sectors and megatrends - fidelity.com
TRANSCRIPT
SECTORS AND MEGATRENDSWhere’s the opportunity?
Gargi Pal Chaudhuri
Head of iShares Markets & Investment Strategy
October 28, 2021
Jeff Spiegel
Head of iShares Megatrend, Sector and International ETFs
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MARKET OUTLOOK
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What happened in 2021
Source: BlackRock, Bloomberg, chart by iShares Investment Strategy. As of September 24, 2021. 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.*For a list of the indices used for each asset class see Appendix 1.
Jan-June 2021 & July-Sept 2021 Flow ($bn)
Source: BlackRock, Bloomberg, chart by iShares Investment Strategy. As of September 24, 2021, 2021. 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.*For a list of the indices used for each asset class see Appendix 1.
Sector Performance YTD
0 5 10 15 20 25 30 35 40
Energy
Real Estate
Financials
Comm Serv.
Info. Tech.
Health Care
Industrials
Cons. Disc.
Materials
Cons. Staples
Utilities
-5
0
5
10
15
20
25
Flo
w i
n b
illi
on
s (
$)
◼ Jan – June 2021 (first half of the year)◼ July – September 2021 (second half, to date)
The COVID-19 Delta variant delayed but didn’t derail the summer’s scorching economic restart, weighing on activity, consumer confidence, and labor dynamics. This fueled rate volatility and the rotation away from cyclicals & value to defensives & growth.
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Positioning past the peak
Source: BlackRock, Bloomberg, chart by iShares Investment Strategy. As of September 24, 2021.
Investors may see inflation moderate from current levels but could remain higher than the pre-COVID range
Source: BlackRock, Bloomberg, chart by iShares Investment Strategy. Rebased January 01, 2020. As of September 24, 2021. There is no guarantee these forecasts come to pass.
COVID-19 variants such as Delta weigh on activity
U.S. growth appears to have peaked in the middle of the year, as the lifting of lockdowns and sharp springtime increase in vaccinations powered the economic restart.
2
3
4
5
6
7
8
9
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Re
al
GD
P G
row
th (
Qo
Q S
AA
R %
)
U.S GDP Growth
Declining economic growth may bode well for "quality" stocks - those with strong balance sheets, stable
0%
1%
2%
3%
4%
5%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Yo
Y I
nfl
ati
on
% C
ha
ng
e
YoY Core Inflation
Inflation at target levels
4
Realized GDP Forecasted GDP
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A rising tide in the sea of U.S. equities
Nearly all sectors* have been buoyed by the restart, but forward-looking estimates point toward a peak of earnings growth and increased dispersion
Sector Return vs Earnings Revision
The broadening economic restart has lifted most boats among U.S. equities, but dispersion between sectors sailing or sinking post the peak of economic & earnings growth is reemerging.
S&P 500
Banks
Div Financials
Insurance
Retailing
Transportation
Autos
Capital Goods
Consumer Durables
Energy
Materials Media
Semiconductors
Tech Hardware
Communication
Commercial ServicesFood Retail
Healthcare EquipReal Estate
Utilities
Consumer Services
Food Bev & Tobacco
Household Products
Pharmaceuticals
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
-60% -40% -20% 0% 20% 40% 60% 80%
3 M
on
th T
ota
l R
etu
rn (
%)
Earnings Revision RatioSource: BlackRock, Bloomberg, chart by iShares Investment Strategy. As of September 24, 2021. Data spanning June 24,2021 to September 24, 2021. 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. *For a list of the indices used for each asset class see Appendix.
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Quality timeIn these periods of slowing growth, sectors* with high profit margins, low leverage, and strong pricing have potential to outperform. Companies that can raise prices without negatively affecting demand and maintain profitability become more important as they can offset the losses of inflation while in a slowing growth environment
Industry Profit Margin
Peak growth may be behind us, but it has not derailed the equity market. There could be some benefit in being selective when growth is positive but slowing.
