ETF STRATEGIES FOR COMMON PORTFOLIO CHALLENGES
Sean Murphy, CFA ®
iShares Product Consultant
BlackRock
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John Gagliardi, CMT ®
Regional Brokerage Consultant
Fidelity Investments
Agenda
WHY ETFs FOR PORTFOLIO NEEDS
COMMON PORTFOLIO CHALLENGES AND HOW TO SOLVE FOR THEM
BUILDING A STRONG FOUNDATION
ACCESSING BONDS
SEEKING INCOME
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WHY ETFs FOR PORTFOLIO NEEDS
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Where we are today
Chase stocks at your own risk
Source: Morningstar as of 6/30/20.Index performance is for illustrative purposes only. Index performance does 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%
-5%
0%
5%
10%
15%
S&P 500 Index daily performance YTD
76.1%returned less
than the S&P 500 Index
23.9%
Individual U.S. stocks(YTD through June 2020)
Jan Feb Mar Apr May Jun
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Investing: calculated risk vs. rewardWhen solving for portfolio challenges, it is important to know what risks you’re taking, and what you can do to navigate them. Rules based investing can help.
KNOW WHAT YOU
OWN
1
FLEXIBILITY TO TAKE ACTION
2
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What are ETFs?
ETFs offer a low cost, tax efficient way to invest
StockTradable duringthe day
Mutual fundDiversified
ETFsDiversified funds
that trade like stocks
Like a mutual fund, an ETFis a professionally
managed, diversifiedportfolio
Like a stock, an ETF can bebought and sold whenever
the market isopen
Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences. All regulated investment companies are obliged to distribute portfolio gains to shareholders. For more information on the differences between traditional mutual funds and ETFs, see the end of this document.
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Why use ETFs?
COMPETITIVE PERFORMANCE
Over the last 5 years iShares market cap S&P style box ETFs
outperformed 66% of peers across all nine style boxes*
LOW COST
iShares ETFs cost about 1/3 as much as the typical mutual
fund†
TAX EFFICIENT
6% of iShares ETFs on average paid capital gains distributions over the last 5 years vs. 54% of
mutual funds‡
*Morningstar, as of 06/30/2020. Comparison universe is ETFs and mutual funds in the Morningstar category and uses total return. Overall figure is a weighted average of the percentage of funds that the iShares ETF outperformed in each style box, weighted based on the number of funds in the Morningstar category. The funds outperformed 43% and 70% of peers on a 1 and 10 year basis, respectively. Performance may be different for other time periods. iShares market cap S&P style box ETFs are IVV, IJH, IJR, IVW, IVE, IJK, IJJ, IJT, and IJS. Past performance is no guarantee of future results. †Source Morningstar, as of 6/30/19. Comparison is between the average Prospectus Net Expense Ratio for the iShares ETFs (0.33%) and active open-end mutual funds (0.91%). ‡ Source: Morningstar, as of 06/30/20. Average number of mutual funds that paid a capital gain distribution each year over 5 years. Universe includes all U.S. open ended mutual funds, oldest share class used. Universe includes all funds incepted before 10/31 in each year and excludes funds that closed before 10/31 in each year. Past distributions are not indicative of future distributions.
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Transparency
Holdings
Sectors
Geography
Objectives
Knowing exactly what you are investing in is important information you need to make financial decisions
For illustrative purpose only. Subject to change. Source: BlackRock as of 8/29/2020
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COMMON PORTFOLIO PROBLEMS
AND HOW TO SOLVE FOR THEMICRMH0920U-1329012-9/32
Can be a tough nut to crack, but ETFs put the tools in investors’ hands
Build a strong foundation1
3 Seek income
U.S. Equities
IVV IJH IJR IEFA IEMG
InternationalEquities
Bond ETFs
U.S. Investment
Grade
U.S. Total Bond
Market
Broad USD Investment
Grade Corporate
The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.
