A medida que las turbulencias empujaron a los mercados hacia territorio bajista, los inversores recurrieron a los ETFs para asignar capital, ajustar posiciones y gestionar riesgos. Los ETFs continúan brindando a los inversores liquidez y un acceso eficiente al mercado cuando más lo necesitan. Los ETFs están hechos para estos tiempos, explican desde iShares (BlackRock).
La gestora destaca dos cosas que los inversores deben saber sobre los ETFs que cotizan en mercados europeos en un momento turbulento.
1. El récord alcanzado en términos de volumen intercambiado evidencia la liquidez de los ETFs incluso cuando hay volatilidad
La crisis y la volatilidad del mercado han llevado los volúmenes de ETFs y a la liquidez en Europa a un nuevo nivel. Durante tres semanas, que comenzaron el 24 de febrero y finalizaron el 13 de abril, los volúmenes de negociación de los ETFs europeos aumentaron sus volúmenes normales en más del doble: desde un promedio semanal de 44.000 millones de dólares en 2019, hasta un volumen con un rango de 110.000 y 120.000 millones de dólares durante estas tres semanas.
En los días con mayor volumen dentro de este periodo de alta volatilidad, los ETFs europeos han representado alrededor del 30% de todas las operaciones realizadas con renta variable, en comparación a aproximadamente un 20% de los días con mayor volumen de 2019. En varias ocasiones, el ETF iShares S&P 500 UCITS (CSPX) demostró ser el instrumento más líquido para replicar el índice S&P 500, negociando más de 500 millones en un día y proporcionando un descubrimiento de precios cuando el mercado de renta variable estadounidense permanecía cerrado y se paró la cotización de los futuros.
Como en otros anteriores episodios de estrés en los mercados, los inversores recurrieron a los ETFs de renta fija para descubrir precios y para intercambiar riesgo mientras que el mercado de bonos subyacente se mostraba deteriorado. Desde que la volatilidad del mercado comenzó, los ETFs UCITS de renta fija de iShares han visto el doble del volumen promedio cotizado en 2019, llegando a alcanzar los 21.000 millones de dólares durante la semana del 9 de marzo. Los mayores días de cotización vieron como la rotación del ETF iShares EUR Investment Grade Corp UCITS (IEAC) se disparaba, con volúmenes que alcanzaron los 1.200 millones de dólares el 6 de marzo (6,6 veces el volumen promedio diario, o ADV, registrado en los últimos 12 meses). La facturación en el ETF iShares EUR High Yield UCITS (IHYG) alcanzó los 590 millones de dólares el 13 de marzo (unas 5 veces su ADV promedio). Además, los reembolsos han supuesto por lo general una fracción del volumen de negociación de secundario dentro de los ETFs de renta fija de iShares. (Fuente de todos los datos: BlackRock a 16 de marzo de 2020).
2. Los ETFs de renta fija reflejan los precios en tiempo real
La transparencia de la cotización de los ETFs en los mercados bursátiles se ha mostrado una vez más muy valiosa para los inversores de activos y otros participantes del mercado en estos episodios de estrés en el mercado. Proporcionando una ventana en el mercado de bonos, los ETFs ayudan a proporcionar precios de cotización en tiempo real cuando el mercado subyacente de bonos se encuentra deteriorado. Esto fue lo que sucedió, en especial en la semana del 9 de marzo, conforme los bonos se enfrentaron a un deterioro sin precedentes de liquidez y calidad de mercado a nivel global.
Durante este periodo volátil, las interrupciones en el mercado de bonos han llevado a que, ocasionalmente, se dieran diferencias entre los precios de los ETFs de deuda y los precios de sus bonos constituyentes. Los llamados “descuentos” en el valor neto liquidativo de los activos (NAV), puede ocurrir porque los ETF de bonos tienden a negociarse con más frecuencia que las emisiones individuales de los bonos, especialmente en tiempos de estrés en el mercado. El 12 de marzo, por ejemplo, el iShares USD Corp Bond UCITS (LQDE) fue intercambiado más de 1.000 veces en los mercados, mientras que sus cinco principales posiciones solo lo hicieron 37 veces.