Source: BlackRock, Aladdin, chart by iShares Investment Strategy. 1-year lookback as of September 24, 2021. Net Profit Margin (%) is a weighted average of net profit margins of S&P 500 companies split by subsector. 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. *For a list of the indices used for each asset class see Appendix 2.
0
5
10
15
20
25
1-Y
ea
r N
et
Pro
fit
Ma
rgin
(%
)
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Room for value
Since 2017, value indices, such as the MSCI USA Enhanced Value Index, have experienced decreasing price to earnings relative to the S&P 500 benchmark
Price-to-Earnings* Relative to S&P 500
Now could be an attractive entry point for value investors.
* The price-to-earnings (P/E) ratio is a fundamental measure used to determine if an investment is valued appropriately. Each holding's P/E is the latest closing price divided by the latest fiscal year's earnings per share. Negative P/E ratios are excluded from this calculation.
Source: BlackRock, Bloomberg, chart by iShares Investment Strategy. As of September 24, 2021. 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.
45%
55%
65%
75%
85%
95%
105%
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21
% r
ela
tiv
e t
o S
&P
50
0
MSCI USA Enh. Value Index S&P 500 Index (benchmark)
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What is an ETF?ETFs (exchange traded funds) offer a diversified, low cost, and tax efficient way to invest
StockTradable during the day
Mutual fundDiversified
ETFsDiversified funds that
trade like stocks
Like a mutual fund, an ETFis a professionally managed,
diversified portfolio
Like a stock, an ETF can bebought and sold whenever
the market isopen
Transactions in shares of ETFs can 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 presentation.
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Why use ETFs?
DIVERSIFICATION
ETFs can hold hundreds of securities within a
single fund to help diversify your portfolio
LOW COST
ETFs can keep fees lower than other diversified strategies because they seek to track
indexes, helping to reduce costs
TAX EFFICIENT
Because of their strategy and structure, ETFs can generally
help reduce tax consequences as compared to mutual funds
9
Transactions in shares of ETFs can 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 presentation.
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Themes we covered today
Sector performance
IYR
IYF
iShares Real Estate ETF
iShares Financials ETF
A rising tide
SOXX
ITOT
iShares Semiconductor ETF
iShares Total US Market ETF
Value and quality
VLUE
QUAL
iShares MSCI USA Value Factor ETF
iShares MSCI USA Quality Factor ETF
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.
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ACCESS WITH MEGATRENDS
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Cyclical themes
Structural themes
Time
Gro
wth
Structural > CyclicalStructural themes are long-term opportunities driven by powerful transformations in our economy and society
For illustrative purposes only.
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Due to COVID-19…
mRNA vaccine ever commercialized21st
of CFOs tooffer more WFH flexibility372%
committed to green energy in 20201
$501billion
The world has changed
1 Source: Bloomberg. What Does $500 Billion for Clean Energy Mean for Climate Change. Jan 21.2 FDA. Dec 2020. 3 PwC US CFO Pulse Survey. Jun 2020.
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Owning the future
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Robotics & A.I.CybersecurityFinTech
Technological breakthrough
GenomicsImmunotherapyAgeing
Demographics& social change
InfrastructureMegacitiesSmart cities
Rapidurbanization
Clean energyElectric vehiclesSelf-driving
Climate change & resource scarcity
China & IndiaNew consumersDigital economy
Emergingglobal wealth
For illustrative purposes only.
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1 Weight for tomorrow
2 Connect the value chain
3 Think beyond borders
MegaRules of the road
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2015 15bn
2017 20bn
2019 28bn
2021 35bn
2023 50bn
2025 75bn
Internet-connected devices
Source: Statista, Internet of Things (IoT) Connected Devices Installed Base Worldwide from 2015 to 2025. For illustrative purposes only.