Bonds
AGG
2Access bonds AGG IUSB USIG
S&P 500
S&PMid Cap
S&PSmall Cap
MSCI Developed
MSCI Emerging
U.S. Investment
Grade
National Muni
MUB
Dividends, Income
Dividend Growth
DGRO
High Dividend
HDV
• Diversification for a more resilient portfolio in the long run
• Gain diversified, low cost bond exposures
• Build income seeking exposures into your portfolioMulti-Asset
Income
IYLD
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Building a strong foundation
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$324,019
$214,950
$161,706
$127,102 $101,607
$82,256
Stayed Invested Missed 5 days Missed 10 days Missed 15 days Missed 20 days Missed 25 days
En
din
g V
alu
eMissing top-performing days can hurt your return
Growth of hypothetical investment of $100,000 in the S&P 500 index over the last 20 years (2000-2019)
Source: BlackRock; Bloomberg as of 12/31/19. Stocks are represented by the S&P 500 Index, an unmanaged index that is generally considered representative of the US stock market. Index performance is for illustrative purposes only. Index performance does 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.
It is important to stay invested
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Historical returns (%)
Hypothetical 60 equity/40 fixed income portfolio over the last 10 years
Source: Morningstar as of 12/31/19. The above asset classes are each represented by the following benchmarks: US Large-Cap: S&P 500 Index, US Mid-Cap: S&P MidCap 400 Index, US Small-Cap: S&P SmallCap 600 Index, Developed International: MSCI EAFE IMI Index, Emerging Markets: MSCI Emerging Markets Investable Market Index, 60/40 Portfolio: S&P Target Risk Moderate Index, US Bonds: Bloomberg Barclays US Aggregate Bond Index. Numbers below each asset class are its historical returns measured in percentages. Index performance is for illustrative purposes only. Index performance does 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.
Different asset classes behave differently
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
US Mid-Cap 26.64%
US Bonds7.84%
Emerging Markets18.22%
US Small-Cap 41.31%
US Large-Cap13.69%
US Large-Cap1.38%
US Small-Cap 26.56%
Emerging Markets37.28%
US Bonds0.01%
US Large-Cap31.49%
US Small-Cap 26.31%
US Large-Cap2.11%
US Mid-Cap 17.88%
US Mid-Cap 33.50%
US Mid-Cap 9.77%
US Bonds0.55%
US Mid-Cap 20.74%
Developed International
25.03%
US Large-Cap-4.38%
US Mid-Cap 26.20%
Emerging Markets18.88%
60/40 Portfolio1.30%
Developed International
17.32%
US Large-Cap32.38%
60/40 Portfolio6.30%
Developed International
-0.81%
US Large-Cap11.96%
US Large-Cap21.83%
60/40 Portfolio-5.69%
US Small-Cap 22.78%
US Large-Cap15.06%
US Small-Cap 1.02%
US Small-Cap 16.33%
Developed International
22.78%
US Bonds5.97%
60/40 Portfolio-0.94%
Emerging Markets11.19%
US Mid-Cap 16.24%
US Small-Cap -8.48%
Developed International
22.01%
60/40 Portfolio11.18%
US Mid-Cap -1.73%
US Large-Cap16.00%
60/40 Portfolio16.03%
US Small-Cap 5.76%
US Small-Cap -1.97%
60/40 Portfolio6.77%
60/40 Portfolio 15.93%
US Mid-Cap -11.08%
60/40 Portfolio19.20%
Developed International
7.75%
Developed International
-12.14%
60/40 Portfolio11.44%
US Bonds-2.02%
Emerging Markets-2.19%
US Mid-Cap-2.18%
US Bonds 2.65%
US Small-Cap 13.23%
Developed International
-13.79%
Emerging Markets18.42%
US Bonds6.54%
Emerging Markets-18.42%
US Bonds4.21%
Emerging Markets-2.60%
Developed International
-4.90%
Emerging Markets-14.92%
Developed International
1.00%
US Bonds3.54%
Emerging Markets-14.57%
US Bonds8.72%
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Source: Morningstar as of 6/30/2020. Data points represent the 10-year return and standard deviation of returns for all funds in the respective Morningstar category using oldest share class only to avoid duplication of fund strategies. *Alpha represents opportunities for improved outperformance relative to a benchmark (known as beta).
Market returns are a key driver of fund returns
-2
0
2
4
6
8
10
12
14
16
18
0 5 10 15 20 25
10
Ye
ar
Re
turn
(%
)
10 Year Risk (%)
Diversified Emerging Markets Foreign Large Blend Intermediate Core Bond Intermediate Core Plus Bond Large Blend Small Blend
Whether alpha*, factors, or index, returns tend to cluster by asset class
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The Foundation of Portfolios
iShares Core US Equity
iShares Core International Equity
iShares Core International Bond
iShares Core US Bond
The first step in portfolio construction is deciding which markets to invest in, iShares Core ETFs make this easy
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Build a strong core
iShares Core Allocation ETFs
AOK
Conservative
AOM
Moderate
AOA
Aggressive
AOR
Growth
U.S. Equities
IVV
IJH
IJR
IEFA
IEMG
International Equities Bonds
AGGS&P 500
S&PMid Cap
S&PSmall Cap
DevelopedMarkets
Emerging Markets
U.S.InvestmentGrade Bonds
ITOT IUSBU.S. Total Bond Market
Illustrative purposes only, not a recommended asset allocation
Total Market
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Accessing bonds
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What is a bond ETF?
