How will the U.S. election shape markets?

This section includes investor type descriptions for professional clients and market counterparties.

Professional client

A Professional Client is either: (i) a ‘deemed’ professional client; (ii) serviced-based professional client; or (iii) an assessed professional Client

(i) Deemed Professional Client

A person is a “deemed” professional client if the person is:

• a supranational organisation whose members are either countries, central banks or national monetary authorities
• a government, government agency, central bank or other national monetary authority of any country or jurisdiction
• a public authority or state investment body
• an Authorised Market Institution, Regulated Exchange or regulated clearing house
• a Regulated Financial Institution or the management company of a regulated pension fund;
• a Collective Investment Fund or a regulated pension fund;
• a corporate body whose shares are listed or admitted to trading on any exchange of an IOCSO member country
• trustee of a trust which has, or had during the previous 12 months, assets of at least $10 million;
• a Single Family Office licensed under the Single Family Office Regulations
• a person classified as a ‘large undertaking’ who meets two of the following criteria (i) a balance sheet total of at least $20 million; (ii) a net annual turnover of at least $40 million or (iii) own funds or called up capital of at least $2 million

(ii) Service-based Professional Clients

A person is a ‘serviced-based’ professional client if

• the services provided to the client is in relation to the provision of credit including arranging and/or advising on credit
• the services provided to the client relates to corporate structuring and financing such as advice relating to an acquisition, disposal, structuring, restructuring, financing or refinancing of a corporation or other legal entity i.e. takeovers, mergers and capital raising

(iii) Assessed-based Professional Clients

Assessed-based professional clients can be either (i) individuals; or (ii) undertakings

Individuals

An individual (and associated joint account holders) would be classified as an ‘assessed-based professional client’ if:

• the individual (and primary account holder, if relevant) has net assets of at least $1 million; and
• the individual is, or has been, an employee of an authorised firm or a regulated financial institution in the past two years; or
• the individual can provide evidence which demonstrates that they have sufficient knowledge and experience of relevant markets, products and associated risks

Where there is a joint account in place, the secondary account holder must obtain confirmation in writing that investment decisions relating to the joint account are made for or on behalf of the secondary account holder

Undertakings

Undertakings, which are generally not individuals, would be classified as ‘assessed-based’ professional clients if it:

• has own funds or called up capital of at least $1 million; and
• can evidence that they have sufficient knowledge and experience of relevant markets, products and associated risks

Market counterparties

A Market Counterparty is any person who is either:

• authorised firm;
• regulated financial institution; or
• professional client

A Market Counterparty is any person who is either:

• authorised firm;
• regulated financial institution; or
• professional client

Please read this page before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which our funds are authorised for sale. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.

Once you have confirmed that you agree to the legal information in this document, we will place a cookie on your computer to recognise you and prevent this page reappearing should you access this website, or other BlackRock websites, on future occasions. The cookie will expire after six months, or sooner should there be a material change to this important information.

By confirming that you have read this important information, you also:

(i) Agree that such information will apply to any subsequent access to the ‘Professional Client’ section of this website by you, and that all such subsequent access will be subject to the disclaimers, risk warnings and other information set out herein;
(ii) Confirm and represent that you are a ‘Professional Client’ and that you are not a ‘Retail Client’, as defined within the Conduct of Business Module (COB) of the Dubai Financial Services Authority’s Rulebook; and
(iii) Warrant that no other person will access this section of this website from the same computer and logon as you are currently using.

Information for users in the Dubai International Financial Centre

This website refers to, and may contain information relating to, Funds which are not subject to any form of regulation or approval by the Dubai Financial Services Authority (‘DFSA’) – the independent financial regulator for the DIFC. The Fact Sheets and Key Investor Information Documents are intended for distribution to persons who meet the regulatory criteria to be classified as a ‘Professional Client’ as specified in the Conduct of Business Module (COB) of the Dubai Financial Services Authority’s Rulebook and must not, therefore, be delivered to, or relied on by, any other type of person. The DFSA has no responsibility for reviewing or verifying any Prospectus or other documents in connection with the Funds. Accordingly, the DFSA has not approved any such Prospectus or any other associated documents nor taken any steps to verify information set out in any such Prospectus, and has no responsibility for them. The Units which this website or any document on it are related to may be illiquid and/or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on the Units. If you do not understand the contents of this section you should consult an appropriately licensed authorized financial adviser.