Source: BlackRock, Morningstar as of 9/30/21. Total return shown. The S&P Technology Index is included for informational purposes only. There may be material differences between the index that fund seeks to track and the index shown including without limitation index provider, holdings, methodology and performance. 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. Performance data represents past performance and does not guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For most recent month-end performance see www.iShares.com. For standardized performance, please see the end of the presentation.
TECHNOLOGICAL BREAKTHROUGH
16
IHAK
iShares Cybersecurity and Tech ETFExpense ratio: 0.47%
32.7%
29.1%
iSharesCybersecurity and
Tech ETF
S&P TechnologyIndex
1-year Average Annual Return
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Getting healthier
$32T Immunotherapy drugs FDA-approved3
BioNTech rolls out first mRNA vaccine21st
1 Zhong Y, Xu F, Wu J, Schubert J, Li MM. Application of Next Generation Sequencing in Laboratory Medicine. Ann Lab Med, Jan 2021 2 Fierce Pharma, Dec 2020 3 Cancer Research Institute, Jul 2017References to specific companies are strictly for illustrative purposes only and should not be construed as investment advice or recommendations regarding those companies. For holdings information for the iShares funds, please see the end of this presentation.
cheaper to map a human genome today than in 20101
10ktimes
DEMOGRAPHICS & SOCIAL CHANGE
17
IDNA
iShares Genomics Immunology and Healthcare ETFExpense ratio: 0.47%
30.6% 22.6%
iShares GenomicsImmunology andHealthcare ETF
S&P 500 HealthcareSector Index
1-year Annual Average Return
CRISPR Therapeutics
Moderna, Inc.
Regeneron Pharmaceuticals
BioNTech SE
Source: BlackRock, Morningstar as of 9/30/21. Total return shown. The S&P 500 Healthcare Sector Index is included for informational purposes only. There may be material differences between the index that fund seeks to track and the index shown including without limitation index provider, holdings, methodology and performance. 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. Performance data represents past performance
and does not guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For most recent month-end performance see www.iShares.com. For standardized performance, please see the end of the presentation.
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Build back better
$1Bin new capital projects alone can create 13,000 jobs1
$1.2T in global fiscal stimulus during 20203
of unmet demand for infrastructure spending in US2$2T
Sources: 1 McKinsey & Co, July 2020 2 McKinsey & Co. June 2020 3 IMF Annual Report 2020
References to specific companies are strictly for illustrative purposes only and should not be construed as investment advice or recommendations regarding those companies. For holdings information for the iShares funds, please see the end of this presentation.
RAPID URBANIZATION
18
IFRA
iShares U.S. Infrastructure ETFExpense ratio: 0.47%
42.8%30.0%
iShares U.S.Infrastructure ETF
S&P 500 Index
1-year Annual Average Return
Source: BlackRock, Morningstar as of 9/30/21. Total return shown. The S&P 500 Index is included for informational purposes only. There may be material differences between the index that fund seeks to track and the index shown including without limitation index provider, holdings, methodology and performance. 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. Performance data represents past performance and does
not guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For most recent month-end performance see www.iShares.com. For standardized performance, please see the end of the presentation.
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Build back greener
Sources: 1 Washington Post, "Biden wants an all-electric federal fleet. The question is: How will he achieve it?"Jan. 21 2 ClimateChangeNews.org 3 "China breezes into record territory with 2020 wind power installation" Weather Network, 3.21References to specific companies are strictly for illustrative purposes only and should not be construed as investment advice or recommendations regarding those companies. For holdings information for the iShares funds, please see the end of this presentation.
645kU.S. President aims to convert 645k federal cars to electric1
2xChina’s wind energy generation reached52 GW in 2020, double 2019’s levels3
The EU dedicated 25% of its budget to climate change225%
CLIMATE CHANGE & RESOURCE SCARCITY
19
IDRV
iShares Self-Driving EV and Tech ETFExpense ratio: 0.47%
45.0%27.4%
iShares Self-Driving EVand Tech ETF
MSCI ACWI Index
1-year Average Annual Return
Source: BlackRock, Morningstar as of 9/30/21. Total return shown. The S&P 500 Index is included for informational purposes only. There may be material differences between the index that fund seeks to track and the index shown including without limitation index provider, holdings, methodology and performance. 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. Performance data represents past performance and does
not guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For most recent month-end performance see www.iShares.com. For standardized performance, please see the end of the presentation.