Es importante tener en cuenta que estos descuentos en los ETFs de renta fija no reflejan un problema con la estructura del ETF en sí mismo. Por el contrario, los inversores deberían percibir los ETFs como un indicador adelantado de los precios del mercado mediante el cual, los ETFs de renta fija transmiten información en tiempo real sobre en que punto están cotizando los bonos. (Fuente de todos los datos: BlackRock a 16 de marzo de 2020).
IMPORTANT INFORMATION:
Risk Warnings Investment in the products mentioned in this document may not be suitable for all investors. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. You may not get back the amount originally invested. The value of investments involving exposure to foreign currencies can be affected by exchange rate movements. We remind you that the levels and bases of, and reliefs from, taxation can change. BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. The data displayed provides summary information.
Investment should be made on the basis of the relevant Prospectus which is available from the manager. In respect of the products mentioned this document is intended for information purposes only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy the securities described within. This document may not be distributed without authorisation from BlackRock.
Product Risks
iShares $ Corp Bond UCITS ETF EUR Hedged (Dist)
Counterparty Risk, Liquidity Risk, Credit Bail in Risk
iShares € High Yield Corp Bond UCITS ETF
Counterparty Risk, Liquidity Risk, Non-Investment Grade Risk, Credit Bail in Risk
iShares Core € Corp Bond UCITS ETF EUR (Dist)
Counterparty Risk, Liquidity Risk, Credit Bail in Risk
iShares Core S&P 500 UCITS ETF USD (Acc)
Counterparty Risk, Equity Risk
Description of Product Risks
Counterparty Risk The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Share Class to financial loss. Liquidity Risk Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. MKTGH0320E-1126412-2/7
Credit Bail in Risk The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due.If a financial institution is unable to meet its financial obligations, its financial assets may be subject to a write down in value or converted (i.e. “bail-in”) by relevant authorities to rescue the institution.
Non-Investment Grade Risk Non-investment grade fixed income securities are more sensitive to changes in interest rates and present greater ‘Credit Risk’ than higher rated fixed income securities. Equity Risk The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events.
Regulatory Information
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iShares plc, iShares II plc, iShares III plc, iShares IV plc, iShares V plc, iShares VI plc and iShares VII plc (together ‘the Companies’) are open-ended investment companies with variable capital having segregated liability between their funds organised under the laws of Ireland and authorised by the Central Bank of Ireland.
Further information about the Fund and the Share Class, such as details of the key underlying investments of the Share Class and share prices, is available on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser. The indicative intra-day net asset value of the Share Class is available at http://deutscheboerse.com and/or http://www.reuters.com. A UCITS ETF’s units / shares that have been acquired on the secondary market cannot usually be sold directly back to the UCITS ETF itself. Investors who are not Authorised Participants must buy and sell shares on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees and additional taxes in doing so. In addition, as the market price at which the Shares are traded on the secondary market may differ from the Net Asset Value per Share, investors may pay more than the then current Net Asset Value per Share when buying shares and may receive less than the current Net Asset Value per Share when selling them.