This website and any documents hosted on it are provided by BlackRock Advisors UK Limited – Dubai Branch to ‘Professional Clients’ as defined by the DFSA. Blackrock Advisors UK Limited – Dubai Branch is regulated by the DFSA and is a branch of BlackRock Investment Management (UK) Limited which is authorised and regulated by the UK Financial Conduct Authority (‘FCA’). Any opinions, projections, forecasts or estimates on this website or any document featured on it are those of the author only, who has acted with a high degree of expertise. They reflect only current views of the author and are subject to change without notice. BlackRock Advisors UK Limited – Dubai Branch has not been a party to or had any material input towards the documents featured on this website. Blackrock Advisors UK Limited – Dubai Branch has no obligation to notify a reader or recipient of information, including documentation, contained on this website in the event that any matter, opinion, projection, forecast or estimate contained herein, changes or subsequently becomes inaccurate, or if research on a subject matter is withdrawn. The investments referred to on this website, including within documentation featured on it, do not take into account the recipient’s suitability requirements or investment risk appetite. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing. Any loss or other consequence arising from the use of the material and/or information contained on this website shall be the sole and exclusive responsibility of the investor, and Blackrock Advisors UK Limited – Dubai Branch accepts no liability for any such loss or consequence. Please note past performance is not necessarily a reliable guide to future performance of an investment. Blackrock Advisors UK Limited – Dubai Branch aims to be transparent, fair in business dealings and adhere to DFSA conflicts of interest requirements. For further information please contact the BlackRock Advisors UK Limited – Dubai Branch principal place of business: Office 106-107, Level 1, Al Fattan - Currency House - Tower 1, PO Box 506661, Dubai, United Arab Emirates. Tel: +971 (0) 4 450 07 00 (DFSA Reference Number F000738).

Information about Luxembourg-domiciled funds

BlackRock Global Funds (BGF) BlackRock Strategic Funds (BSF) and BlackRock Global Index Funds (BGIF) are open-ended investment companies established in Luxembourg, which are available for sale in certain jurisdictions only. BGF, BSF and BGIF have each been authorised by the Commission de Surveillance du Secteur Financier (the ‘CSSF’) as an undertaking for collective investments in transferable securities pursuant to the provisions of Part I of the law of 17 December 2010, as amended from time to time and are regulated pursuant to such law. BGF, BSF and BGIF are not available for sale in the U.S. or to U.S. persons. Product information concerning BGF, BSF, BGIF should not be published in the U.S. Subscriptions in BGF, BSF and BGIF are valid only if made on the basis of the current Prospectus, the most recent financial reports and the Key Investor Information Document, which are available on our website. Prospectuses, Key Investor Information Documents and application forms may not be available to investors in certain jurisdictions where the Fund in question has not been authorised.

Information about Irish-domiciled Exchange Traded Funds

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.

Information about German-domiciled Exchange Traded Funds

The German domiciled funds are "undertakings for collective investment in transferable securities" in conformity with the directives within the meaning of the German Law on the investments. These funds are managed by BlackRock Asset Management Deutschland AG which is authorised and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (‘BaFin’).

Information about Swiss-domiciled Exchange Traded Funds

iShares ETF (CH) and iShares ETF II (CH) are umbrella funds established under the Swiss Collective Investment Schemes Act (CISA) of June 23, 2006, as amended, and are divided into sub-funds. The funds are regulated by the Swiss Financial Market Supervisory Authority (‘FINMA’).

The funds described in the following pages of this website are administered and managed by companies within the BlackRock Group and can be marketed in certain jurisdictions only. It is your responsibility to be aware of the applicable laws and regulations of your country of residence. Further information is available in the Prospectus or other constitutional document for each fund. The Shares in these Funds may not have been filed with, or approved or disapproved by, any regulatory authority of any other country or jurisdiction. No sale of Shares will be made in any jurisdiction in which the offer, solicitation, or sale is not authorised or to any person to whom it is unlawful to make the offer, solicitation or sale. It is your responsibility to be aware of the applicable laws and regulations of your country of residence. If any such offer of Shares is made, it will be made pursuant to the current relevant Prospectus that contains material information not contained herein and to which prospective investors will be referred. Any decision to invest in Shares should be made solely on reliance upon the Prospectus or such agreement. Applications to invest in any fund referred to on this website, must only be made on the basis of the offer document relating to the specific investment (e.g. prospectus, simplified prospectus, key investor information document or other applicable terms and conditions).

This website and the information contained on it do not constitute an offer or solicitation to sell units in any of the funds referred to on this website, by anyone in any jurisdiction in which such offer, solicitation or distribution would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.

Specifically, the funds described are not available for distribution to or investment by U.S. investors. The units will not be registered under the U.S. Securities Act of 1933, as amended (the ‘Securities Act’) and, except in a transaction which does not violate the Securities Act or any other applicable U.S. securities laws (including without limitation any applicable law of any of the States of the USA) may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a U.S. Person.