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For illustrative purposes only.
Going beneath the hoodBeing unconstrained in geography and sector, helps megatrend ETFs seek to capture the full value chain of an idea
20
For illustrative purposes only.The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable. For top 10 iShares ETF holdings please see the end of this presentation.
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Owning the future
IHAKiShares Cybersecurity and Tech ETF
Technological breakthrough
IDNAiShares Genomics Immunology and Healthcare ETF
Demographics& social change
IFRAiShares U.S. Infrastructure ETF
Rapidurbanization
IDRViShares Self-Driving EV and Tech ETF
Climate change & resource scarcity
INDAiShares MSCI India ETF
Emergingglobal wealth
21
For illustrative purposes only.
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Five Megatrends, nine themes, one tickerXT gives investors multi-sector exposure to innovative technologies across 9 themes
22
Source: BlackRock, Morningstar as of 9/30/21. Total return shown. The MSCI ACWI Index is included for informational purposes only. There may be material differences between the index that fund seeks to track and the index shown including without limitation index provider, holdings, methodology and performance. 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. Performance data represents past performance and does not
guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For most recent month-end performance see www.iShares.com. For standardized performance, please see the end of the presentation.
29.9%
27.4%
iShares ExponentialTechnologies ETF
MSCI ACWI Index
Big Data & Analytics Using AI to interpret data
Nanotechnology Quantum computing
Networks & Computer Systems Digital infrastructure, 5G, cloud
Energy & Environmental SystemsRenewable energy & infrastructure tech
Medicine & Neuroscience Intersection of biology & cutting edge tech
Bioinformatics DNA sequencing, genomics
Financial Services & Innovation Blockchain, digital banking & payments
3D Printing Prosthetics, buildings, machinery parts
Robotics Industrial automation, surgical robots
XT0.47%
1-year Annual Average Return
AUM / Inception: $3.85B/March 19, 2015 No. of Fund Holdings: 195 Weighting Scheme: Equal weighted
iShares Exponential Technologies ETFExpense ratio: 0.47%
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Put your money where your mind is…
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APPENDIX
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Appendix 1Asset Class Reference Index Index Name
Energy DJUSENT Dow Jones US Oil & Gas Total Return IndexHY Credit IBOXHY iBoxx USD Liquid High Yield IndexIG Credit IBOXIG iBoxx USD Liquid Investment Grade Index
U.S. Treasury GA10 ICE BofA Current 10-Year US Treasury IndexSmall- & Mid-Cap RU20INTR Russell 2000 Total Return IndexConsumer Staples MXUS0CS MSCI USA Consumer Staples IndexEmerging Markets MIMUEMRN MSCI EM EMerging Markets IMI USD Net
Developed Markets ex-U.S. M1CXBRU MSCI WORLD ex USA IMI USD NETRValue RU10VATR Russell 1000 Value Index Total Return
Utilities MXUS0UT MSCI USA Utilities IndexHealth Care MXUS0HC MSCI USA Health Care Index
Materials DJUSBMT Dow Jones US Basic Materials Total Return IndexIndustrials DJUSINT Dow Jones US Industrials Total Return Index
Gold IAUNV iShares COMEX Gold Trust Net Asset Value IndexLarge-Cap SPTR S&P 500 Total Return 4 JAN 1988 Index
Information Technology MXUS0IT MSCI USA Information Technology IndexGrowth RU10GRTR Russell 1000 Growth Total Return
Consumer Discretionary MXUS0CD MSCI USA Consumer Discretionary IndexFinancials DJUSFNCT Dow Jones U.S. Financials Capped Index (USD) TR
Communication Services MXUS0TC MSCI USA Communication Services IndexReal Estate FNRETR FTSE Nareit Equity REITs Total Return Index USD
Oil & Gas SPGSCLTR S&P GSCI Crude Oil Total Return CME
25
Source: Bloomberg as of 9/24/2021. Constituents subject to change.