A bond ETF is a collection of individual bonds that trades on exchange, making investing in bonds easy and transparent*, especially during periods of market volatility.
Why iShares bond ETFs?
Bond ETFs offer many of the same potential benefits as equity ETFs, but in a different asset class
1. COMPETITIVE PERFORMANCE
iShares bond ETFs have outperformed more than half of their peers over the past 5 years.1
2. LOW COST
On average, iShares bond ETFs cost 78% less than active mutual funds.2
3. LIQUIDITY
Bond ETFs trade thousands of times through the day on the exchange while individual bonds may not trade daily.3
* ETFs generally disclose holdings on a daily basis.
1 BlackRock calculation using fund performance rankings from Morningstar, as of 6/30/20. Comparison universe is ETFs and mutual funds in the Morningstar category and uses total return. Overall figure is a weighted average of the percentage of funds that the iShares bond ETFs have outperformed in each Morningstar category, weighted based on the number of funds in the Morningstar category. The funds outperformed 51%, 54% and 48% of peers on a 1, 5 and 10 year basis, respectively. Performance may be different for other time periods. 2Source: Morningstar as of 6/30/20. Comparison is between the Prospectus Net Expense Ratio for the average Fixed Income iShares ETF (0.19%) and the average Fixed Income Open-End Mutual Fund (0.88%) available in the U.S. ex money market funds. 3 TRACE and Markit iBoxx from 6/1/20 to 6/30/20.
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0.04%
0.66%
Category 1
A cost effective alternative
iShares fund versus their average Morningstar category expense ratio2
1 Source: Morningstar as of 6/30/20. Index performance is for illustrative purposes only. Index performance does 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. 2 The Morningstar categories span the entire universe of ETFs and mutual funds, inclusive of active and passive, within the respective categories. 3 Contractual fee waivers are in effect for IUSB through 2/29/24 and gross expenses for the fund is 0.07%.
Costs can eat up your yieldsDon’t let high fees eat up your yield, especially now with interest rates near record lows
Low rate world1
1.25%
Yield to maturity of the Bloomberg Barclays U.S. Aggregate Bond Index 0.06
%
0.79%
Category 1
0.49%
1.02%
Category 1AGG IUSB3 HYG
Intermediate Core Bond
Intermediate Core-Plus
Bond
High Yield Bond
iShares Core U.S. Aggregate Bond ETF
iShares Core Total USD Bond Market ETF
iShares iBoxx $ High Yield Corporate Bond ETF
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ETF and Underlying Basket Bid/Ask Spreads
As of 6/30/2020
*Basket Bid/Offer spread refers to the underlying securities of the respective index. For illustrative purposes only. 1 A basis point isone hundredth of one percent. Source: BlackRock, Bloomberg, Barclays, NYSE Arca, as of 6/30/2020. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained.
Liquidity
1 27
2 1
21 23
53
15
98
AGG IGSB USIG MUB EMB
Ba
sis
Po
ints
1
iShares Bid/Offer
Basket Bid/Offer* (est.)
iShares Core U.S. Aggregate Bond ETF
iShares Short-Term Corporate Bond ETF
iShares Broad USD Investment Grade Corporate Bond ETF
iShares National Muni Bond ETF
iShares J.P. Morgan USD Emerging Markets Bond ETF
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Consider bond ETFs for more efficient bond exposures
AGG USIG USHY MUB
iShares Core U.S. Aggregate Bond ETF
iShares Broad USD Investment Grade Corporate Bond ETF
iShares Broad USD High Yield Corporate Bond ETF
iShares National Muni Bond ETF
8,284
Monthly
Source: BlackRock as of 9/9/2020.
Number of Holdings:
Distribution Schedule:
7,400
Monthly
2,007
Monthly
4,425
Monthly
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Seeking income
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Dividends have been a major component of stock market returns
The compounding effect of reinvested dividends has explained a meaningful portion of S&P 500 performance over the last 30+ years
Source: Morningstar. Data from September 1989 to August 2020. 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.