The funds described have not been, nor will they be, qualified for distribution to the public in Canada as no prospectus for these funds has been filed with any securities commission or regulatory authority in Canada or any province or territory thereof. This website 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 Canada. No person resident in Canada for the purposes of the Income Tax Act (Canada) may purchase or accept a transfer of shares in the funds described unless he or she is eligible to do so under applicable Canadian or provincial laws.

As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant Prospectus or other constitutional document.

The information contained on this website is subject to copyright with all rights reserved. It must not be reproduced, copied or redistributed in whole or in part.

The information contained on this website is published in good faith but no representation or warranty, express or implied, is made by BlackRock Investment Management (UK) Limited or by any person as to its accuracy or completeness and it should not be relied on as such. BlackRock Investment Management (UK) Limited shall have no liability, save for any liability that BlackRock Investment Management (UK) Limited may have under the UK Financial Services and Markets Act 2000 (or the name of any replacement legislation if the legislation permits such a statement to be made), for any loss or damage arising out of the use or reliance on the information provided including without limitation, any loss of profit or any other damage, direct or consequential. No information on this website constitutes investment, tax, legal or any other advice.

Where a claim is brought against BlackRock by a third party in relation to your use of this website, you hereby agree to fully reimburse BlackRock for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by BlackRock as a consequence of improper use of this website, including any materials contained on it. Neither party should be liable to the other for any loss or damage which may be suffered by the other party due to any cause beyond the first party's reasonable control including without limitation any power failure.

You acknowledge and agree that it is your responsibility to keep secure and confidential any passwords that we issue to you and your authorised employees and not to let such password(s) become public knowledge. If any password(s) become known by someone other than you and your authorised employees, you must change those particular password(s) immediately using the function available for this purpose on the Website.

You may leave the BlackRock Investment Management (UK) Limited website when you access certain links on this website. In so doing, you may be proceeding to the website of an organisation that is not regulated under the UK Financial Services and Markets Act 2000 (as amended) or the DIFC Regulatory Law 2004 (as amended). BlackRock Investment Management (UK) Limited and/or BlackRock Investment Management (UK) Limited - DIFC Branch has not examined any of these websites and does not assume any responsibility for the contents of such websites nor the services, products or items offered through such websites.

BlackRock Investment Management (UK) Limited and BlackRock Investment Management (UK) Limited – DIFC Branch shall have no liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to, any direct, indirect or consequential damage, arising out of the use of the services provided herein.

• Past performance is no guarantee of future performance.
• The value of investments and the income from them may go down as well as up and are not guaranteed.
• You may not get back the amount you invested.
• Any favourable tax treatment of a product (including but not limited to ISAs) is subject to government legislation and as such may not be maintained.
• The levels and bases of, and reliefs from, taxation changed in the last Budget and may change in the future.
• Rates of exchange may cause the value of investments to go up or down.
• Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially.
• For your protection, telephone calls are usually recorded.

Please note that while some of the BlackRock funds are "ring-fenced", others form part of a single company and are not. For BlackRock funds that do not have segregated liability status, in the event of a single BlackRock fund being unable to meet liabilities attributable to that BlackRock fund out of the assets attributable to it, the excess may be met out of the assets attributable to the other BlackRock funds within the same company. We refer you to the prospectus or other relevant terms and conditions of each BlackRock fund for further information in this regard.

The views expressed herein do not necessarily reflect the views of BlackRock as a whole or any part thereof, nor do they constitute investment or any other advice.

This website is operated and issued by BlackRock Investment Management (UK) Limited which is authorised and regulated by the Financial Conduct Authority (Register number 119293). You can gain access to the FCA's rules and guidance notes from the following link: http://www.fca.org.uk. BlackRock Investment Management (UK) Limited is a company registered in England, No. 2020394. Registered Office: 12 Throgmorton Avenue, London EC2N 2DL. BlackRock is a trading name of BlackRock Investment Management (UK) Limited. VAT No GB 888 4204 87. General enquiries about this website should be sent to EMEAwebmaster@blackrock.com. This email address should not be used for any enquiries relating to investments.

Important information

An S&P Capital IQ fund grading represents an opinion only and should not be relied on when making an investment decision. Past performance is not indicative of future results. Currency exchange rates may affect the value of investments. Copyright © 2014 by McGraw-Hill international (UK) Limited (S&P), a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved.

© 2014 Morningstar. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete, or accurate. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Morningstar Analyst Rating™ is subjective in nature and reflects Morningstar’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, Morningstar does not guarantee that a fund will perform in line with its Morningstar Analyst Rating. Likewise, the Morningstar Analyst Rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision.