)
99.2
8,733.8
97.2
32
(286.0)
(1,071.6)
99.2
8,733.8
97.2
32
(7.0)
(8.7)
0.8
254.9
2.8
6
(293.0)
(1,080.3)
100.0
8,988.7
100.0
38
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 34 ]
Latin America ETPs Ranked
by 2013 Inflows and Outflows
ETPs as of February (US$mn)1
Bloomberg Ticker
2014 YTD
Inflows
2014 YTD
Outflows
Feb-14
Assets
Feb-14
Assets
ETPs as of February (US$mn)1
Bloomberg Ticker
iShares NAFTRAC
NAFTRAC MM
(1,001.8)
5,254.2
MEXTRAC
MEXTRAC MM
(51.4)
295.6
iShares LATixx Mexico CETETRAC
CETETRC MM
(7.0)
49.9
iShares BM&FBovespa Small Cap
SMAL11 BZ
(4.8)
24.9
BRTRAC 10
BRTRAC MM
(4.4)
10.8
iShares IPC LargeCap Total Return TRAC
ILCTRAC MM
(3.8)
156.7
iShares Ibovespa
BOVA11 BZ
(2.4)
393.3
CONSUMO 10
CONSUMO MM
(2.1)
2.1
iShares Carbono Eficiente
ECOO11 BZ
(2.1)
50.4
iShares LATixx Mexico UDITRAC
UDITRAC MM
(1.7)
46.4
(1,081.5)
6,284.3
Grand Total
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 35 ]
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.
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 36 ]
Disclaimer
REGULATORY INFORMATION
BlackRock Advisors (UK) Limited is authorised and regulated by the Financial Conduct Authority ('FCA'), having its registered office at 12 Throgmorton
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.
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.
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. Past performance is not a guide to future performance . Income is not fixed and may fluctuate. 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 Advisors (UK) or its affiliates (together,
‘BlackRock’).
This document is not, and under no circumstances is to be construed as an advertisement or any other step in the furtherance of a public offering of shares in
the United States. This document is not aimed at persons who are resident in the United States or any province or territory thereof, where the
companies/securities are not authorized or registered for distribution and where no prospectus has been filed with any securities commission or regulatory
authority. The companies/securities may not be acquired or owned by, or acquired with the assets of, an ERISA Plan.
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 37 ]
Disclaimer (continued)
NOTICE TO RESIDENTS IN AUSTRALIA:
Issued in Australia by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230523 ("BlackRock Australia") to institutional
investors only. iShares® exchange traded funds (“ETFs”) that are made available in Australia are issued by BlackRock Australia, iShares, Inc. ARBN
125 632 279 and iShares Trust ARBN 125 632 411. BlackRock Australia is the local agent and intermediary for iShares ETFs that are issued by iShares,
Inc. and iShares Trust. BlackRock Australia is a wholly-owned subsidiary of BlackRock, Inc. (collectively “BlackRock”). A Product Disclosure Statement
(“PDS”) or prospectus for each iShares ETF that is offered in Australia is available at iShares.com.au. You should read the PDS or prospectus and
consider whether an iShares ETF is appropriate for you before deciding to invest. iShares securities trade on ASX at market price (not, net asset value
("NAV")). iShares securities may only be redeemed directly by persons called “Authorised Participants”. This information is general in nature, and has
been prepared without taking into account any individual's objectives, financial situation, or needs. You should seek independent professional legal,
financial, taxation, and/or other professional advice before making an investment decision regarding the iShares funds.
FOR INVESTORS IN CANADA:
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
investment decisions. Past performance is not necessarily indicative of future performance. This document is not and should not be construed as a
solicitation or offering of units of any funds or other security in any jurisdiction. No part of this publication may be reproduced in any manner without prior
written permission of BlackRock Asset Management Canada Limited and/or its affiliates.
FOR INVESTORS IN HONG KONG:
Some of the funds mentioned herein have not been registered with the Securities and Futures Commission for offering or distribution in Hong Kong.
Accordingly, this material may not be circulated or distributed, nor may the funds be offered or sold whether directly or indirectly, to any person in Hong
Kong other than to a Professional Investor as defined in the Securities and Futures Ordinance ("SFO") (Cap. 571 of the laws of Hong Kong) and any
regulations there under.
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.
ONLY FOR ACCREDITED INVESTORS IN CANADA AND PROFESSIONAL INVESTORS IN OTHER REGIONS
[ 38 ]
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.
© 2014 BlackRock Advisors (UK) Limited. All rights reserved. Registered Company No. 00796793. All rights reserved. Calls may be monitored or recorded.
BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES, are registered and unregistered trademarks of BlackRock, Inc. or its
subsidiaries in the United States and elsewhere. All other marks are those of their respective owners.
iS-11861-0314
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