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Appendix 2Asset Class Reference Index Index Name
Banks S5BANKX S&P 500 Banks Industry Group GICS Level 2 IndexDiv. Financials S5DIVF S&P 500 Diversified Financials Industry Group GICS Level 2 Index
Insurance S5INSU S&P 500 Insurance Industry Group GICS Level 2 IndexRetailing S5RETL S&P 500 Retailing Industry Group GICS Level 2 Index
Transportation S5TRAN S&P 500 Transportation Industry Group GICS Level 2 IndexAutos S5AUCO S&P 500 Automobiles & Components Industry Group GICS Level 2 Index
Capital Goods S5CPGS S&P 500 Capital Goods Industry Group GICS Level 2 IndexConsumer Durables S5CODU S&P 500 Consumer Durables & Apparel Industry Group GICS Level 2 Index
Energy S5ENRSX S&P 500 Energy Industry Group GICS Level 2 IndexMaterials S5MATRX S&P 500 Materials Industry Group GICS Level 2 Index
Media S5MEDA S&P 500 Media & Entertainment Industry Group GICS Level 2 IndexSemiconductors S5SSEQX S&P 500 Semiconductors & Semiconductor Equipment Industry Group GICS 2 IndexTech Hardware S5TECH S&P 500 Technology Hardware & Equipment Industry Group GICS Level 2 Index
Communication S5TELSX S&P 500 Telecommunication Services Industry Group GICS Level 2 IndexCommercial Services S5COMS S&P 500 Commercial Professional Services Industry Group GICS Level 2 Index
Food Retail S5FDSR S&P 500 Food & Staples Retailing Industry Group GICS Level 2 IndexHealthcare Equip. S5HCES S&P 500 Health Care Equipment & Services Industry Group GICS Level 2 Index
Real Estate S5REAL S&P 500 Real Estate Industry Group GICS Level 2 IndexUtilities S5UTILX S&P 500 Utilities Industry Group GICS Level 2 Index
Consumer Services S5HOTR S&P 500 Consumer Services Industry Group GICS Level 2 IndexFood Bev. & Tobacco S5FDBT S&P 500 Food Beverage & Tobacco Industry Group GICS Level 2 IndexHousehold Products S5HOUS S&P 500 Household & Personal Products Industry Group GICS Level 2 Index
Pharmaceuticals S5PHRM S&P 500 Pharm. Biotech & Life Sciences Industry Group GICS Level 2 IndexSoftware S5SFTW S&P 500 Software & Services Industry Group GICS Level 2 Index
26
Source: Bloomberg as of 9/24/2021. Constituents subject to change.
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Appendix 3Asset Class Reference Index Index Name
Industrials S5INDU S&P 500 Industrials Sector GICS Level 1 IndexConsumer Discretionary S5COND S&P 500 Consumer Discretionary Sector GICS Level 1 IndexInformation Technology S5INFT S&P 500 Information Technology GICS Level 1 Index
Materials S5MATR S&P 500 Materials Sector GICS Level 1 IndexHealth Care S5HLTH S&P 500 Health Care Sector GICS Level 1 IndexFinancials S5FINL S&P 500 Financials Sector GICS Level 1 Index
Energy S5ENRS S&P 500 Energy Sector GICS Level 1 IndexConsumer Staples S5CONS S&P 500 Consumer Staples Sector GICS Level 1 Index
Utilities S5UTIL S&P 500 Utilities Sector GICS Level 1 IndexTelecommunications S5TELS S&P 500 Communication Services Sector GICS Level 1 Index
Real Estate S5RLST S&P 500 Real Estate Sector GICS Level 1 Index
27
Source: Bloomberg as of 9/24/2021. Constituents subject to change.
