Larry Fink's Annual Letter to CEOs

In his annual letter on corporate governance and long-termism, Larry Fink explores the inextricable link between profit and purpose.

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Individual Investor Qualified investors and qualified clients

An individual investor, also known as a retail client, is a client organisation or individual who cannot be deemed both a Qualified Investor and a Qualified Client, pursuant to the requirements of the Israeli Securities Law 1968 (the ‘Securities Law’) and the Law for the Regulation of Advice, Investment Marketing and Investment Portfolio Management 1995 (the ‘Advice Law’), respectively. A Qualified Investor is defined under the Securities Law as:

1. A fund for joint investments in trust (i.e., mutual fund) as defined in the Joint Investment Trust Law, 1994, or a management company of such a fund;

2. A provident fund or a management company (of such funds) thereof, both as defined in the Regulation of Financial Services (Provident Funds) Law, 2005;

3. An insurer defined in the Regulation of Financial Services (Provident Funds) Law, 1981 ;

4. A Banking Corporation or Auxiliary Corporation , as such terms are defined in the Banking (Licencing) Law 1981, other than a joint services company, acting for their own account or for the account of clients that are investors of the type listed in Section 15A(b) of the Securities Law;

5. A licensed portfolio manager under the Advice Law, acting on its own account or for the account of clients that are investors of the type listed in Section 15A(b) of the Securities Law;

6. An investment advisor or provider of investment marketing services under the Advice Law, acting for its own account;

7. A member of the Tel Aviv Stock Exchange, acting on its own account or for the account of clients that are investors of the type listed in Section 15A(b) of the Securities Law;

8. An underwriter fulfilling the conditions of Section 56(c) of the Securities Law;

9. A venture capital fund (defined as an entity primarily involved in investments in entities which are engaged, at the time of investment,: (a) in research and development or production of new technological products or processes, and (b) where the risk of investment is typically above-average risk for such investment);

10. An entity wholly owned by persons Exempt Investors (as defined in the Securities Law).

11. An entity, other than an entity formed for the purpose of purchasing securities in a specific offering, in which the shareholders equity is in excess of NIS 50 million.

12. An individual regarding whom one of the following conditions are met:

(i) The total value of cash, deposits, financial assets and securities – as defined in section 52 of the Securities Law – owned by the individual exceeds NIS8,095,444;

(ii) The individual has income during each of the last two years exceeds NIS1,214,317, or the income of the family unit of which the individual is a member exceeds NIS1,812,475; or

(iii) The total value of the liquid assets owned by the individual exceeds NIS5,059,652 and income during each of the last two years exceeds NIS607,158 or the income of the family unit of which the individual is a member exceeds 910,737.

 

A Qualified Client is defined under in the Advice Law as:

1. A joint investment trust fund or a fund manager.

2. A management company or provident fund (as defined in the Supervision of Financial Services (Provident Funds) Law, 1995.

3. An insurance company.

4. A banking corporation or an auxiliary corporation as defined in the Banking Law, other than a joint services company.

5. A person holding a license under the Advice Law.

6. A stock exchange member.

7. An underwriter meeting the qualification conditions under section 56(c) of the Securities Law.

8. A corporation, other than a corporation which was incorporated for the purpose of receiving services, with equity exceeding NIS50 million.

9. An individual regarding whom two of the following conditions are met and who has given his consent in advance to being considered a Qualified Client for the purpose of Advice law: 

(i) The total value of cash, deposits, financial assets and securities – as defined in section 52 of the Securities Law – owned by the individual exceeds NIS12 million;

(ii) The individual has expertise and skills in capital markets or has been employed for at least one year in a professional capacity which requires capital markets expertise;

(iii) The individual has executed at least 30 transactions, on average, in each of the four quarters preceding to his consent; or

10. A corporation which is wholly owned by investors who are Qualified Clients; and

A corporation incorporated outside of Israel, whose activity characteristics are similar to those of a corporation listed in this Exhibit.