0
500
1,000
1,500
2,000
2,500
◼ S&P 500 Total Return ◼ S&P 500 Price Return
1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020
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Dividend stocks have offered a consistent source of income that can be used to help meet current spending needs
Importance of dividends for portfolio income
Sources: MSCI and Bloomberg, August 2020.Notes: The chart depicts the share of income coming from equity dividends in a hypothetical illustrative portfolio that is made up of 60% MSCI World Index / 40% Bloomberg Barclays US Aggregate Bond Index. Share of income is calculated by dividing the dividend yield on the MSCI World Index by the total income on the illustrative portfolio, using the yield of the Bloomberg Barclays US Aggregate Index as a proxy for bond income within the illustrative portfolio. Index performance is for illustrative purposes only. Index performance does 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. There is no guarantee that dividends will be paid.
Equities currently provide a majority of the income
in a typical 60-40 portfolio
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Equity Share of Portfolio Income Fixed Income Share of Portfolio Income
1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020
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iShares Core Dividend Growth ETF
U.S. CompaniesWith Growing
Dividends
DGRO seeks to track an index that identifies US companies that are growing dividends and has the following quality screens:
Universe of US stocks
Dividend weighted portfolio – growth focus
400+
5+ years of consistent div.
growth
Exclude top decile div. payers
Dividend payout ratio <75%
Security weighting <3%
APPLE INC 3.82
MICROSOFT CORP 3.10
VERIZON 3.04
JOHNSON & JOHNSON 2.95
JPMORGAN CHASE & CO 2.79
PROCTOR & GAMBLE 2.63
PFIZER 2.43
CHEVRON CORP 2.28
HOME DEPOT 2.04
COCA-COLA 1.89
A company may remain in the index if it engages in a stock buyback, or a spin-off, in lieu of growing its dividend over the last 12 month period.
ISSUER %
DGRO
Source: BlackRock. Fund holdings as of 9/10/20, subject to change.
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iShares Core High Dividend ETF
High-quality U.S. companies
The index identifies high dividend paying U.S. companies with sustainable businessmodels and good financial health
Universe of US stocks
HDV has a dividend weighted portfolio – quality focus
75
High dividend yield
Financial healthEconomic moatSecurity
weighting<10%
AT&T 9.46
EXXON MOBIL 7.44
JOHNSON & JOHNSON 7.31
VERIZON 7.22
PFIZER 5.78
CHEVRON 5.41
COCA-COLA 4.50
MERCK 4.39
PEPSICO 3.70
CISCO SYSTEMS 3.53
ISSUER %
HDV
Source: BlackRock. Fund holdings as of 9/10/20, subject to change.
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ETF Holdings %
Source: BlackRock as of 09/03/2020. Allocations subject to change. Investment in a fund of funds is subject to the risks and expenses of the underlying funds.
Key ETF Facts
35%
65%
Equity
Fixed Income
Industry Exposure Breakdown
• A portfolio of iShares ETFs with asset allocation of 60% bonds, 20% stocks and 20% alternative income sources
• Access to a variety of income-oriented securities in a single fund
• Use to seek income
Why IYLD?