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ETFs and traditional mutual funds: know the differences
28
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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Standardized performance
29
Ticker Fund NameFund
Inception Date
Gross Expense
Ratio
30-DaySEC Yield
(With / Without Waiver)
ContractualFee Waiver Expiration
(If Applicable)
1-Year Returns 5-Year Returns 10-Year Returns Since Inception
NAVMkt
PriceNAV
Mkt Price
NAVMkt
PriceNAV
Mkt Price
IHAK iShares Cybersecurity and Tech ETFJune 11,
20190.47% 0.04 -- 32.71% 32.64% -- -- -- -- 27.73% 27.77%
IDNAiShares Genomics Immunology and Healthcare ETF
June 11, 2019
0.47% 0.01 -- 30.57% 30.39% -- -- -- -- 37.82% 37.89%
IFRA iShares U.S. Infrastructure ETF April 3, 2018 0.40% 1.77 -- 42.80% 42.59% -- -- -- -- 11.34% 11.36%
IDRV iShares Self-Driving EV and Tech ETFApril 16,
20190.47% 0.54 -- 44.99% 44.75% -- -- -- -- 31.01% 31.17%
XT iShares Exponential Technologies ETFMarch 19,
20150.47% 0.74 -- 29.94% 30.17% 20.34% 20.31% -- -- 16.20% 16.21%
Fees as of current prospectus. All other data as of 09/30/21.
Source. BlackRock as of 9/30/21. The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.iShares.com or www.blackrock.com. Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Any applicable brokerage commissions will reduce returns. Beginning August 10, 2020, market price returns for BlackRock and iShares ETFs are calculated using the closing price and account for distributions from the fund. Prior to August 10, 2020, market price returns for BlackRock and iShares ETFs were calculated using the midpoint price and accounted for distributions from the fund. The midpoint is the average of the bid/ask prices at 4:00 PM ET (when NAV is normally determined for most ETFs). The returns shown do not represent the returns you would receive if you traded shares at other times. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns.
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Top 10 Constituents
30
Source: BlackRock as of 9/30/2021. Constituents subject to change.
IYR Weight (%) IYF Weight (%) SOXX Weight (%) ITOT Weight (%) VLUE Weight (%) QUAL Weight (%)
AMERICAN TOWER REIT
CORP8.59
BERKSHIRE HATHAWAY INC
CLASS B8.52
INTEL CORPORATION
CORP8.24 APPLE INC 4.96 AT&T INC 7.09
FACEBOOK CLASS A INC
4.74
PROLOGIS REIT INC
6.59JPMORGAN CHASE & CO
8.33 BROADCOM INC 8.15MICROSOFT
CORP4.72
INTEL CORPORATION
CORP6.28
NIKE INC CLASS B
3.67
CROWN CASTLE INTERNATIONAL
REIT CO5.33
BANK OF AMERICA CORP
6.03 NVIDIA CORP 7.73AMAZON COM
INC3.19
CISCO SYSTEMS INC
3.09MICROSOFT
CORP3.66
EQUINIX REIT INC
4.33 WELLS FARGO 4.38TEXAS
INSTRUMENT INC
6FACEBOOK
CLASS A INC1.81
GENERAL MOTORS
3.06 APPLE INC 3.57
PUBLIC STORAGE REIT
3.25 CITIGROUP INC 3.34 QUALCOMM INC 5.24ALPHABET INC
CLASS A1.79
MICRON TECHNOLOGY
INC2.97 NVIDIA CORP 3
SIMON PROPERTY
GROUP REIT INC3.07
MORGAN STANLEY
3.11ANALOG
DEVICES INC4.29
ALPHABET INC CLASS C
1.68INTERNATIONAL
BUSINESS MACHINES CO
2.81JOHNSON &
JOHNSON2.93
DIGITAL REALTY TRUST REIT INC
2.93GOLDMAN
SACHS GROUP INC
2.93MARVELL
TECHNOLOGY INC
4.12 TESLA INC 1.4 CITIGROUP INC 2.48 BLACKROCK INC 2.9
SBA COMMUNICATIONS REIT CORP
CLASS
2.6 BLACKROCK INC 2.82 KLA CORP 4.11 NVIDIA CORP 1.15FORD MOTOR
CO2.34
ALPHABET INC CLASS A
2.58
WELLTOWER INC
2.5CHARLES
SCHWAB CORP2.57
MICRON TECHNOLOGY
INC4.02
BERKSHIRE HATHAWAY INC
CLASS B1.12 PFIZER INC 2.25 TARGET CORP 2.57
COSTAR GROUP INC
2.44S&P GLOBAL
INC2.4
MICROCHIP TECHNOLOGY
INC4
JPMORGAN CHASE & CO
1.1 TARGET CORP 2.15MASTERCARD INC CLASS A
2.56
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Top 10 Constituents
31
Source: BlackRock as of 9/30/2021. Constituents subject to change.