Please note that the above summary is provided for information purposes only. If you are uncertain as to whether you can both be classified as a Qualified Investor and Qualified Client, then you should seek independent advice.

Legal information

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.

None of the material within this website is intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or financial product or to adopt any investment strategy. Any opinions expressed may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. Any investments named within this material may not necessarily be held in any accounts managed by BlackRock. Reliance upon information in this material is at the sole discretion of the reader. Past performance is no guarantee of future.

For Investors in Israel

BlackRock Investment Management (UK) Limited (“BIMUK”) and BlackRock Asset Management Ireland Limited (“BAMIL”) and nor the funds managed by them are not subject to the laws and supervision applicable to mutual funds in Israel. BIMUK and BAMIL are neither licensed under Israel's Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”), nor are they insured pursuant to this law. BAMIL and BIMUK have discernible nexus to financial assets that are either established, launched, managed or advised by BAMIL, BIMUK and/or any of its affiliates, which also includes the products available on this webpage, such as BGF Global Allocation Fund and the iShares $ TIPS UCITS ETF. Consequently, BAMIL and BIMUK have a personal interest in selling such financial assets. The content of this website is for information purposes only and is not an investment recommendation. Accordingly, it does not constitute Investment Advice or Investment Marketing (as such terms are defined in the Investment Advice Law). In addition, the information provided in this website is not a substitution for Investment Advice that takes into account the specific needs and characteristics of the client. Please contact BlackRock for further details of its financial assets.

BGF Global Allocation Fund

Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. You may not get back the amount originally invested. 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.

BlackRock Global Funds (BGF) is an open-ended investment company established and domiciled in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. BlackRock Investment Management (UK) Limited is the Principal Distributor of BGF. Subscriptions in BGF 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. 

BGF Global Allocation Fund – specific risks:     

  • Exchange rate risk: The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment.
  • Smaller company investments: The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares.

BGF World Technology Fund

Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. You may not get back the amount originally invested. 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.

BlackRock Global Funds (BGF) is an open-ended investment company established and domiciled in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. BlackRock Investment Management (UK) Limited is the Principal Distributor of BGF. Subscriptions in BGF 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.

BGF World Technology Fund – specific risks 

  • Exchange rate risk: Exchange rate risk: The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment.
  • Sector Specific: The fund invests in a limited number of market sectors. Compared to investments which spread investment risk through investing in a variety of sectors, share price movements may have a greater effect on the overall value of this fund.

BGF Asian Dragon Fund

Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. You may not get back the amount originally invested. 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.

BlackRock Global Funds (BGF) is an open-ended investment company established and domiciled in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. BlackRock Investment Management (UK) Limited is the Principal Distributor of BGF. Subscriptions in BGF 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.

BGF Asian Dragon Fund – specific risks

  • Exchange rate risk: The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment.
  •  Smaller company investments: The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares.
  • Emerging market risk: Emerging market investments are usually associated with higher investment risk than developed market investments. Therefore, the value of these investments may be unpredictable and subject to greater variation.

BGF Euro-Markets Fund

Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. You may not get back the amount originally invested. 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.

BlackRock Global Funds (BGF) is an open-ended investment company established and domiciled in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. BlackRock Investment Management (UK) Limited is the Principal Distributor of BGF. Subscriptions in BGF 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.

BGF Euro-Markets Fund – specific risks

  • Exchange rate risk: The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment.

BGF Fixed Income Global Opportunities Fund

Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. You may not get back the amount originally invested. 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.

BlackRock Global Funds (BGF) is an open-ended investment company established and domiciled in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. BlackRock Investment Management (UK) Limited is the Principal Distributor of BGF. Subscriptions in BGF 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.