For investors in Austria
The funds mentioned in this document are registered for public offer in Austria. The Sales Prospectuses for the Companies, Key Investor Information Document and other documents as well as the annual and semi-annual reports have been published in Austria and are available free of charge from UniCredit Bank AG Vienna Branch, Julius Tandler Platz 3, 1090 Vienna, Austria, the Austrian paying and information agent and are also available on the website www. ishares.at. Any decision to invest must be based solely on the information contained in the Company’s Prospectus, Key Investor Information Document and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts. Investors should read the fund specific risks in the Key Investor Information Document and the Company’s Prospectus. The Companies intend to fulfil the requirements for treatment of all of their sub-funds as reporting funds. Therefore the Companies have an Austrian tax representative who calculates the Austrian Deemed Distributed Income figures once a year and files an electronic tax return with the Austrian Control Bank. However, it cannot be guaranteed that the requirements will be met in the future. The Companies reserve the right to give up the reporting fund status and to not undertake such tax filings. MKTGH0320E-1126412-3/7
For investors in Belgium
Some of the funds mentioned in this document are not registered for public distribution in Belgium. Unless indicated otherwise, any decision to invest must be based solely on the information contained in the Company’s Prospectus, Key Investor Information Document and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts copies of which can be obtained free of charge from www.ishares.com. Investors should read the fund specific risks in the Key Investor Information Document and the Company’s Prospectus. Summary of Belgian tax information for private investors: the tax on stock exchange transactions (TSET) is due on every sale and purchase on the secondary market, concluded or executed in Belgium: 0.12% (max. 1.300 EUR per transaction) for distributing shares and 1,32%(max. 4.000 EUR per transaction) for accumulating shares. Dividends received from distributing iShares ETF are subject to the Belgian withholding tax of 30%. For iShares ETFs investing directly or indirectly more than 25 % in interest-bearing assets (no taxation should occur for funds investing less than 25% directly or indirectly in interest-bearing assets for holdings bought prior to 1 January 2018 and sold after this date,). For new holdings bought from 1 January 2018 investing directly or indirectly the rate is now more than 10% in interest-bearing assets. A 30 % tax applies (again, via a withholding or assessment notice) on the part of the amount corresponding to the socalled ‘interest component’ received (i.e. all the income deriving directly or indirectly, in the form of interest, capital gains or losses, from the return on assets invested in the debts), to the extent that this interest component relates to the period during which the beneficiary has held the shares.
For investors in Denmark
This document is directed at Professional Investors in Denmark only and the Funds are authorised by Finanstilsynet, the Danish Financial Supervisory Authority. Any decision to invest must be based solely on the information contained in the Company’s Prospectus, Key Investor Information Document and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts and the Danish country supplements. Investors should read the fund specific risks in the Key Investor Information Document and the Company’s Prospectus. Copies of all documentation can be obtained free of charge from offices of the paying agent at BlackRock (Netherlands) BV, Copenhagen Branch, Harbour House, Sundkrogsgade 21, 2100 København Ø, Denmark. This document is strictly confidential and may not be distributed without authorisation from BlackRock.
For investors in Finland
The funds mentioned are registered for public distribution in Finland and are authorised by the Finanssivalvonta (Fiva), the Financial Supervisory Authority (FIN-FSA), in Finland. Any decision to invest must be based solely on the information contained in the Company’s Prospectus, Key Investor Information Document and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts. Investors should read the fund specific risks in the Key Investor Information Document and the Company’s Prospectus. This document is strictly confidential and may not be distributed without authorisation from BlackRock.
For investors in France
Any subscription for shares in a sub-fund of one of the companies will be carried out according to the conditions specified in the full Prospectus, Key Investor Information Document, the French Addendum and in the Supplements of Companies as the case may be. These documents can be obtained by contacting the paying agent of the Company: BNP Paribas Securities Services, 3 rue d’Antin, 75002 Paris, tel: 00 33 1 42 98 10 00 or by visiting the French part of the site www.iShares.eu. The companies are undertakings for collective investment in transferable securities (UCITS) governed by foreign laws and approved by the Financial Regulator in the home state as a UCITS complying with European regulations. The European Directive 2009/65/EC of July 13, 2009 on UCITS, as amended, establishes common rules in order to allow the cross-border marketing of UCITS which comply with it. This common foundation did not prohibit different methods of implementation. This is why a European UCITS may be marketed in France even though the activity of such scheme would not respect rules identical to those which govern the approval of this type of product in France. This sub fund has been authorized for marketing in France by the Autorité des Marchés Financiers. Please note that the distribution of shares of some sub funds of funds is not allowed in France. This document does not constitute an offer or a solicitation in relation to the shares of the funds.