iShares Morningstar Multi-Asset Income ETFAccess to a portfolio of equity, fixed income and other income funds that collectively seek to deliver high current income and capital appreciation
Expense Ratio 60 bps (net); 62 bps (gross)
Index Morningstar Multi-Asset High Income Index
Inception date 04/03/2012
# of holdings 10
Net Assets ($M) $276.81
HYG iShares iBoxx $ High Yield Corp Bond ETF 20.09
TLH iShares 10-20 Year Treasury Bond ETF 15.03
TLT iShares 20+ Year Treasuring Bond ETF 15.00
REM iShares Mortgage Real Estate Capped ETF 10.05
IDV iShares International Select Dividend ETF 10.00
DVYE iShares Emerging Markets Dividend ETF 9.80
EMB iShares JP Morgan USD EM Bond ETF 9.04
IFGL iShares International Dev Real Est ETF 5.09
PFF iShares Preferred & Income Securities ETF 4.83
LEMB iShares JP Morgan EM Local Currency Bd ETF 1.04
IYLD
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In summary
WHY ETFs
Diversification Low cost Tax efficient
COMMON CHALLENGES
Build a strong foundation
Consider iShares Core ETFs can help build a low cost, diversified portfolio
Access bonds
Consider Bond ETFs for simple and liquid low cost access to many types of bond markets
Seek income
Consider dividend and income seeking ETFs like DRGO, HDV or IYLD
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APPENDIX
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https://www.fidelity.com/trading/regional-brokerage-consultant/John-Gagliardi
ETFs and traditional mutual funds: know the differences
Criteria Mutual funds ETFs
Management Active Passive
Performance goal Outperform a benchmark and/or deliver an outcome Track a benchmark
Buying / selling shares Once per day via fund company Intraday on exchanges
Price to buy / sell End-of-day NAV, less fees Current market price, which may differ from NAV
Fees Expense ratio + any sales loads / redemption fees Expense ratio + transaction / brokerage costs
Tax impact of buyers /sellers
Shareholders may be impacted by all other shareholders’actions
Shareholders only impacted by their own action
Holdings disclosure Typically quarterly Daily
Benefits • Opportunity to outperform the index
• Potential to limiting the downside
• Buy/sell decisions based on research
• Exposure to market index
• Generally lower fees
• Typically more tax-efficient
Trade-offs • Potential to underperform index
• Generally higher fees
• Typically less tax-efficient
• Does not seek to outperform index
• Participate in all of index downside
• Buy/sell decisions based on index, not research
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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 www.iShares.com or www.blackrock.com. 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. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and its return and yield will fluctuate with market conditions. Securities with floating or variable interest rates may decline in value if their coupon rates do not keep pace with comparable market interest rates. A fund’s income may decline when interest rates fall if most of the debt instruments held by the fund have floating or variable rates. There is no guarantee that dividends will be paid.
When comparing stocks or bonds and iShares Funds, it should be remembered that management fees associated with fund investments, like iShares Funds, are not borne by investors in individual stocks or bonds. The annual management fees of iShares Funds may be substantially less than those of most mutual funds. Buying and selling shares of iShares Funds will result in brokerage commissions. Although market makers will generally take advantage of differences between the NAV and the trading price of iShares Fund shares through arbitrage opportunities, there is no guarantee that they will do so.
International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets, in concentrations of single countries or smaller capital markets. Narrowly focused investments, including REIT, mining, preferred stock, factor and floating rate note funds may be subject to higher volatility and risks specific to those sectors. The iShares Minimum Volatility ETFs may experience more than minimum volatility as there is no guarantee that the underlying index's strategy of seeking to lower volatility will be successful.
Investment in a fund of funds is subject to the risks and expenses of the underlying funds.
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.
Important information regarding iShares ETFs
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Actively managed funds do not seek to replicate the performance of a specified index and may have higher portfolio turnover than index funds.
A fund's use of derivatives may reduce a fund's returns and/or increase volatility and subject the fund to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A fund could suffer losses related to its derivative positions because of a possible lack of liquidity in the secondary market and as a result of unanticipated market movements, which losses are potentially unlimited. There can be no assurance that any fund's hedging transactions will be effective.
The iShares Funds are distributed by BlackRock Investments, LLC.
iShares ETFs are not sponsored, endorsed, issued, sold or promoted by Barclays, Bloomberg Finance L.P., BlackRock Index Services, LLC, Cohen & Steers Capital Management, Inc., European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), India Index Services & Products Limited, Interactive Data, JPMorgan Chase & Co., Japan Exchange Group, MSCI Inc., Markit Indices Limited, Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), New York Stock Exchange, Inc., Russell or S&P Dow Jones Indices LLC. None of these companies make any representation regarding the advisability of investing in the Funds. With the exception of BlackRock Index Services, LLC, who is an affiliate, BlackRock Investments, LLC is not affiliated with the companies listed above. “FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license.
The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained.
This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.
©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc., or its subsidiaries. All other marks are the property of their respective owners.
The information provided in this communication is solely for educational purposes and should not be construed as advice or an investment recommendation. Fidelity Investments is a separate company, unaffiliated with BlackRock, Inc.. There is no form of partnership, agency affiliation, or similar relationship between BlackRock, Inc. and Fidelity Investments, nor is such a relationship created or implied by the information herein. Fidelity Investments has not been involved with the preparation of the content supplied by BlackRock, Inc. and does not guarantee or assume any responsibility for its accuracy or completeness.
Important information regarding iShares ETFs
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