BGF Fixed Income Global Opportunities Fund – specific risks

  • Exchange rate risk: The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment.
  • High yield bonds: The Fund invests in high yielding bonds. Companies which issue higher yield bonds typically have an increased risk of defaulting on repayments. In the event of default, the value of your investment may reduce. Economic conditions and interest rate levels may also impact significantly the values of high yield bonds.
  • Credit risk: A main risk related to fixed income investing is credit risk. Credit risk refers to the possibility that the issuer of the bond will not be able to repay the principal and make interest payments. Fixed income securities issued by governments can be affected by the perceived stability of the country concerned and proposed or actual credit rating downgrades. The Fund invests in fixed interest securities issued by companies. There is a risk of default where the issuing company may not pay income or repay capital to the Fund when due.
  • Interest rate risk: The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held.
  • Structured credit products: The fund(s) may invest in structured credit products such as asset backed securities (‘ABS’) which pool together mortgages and other debts into single or multiple series credit products which are then passed on to investors, normally in return for interest payments based on the cash flows from the underlying assets. The stability of returns from ABS are dependent on changes in economic conditions, interest rates (albeit given the floating rate nature of the asset this risk is limited when compared to corporate bonds) and repayments of the underlying loans because of changes in economic conditions or the circumstances of the holder of the loan.

 

iShares Regulatory Information

Regulatory Information

BlackRock Advisors (UK) Limited, which is authorised and regulated by the Financial Conduct Authority ('FCA'), having its registered office at 12 Throgmorton Avenue, London, EC2N 2DL, England, Tel +44 (0)20 7743 3000. For your protection, calls are usually recorded. BlackRock is a trading name of BlackRock Advisors (UK) Limited.

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://deutsche-boerse.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.

iShares Fund Risks

iShares $ Corp Bond UCITS ETF USD (Acc)

Counterparty Risk, Credit Risk, Liquidity Risk

iShares $ Floating Rate Bond UCITS ETF USD (Acc)

Concentration Risk, Counterparty Risk, Credit Risk, Liquidity Risk

iShares $ High Yield Corp Bond UCITS ETF USD (Acc)

Counterparty Risk, Credit Risk, Liquidity Risk

iShares $ Short Duration Corp Bond UCITS ETF USD (Acc)

Counterparty Risk, Credit Risk, Liquidity Risk

iShares $ TIPS UCITS ETF

Concentration Risk, Counterparty Risk, Liquidity Risk

iShares $ Treasury Bond 1-3yr UCITS ETF USD (Acc)

Concentration Risk, Counterparty Risk, Credit Risk, Liquidity Risk

iShares $ Treasury Bond 3-7yr UCITS ETF

Concentration Risk, Counterparty Risk, Credit Risk, Liquidity Risk

iShares $ Treasury Bond 7-10yr UCITS ETF USD (Acc)

Concentration Risk, Counterparty Risk, Credit Risk, Liquidity Risk

iShares Digitalisation UCITS ETF

Concentration Risk, Counterparty Risk, Derivatives Risk, Emerging Markets Risk, Equity Risk, Investment in Technology Securities Risk, Liquidity Risk, Non-Investment Grade Risk, Smaller Companies Risk

iShares Healthcare Innovation UCITS ETF

Concentration Risk, Counterparty Risk, Derivatives Risk, Emerging Markets Risk, Equity Risk, Liquidity Risk, Smaller Companies Risk

iShares J.P. Morgan $ EM Corp Bond UCITS ETF

Counterparty Risk, Credit Risk, Emerging Markets Risk, Liquidity Risk

iShares MSCI ACWI UCITS ETF

Counterparty Risk, Currency Risk, Derivatives Risk, Emerging Markets Risk, Equity Risk, Liquidity Risk

iShares MSCI China UCITS ETF USD (Acc)