For investors in Germany
The Sales Prospectus and Key Investor Information Document, as well as the annual and semi-annual reports are available free of charge from Commerzbank Kaiserplatz, 60311 Frankfurt am Main, Germany. The Companies intend to fulfil the prerequisites for treatment of their sub-funds as so-called “transparent funds” pursuant to §§ 2 and 4 of the German Investment Tax Act (Investmentsteuergesetz – InvStG). However, it cannot be guaranteed that the requirements will be met. The Companies reserve the right to give up the “transparent status” and to not undertake the necessary publications. Any decision to invest must be based solely on the information contained in the Company’s Prospectus, Key Investor Information Document and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts. Investors should read the fund specific risks in the Key Investor Information Document and the Company’s Prospectus. Please note that important information about iShares VII funds is available in the current prospectus and other documents that can be obtained free of charge from the paying agent, Deutsche Bank AG Taunusanlage 12, 60325 Frankfurt am Main, Federal Republic of Germany. MKTGH0320E-1126412-4/7
For investors in Israel
BlackRock Investment Management (UK) Limited is not licensed under Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”). No action has been taken or will be taken in Israel that would permit a public offering or distribution of the products mentioned in this document to the public in Israel. The products mentioned in this document have not been approved by the Israel Securities Authority. In addition, the products mentioned in this document are not regulated under the provisions of Israel’s Joint Investment Trusts Law, 5754-1994 (the “Joint Investment Trusts Law”). This document has not been approved by the Israel Securities Authority and will only be distributed to Israeli residents in a manner that will not constitute “an offer to the public” under sections 15 and 15a of the Israel Securities Law, 5728-1968 (the “Securities Law”) or section 25 of the Joint Investment Trusts Law, as applicable. This document and the products mentioned herein are being offered to those categories of investors listed in the First Addendum (the “Addendum”) to the Securities Law, (“Institutional Investors”); in all cases under circumstances that will fall within the private placement or other exemptions of the Joint Investment Trusts Law, the Securities Law and any applicable guidelines, pronouncements or rulings issued from time to time by the Israel Securities Authority. This document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. Nothing in this document should be considered investment advice or investment marketing as defined in the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995. This document does not constitute an offer to sell or solicitation of an offer to buy any securities, nor does it constitute an offer to sell to or solicitation of an offer to buy from any person or persons in any state or other jurisdiction in which such offer or solicitation would be unlawful, or in which the person making such offer or solicitation is not qualified to do so, or to a person or persons to whom it is unlawful to make such offer or solicitation.
For investors in Italy
Any application for shares in the funds is on the terms of the Prospectus for the Companies. The Shares of certain subfunds in the Companies have been admitted to listing in Italy and are currently listed on the Mercato Telematico Fondi of Borsa Italiana S.p.A. The list of the sub-funds listed in Italy, the Prospectus, of the Companies, the Documento di quotazione of the iShares funds, the latest annual and semi annual report of the Companies are published (i) on the Companies’ internet website at the address www.iShares.com (ii) on Borsa Italiana S.p.A’s website at the address www. borsaitalia.it. These documents are available for the public in Italian version with certification that such documents are a faithful translation of the original documents. Investors are entitled to receive free of charge, even at home, a copy of the above documents, upon written request forwarded to the Companies. For comprehensive information on the expenses charged to a fund and fees applicable to investors, see the Documento di quotazione and the Prospectus. Any decision to invest must be based solely on the information contained in the Company’s Prospectus, Key Investor Information Document and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts. Investors should read the fund specific risks in the Key Investor Information Document and the Company’s Prospectus. Further information about the Fund and the Share Class, such as details of the key underlying investments of the Share Class and share prices, is available on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser. The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com. Investors who are not Authorised Participants must buy and sell shares on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees and additional taxes in doing so. In addition, as the market price at which the Shares are traded on the secondary market may differ from the Net Asset Value per Share, investors may pay more than the then current Net Asset Value per Share when buying shares and may receive less than the current Net Asset Value per Share when selling them.