IHAK Weight (%) IDNA Weight (%) IFRA Weight (%) IDRV Weight (%) INDA Weight (%) XT Weight (%)
ZSCALER INC 5.63 MODERNA INC 6.9
ENLINK MIDSTREAM
COMMON UNITS
0.94 TESLA INC 5.28RELIANCE
INDUSTRIES LTD
10.03GENSCRIPT
BIOTECH CORP1.13
PALO ALTO NETWORKS INC
5.32INTELLIA
THERAPEUTICS INC
5.38BLK CSH FND TREASURY SL
AGENCY0.89
ADVANCED MICRO DEVICES
INC5.13 INFOSYS LTD 7.97
ASM INTERNATIONAL
NV0.89
FORTINET INC 5.25SAREPTA
THERAPEUTICS INC
4.69 ONEOK INC 0.87 NVIDIA CORP 4.8
HOUSING DEVELOPMENT
FINANCE CORPOR
6.59 WIPRO LTD 0.8
CROWDSTRIKE HOLDINGS INC
CLASS A4.92 MERCK 4.52
EQUITRANS MIDSTREAM
CORP0.87
ALPHABET INC CLASS A
4.55 ICICI BANK LTD 5.01CAPITAL ONE
FINANCIAL CORP
0.78
DOCUSIGN INC 4.56REGENERON
PHARMACEUTICALS INC
4.35 PG&E CORP 0.83 APPLE INC 4.54TATA
CONSULTANCY SERVICES LTD
4.87 DEXCOM INC 0.75
OKTA INC CLASS A
4.47BIONTECH SE
ADR4.33 WILLIAMS INC 0.83
TOYOTA MOTOR CORP
4.04BLK CSH FND TREASURY SL
AGENCY3.31 NVIDIA CORP 0.74
JUNIPER NETWORKS INC
3.95 SEAGEN INC 4.22ANTERO
MIDSTREAM CORP
0.82 QUALCOMM INC 3.89HINDUSTAN
UNILEVER LTD3.1
PALO ALTO NETWORKS INC
0.73
TREND MICRO INC
3.87 EVOTEC 4.03KINDER
MORGAN INC0.81
INTEL CORPORATION
CORP3.78
BAJAJ FINANCE LTD
2.91ASML HOLDING
NV0.72
CHECK POINT SOFTWARE
TECHNOLOGIES3.78 GENMAB 3.99
OTTER TAIL CORP
0.81SAMSUNG
ELECTRONICS LTD
3.47 AXIS BANK LTD 2.43WUXI
BIOLOGICS CAYMAN INC
0.72
CACI INTERNATIONAL
INC CLASS A3.57
BLUEPRINT MEDICINES
CORP3.94
DT MIDSTREAM INC
0.8 DAIMLER AG 3.43BHARTI AIRTEL
LTD2.37
MONOLITHIC POWER
SYSTEMS INC0.71
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Important information
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Important information
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