Concentration Risk, Counterparty Risk, Currency Risk, Emerging Markets Risk, Equity Risk, iShares MSCI China A UCITS ETF - Quota Limit, iShares MSCI China A UCITS ETF - Tax, Liquidity Risk

iShares NASDAQ-100® UCITS ETF

Concentration Risk, Counterparty Risk, Equity Risk

iShares S&P 500 Consumer Discretionary Sector UCITS ETF

Concentration Risk, Counterparty Risk, Equity Risk

iShares S&P 500 Health Care Sector UCITS ETF

Concentration Risk, Counterparty Risk, Equity Risk

iShares Automation & Robotics UCITS ETF

Concentration Risk, Counterparty Risk, Derivatives Risk, Emerging Markets Risk, Equity Risk, Investment in Technology Securities Risk, Liquidity Risk, Non-Investment Grade Risk, Smaller Companies Risk

iShares Core Global Aggregate Bond UCITS ETF USD Hedged (Acc)

Counterparty Risk, Credit Risk, Currency Risk, Emerging Markets Risk, Liquidity Risk

iShares Core MSCI EM IMI UCITS ETF

Counterparty Risk, Credit Risk, Currency Risk, Derivatives Risk, Emerging Markets Risk, Equity Risk, Liquidity Risk

iShares Core S&P 500 UCITS ETF

Counterparty Risk, Equity Risk

iShares S&P 500 Financials Sector UCITS ETF

Concentration Risk, Counterparty Risk, Equity Risk

iShares S&P 500 Information Technology Sector UCITS ETF

Concentration Risk, Counterparty Risk, Equity Risk, Investment in Technology Securities Risk

iShares Core MSCI Europe UCITS ETF

Counterparty Risk, Equity Risk, Concentration Risk

 

Description of Fund 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.

Credit 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.

Liquidity Risk

Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily.

Concentration Risk

Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events.

Derivatives Risk

Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

Emerging Markets Risk

Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets and failed/delayed delivery of securities or payments to the Fund.

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.

Investment in Technology Securities Risk

Investments in the technology securities are subject to absence or loss of intellectual property protections, rapid changes in technology, government regulation and competition.

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.

Smaller Companies Risk

Shares in smaller companies typically trade in less volume and experience greater price variations than larger companies.

Currency Risk

The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.

iShares MSCI China A UCITS ETF - Quota Limit

Should demand for the Fund exceed the quota granted to the investment manager for investment in onshore Chinese securities, the investment manager may be unable to obtain additional quota. This may result in subscriptions being suspended and the Shares of the Fund trading at a significant premium or discount to Net Asset Value on any stock exchange on which they are admitted to trading.

iShares MSCI China A UCITS ETF - Tax

The PRC/Ireland tax treaty provides for exemption from Chinese capital gains tax on sales of the Fund’s investment in China A Shares. Although the Fund is expected to be exempt, there is a risk that the PRC tax authorities could consider the Fund not to be eligible for the PRC/Ireland tax treaty and seek to collect such tax on a retrospective basis, which would affect the value of the investment.

 

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 US Floating Rate Note < 5 Years Index' and 'Bloomberg Barclays US Government Inflation-Linked 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 US Floating Rate Note < 5 Years Index' and 'Bloomberg Barclays US Government Inflation-Linked Bond Index' or any data included therein.

The Markit iBoxx USD Liquid Investment Grade Index, Markit iBoxx USD Liquid High Yield Capped Index and Markit iBoxx USD Liquid Investment Grade 0-5 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 ICE Index mentioned in this document is a service mark of Interactive Data Pricing and Reference Data, LLC or its affiliates (“Interactive Data”) and has been licensed for use by BlackRock, Inc. in connection with the fund. Neither BlackRock, Inc. nor the fund is sponsored, endorsed, sold or promoted by Interactive Data. Interactive Data makes no representations or warranties regarding BlackRock, Inc. or the fund or the ability of the fund to track the applicable Index. INTERACTIVE DATA MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE ICE INDEX OR ANY DATA INCLUDED THEREIN. IN NO EVENT SHALL INTERACTIVE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

"J.P. Morgan" and "J.P. Morgan EMBISM Global Core Index" are trademarks of JPMorgan Chase & Co. licensed for use for certain purposes by BlackRock Institutional Trust Company, N.A. ("BTC"). iShares® is a registered trademark of BTC.J.P. Morgan is the Index Provider for the Underlying Index. J.P. Morgan is not affiliated with the Fund, BFA, State Street, the Distributor or any of their respective affiliates.