For investors in Luxembourg
The Companies have been notified to the Commission de Surveillance du Secteur Financier in Luxembourg in order to market their shares for sale to the public in Luxembourg and the Companies are notified Undertaking in Collective Investment for Transferable Securities (UCITS). The Companies have not been listed on the Luxembourg Stock Exchange, investors should contact their broker for further information. Investment is subject to the Prospectus, Key Investor Information Document and all documents (the main/umbrella Prospectus, the Supplement[s], the latest and any previous annual and semi-annual reports of the Companies and the Memorandum and Articles of Association of the Companies) will be available in the Luxembourg, free of charge, from the offices of the Local Agent, BNP Paribas Securities Services, Luxembourg Branch 33, rue de Gasperich Howald – Hesperange L-2085 Luxembourg or by visiting the website on www.iShares.com. Investors should read the fund specific risks in the Key Investor Information Document and the Company’s Prospectus.
For investors in Norway
The funds mentioned are registered for public distribution in Norway and are authorised by Kredittilsynet, the Financial Supervisory Authority of Norway. Any application for shares in the funds is on the terms of the Prospectus, Key Investor Information Document for the Companies. Any decision to invest must be based solely on the information contained in the Company’s Prospectus, Key Investor Information Document and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts. Investors should read the fund specific risks in the Key Investor Information Document and the Company’s Prospectus. This document is strictly confidential and may not be distributed without authorisation from BlackRock. MKTGH0320E-1126412-5/7
For investors in Portugal
The commercialization of the groups of funds (“agrupamentos de fundos”) iShares PLC, iShares II PLC, iShares III PLC, iShares V PLC, iShares VI PLC and iShares VII PLC in Portugal has been duly authorized by the Portuguese Securities Commission (“Comissão do Mercado de Valores Mobiliários” or the “CMVM”), as published in the Monthly Bulletin of CMVM no 243, of July 2013. Investments on these groups of funds and correspondent sub-funds shall be based on their respective prospectuses, Key Investor Information Documents (KIID), and on the latest half-yearly report and unaudited accounts and/or annual report and audited accounts, and other mandatory informative documents. These documents can be obtained, free of charge, at the registered office of the Company’s [representative] BEST – Banco Electrónico de Serviço Total, S.A., with registered office in Praça Marquês de Pombal, 3 – 3rd floor, 1250-161 Lisbon and on the website iShares.com. It is especially recommended to read the specific warnings and risk factors of the KIID and Funds’ Prospectus.
For investors in Spain
The funds mentioned are registered for public distribution in Spain.The sales Prospectus has been registered with the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores (‘CNMV’)). The funds which are registered in the official registry of the Spanish Securities and Exchange Commission (CNMV) are iShares plc (registration number 801), iShares II plc (registration number 802) and iShares III plc (registration number 806), iShares IV plc (registration number 1402), iShares V plc (registration number 977), iShares VI plc (registration number 1091), iShares VII plc (registration number 886) and iShares (Lux) (registration number 905). The official registry, CNMV, must always be checked to see which sub funds of the funds mentioned are registered for public distribution in Spain. Any decision to invest must be based solely on the information contained in the Company’s Prospectus, Key Investor Information Document and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts, copies of which can be obtained free of charge at www.iShares.es. Investors should read the fund specific risks in the Key Investor Information Document and the Company’s Prospectus. This document contains products or services of BlackRock, Inc. (or affiliates thereof) that might be offered directly or indirectly within the Andorran jurisdiction, and it should not be regarded as solicitation of business in any jurisdiction including the Principality of Andorra.
For investors in Sweden
The Funds mentioned herein are registered for public distribution in Sweden and are authorised by Finansinspektionen, the Swedish Financial Supervisory Authority. Any application for shares in the funds is on the terms of the Prospectus, Key Investor Information Document, for the Companies. Important information relating to the Companies is contained in the relevant Prospectus, Key Investor Information Document and other documents, copies of which can be obtained free of charge from offices of the paying agent BlackRock (Netherlands) BV, Stockholm Filial Norrlandsgatan 16, 1 floor, SE-111 43 Stockholm, Sweden. Any decision to invest must be based solely on the information contained in the Company’s Prospectus, Key Investor Information Document and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts. Investors should read the fund specific risks in the Key Investor Information Document and the Company’s Prospectus.
For investors in Switzerland
This document is marketing material. This document shall be exclusively made available to, and directed at, qualified investors as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended. The iShares ETFs are domiciled in Ireland, Switzerland and/or Germany. BlackRock Asset Management Schweiz AG, Bahnhofstrasse 39, CH-8001 Zurich, is the Swiss Representative and State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH-8002 Zürich, the Swiss Paying Agent for the foreign iShares ETFs registered in Switzerland. The Prospectus, the Prospectus with integrated fund contract, the Key Investor Information Document, the general and particular conditions, the Articles of Incorporation, the latest and any previous annual and semi-annual reports of the iShares ETFs domiciled or registered in Switzerland are available free of charge from BlackRock Asset Management Schweiz AG. Investors should read the fund specific risks in the Key Investor Information Document and the Prospectus.
For investors in the Netherlands
The Companies have been notified to the Authority Financial Markets in line with the registration process set out in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht; “FMSA”), regulations enacted pursuant thereto and the supervision thereunder of the Authority Financial Markets. Copies of all documents (the main/umbrella Prospectus, Key Investor Information Document, the Supplement[s], the latest and any previous annual and semiannual reports of the Companies and the Memorandum and Articles of Association of the Companies) will be available in the Netherlands, free of charge, from the offices of the representative in the Netherlands, BlackRock (Netherlands) BV, Rembrandt Toren, 17th floor, Amstelplein 1, 1096 HA Amsterdam, Netherlands or by calling the Dutch representative’s information request line on 0800 0233 466 and the iShares website www.ishares.nl. Any decision to invest should be based on the information contained in the Prospectus and the key investor Information Document and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts. Investors should read the fund specific risks in the Key Investor Information Document and the Company’s Prospectus. The risk indicator shown on this document refers to the relevant share class of the Fund. Higher or lower risk may apply to the other share classes of the Fund. MKTGH0320E-1126412-6/7
For investors in the UK
Any decision to invest must be based solely on the information contained in the Company’s Prospectus, Key Investor Information Document and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts. Investors should read the fund specific risks in the Key Investor Information Document and the Company’s Prospectus.
Restricted Investors
This document is not, and under no circumstances is to be construed as an advertisement or any other step in furtherance of a public offering of shares in the United States or Canada. This document is not aimed at persons who are resident in the United States, Canada or any province or territory thereof, where the companies/securities are not authorised 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.
Index Disclaimers
Bloomberg® is a trademark and service mark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays are affiliated with BlackRock Fund Advisors or its affiliates, and neither Bloomberg nor Barclays approves, endorses, reviews, or recommends the iShares ETFs. Neither Bloomberg nor Barclays guarantees the timeliness, accurateness, or completeness of any data or information relating to ‘Bloomberg Barclays Euro Aggregate Corporate Bond Index’. Neither Bloomberg nor Barclays shall be liable in any way to the BlackRock Fund Advisors or its affiliates, investors in the iShares ETFs or to other third parties in respect of the use or accuracy of the ‘Bloomberg Barclays Euro Aggregate Corporate Bond Index’ or any data included therein.
The iBoxx US Dollar Liquid Investment Grade Index and Markit iBoxx EUR Liquid High Yield (3% Capped) Index referenced herein are the property of Markit Indices Limited and is used under license. The iShares ETFs are not sponsored, endorsed, or promoted by Markit Indices Limited.
The Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”) and has been licensed for use by BlackRock. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by BlackRock. The iShares ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
© 2020 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK and SO WHAT DO I DO WITH MY MONEY are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. 332753-EN-MAR20-EMEA
Por Funds Society, Madrid