J.P. Morgan provides financial, economic and investment information to the financial community. J.P. Morgan calculates and maintains the J.P. Morgan EMBISM Global Core Index, J.P. Morgan Emerging Markets Bond Index Plus, J.P. Morgan Emerging Markets Bond Index Global and Emerging Markets Bond Index Global Diversified. Security additions and deletions into the emerging markets bond indexes do not in any way reflect an opinion in the investment merits of the security.

iShares funds are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or any index on which such funds are based. The Prospectus contains a more detailed description of the limited relationship that MSCI has with BlackRock and any related funds.

Nasdaq®, NASDAQ 100 Index is a registered trademark of the NASDAQ, Inc. (referred to below as “corporation” jointly with its affiliates) and is licensed for use by BlackRock Asset Management Ireland Limited. The corporation bears no liability for the legality or suitability of the product. The product is not issued, subscribed, sold or promoted by the corporation. The corporation makes no warranties and bears no liability with respect to the product.

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 ETFs are 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.

iSTOXX® FactSet Digitalisation Index and iSTOXX® FactSet Breakthrough Healthcare Index are the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland (“STOXX”), Deutsche Börse Group or their licensors, which is used under license. The iShares ETFs are neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the relevant index or its data.

Conflicts of Interest

1. Introduction

It is a fundamental requirement for good business practice, and to help mitigate the risk of legal liability, that all potential conflicts of interest are either avoided or, where they cannot be avoided, properly managed. In addition, BlackRock’s regulators globally, also require that we identify, avoid and manage the risk that such conflicts damage clients’ interests.

BlackRock has implemented a Global Conflicts of Interest Policy designed to ensure the appropriate management of the risks of detriment to clients’ interests from conflicts of interest.

1. Scope 2.1. BlackRock vs. Client

Conflicts between BlackRock’s interests and those of its Clients

There is a risk that BlackRock could place its own interests ahead of its clients’. For instance, by making discretionary investments into funds where BlackRock is the Investment Manager and thus receiving additional fees

Conflicts between interests of BlackRock staff and those of its Clients

There is a risk that situations may arise where BlackRock’s staff act in their own interest rather than a client’s interest. For example, as a result of staff remuneration schemes or where staff have a personal relationship, outside business activity, or a relationship with a current or prospective issuer.

Relationships between BlackRock and its Subsidiaries

There is a risk that BlackRock acts in the interest of another BlackRock business to the disadvantage of a client. For instance, by entering into arrangements on behalf of a client with a such associated company on terms other than arm’s length.

2.2. Client vs. Client

The Policy applies to all BlackRock and covers all conflicts or potential conflicts that could damage a client’s interests. Conflicts are to be categorised as follows and we have provided a non-exhaustive list of examples by way of illustration:

Conflicts between BlackRock’s interests and those of its Clients

There is a risk that BlackRock could place its own interests ahead of its clients’. For instance, by making discretionary investments into funds where BlackRock is the Investment Manager and thus receiving additional fees

Conflicts between interests of BlackRock staff and those of its Clients

There is a risk that situations may arise where BlackRock’s staff act in their own interest rather than a client’s interest. For example, as a result of staff remuneration schemes or where staff have a personal relationship, outside business activity, or a relationship with a current or prospective issuer.

Relationships between BlackRock and its Subsidiaries

There is a risk that BlackRock acts in the interest of another BlackRock business to the disadvantage of a client. For instance, by entering into arrangements on behalf of a client with a such associated company on terms other than arm’s length.

Conflicts between the interests of two or more BlackRock Clients

Since BlackRock services multiple client accounts, there is a risk that the interests of one client may conflict with those of another. In such scenarios, which cannot be avoided, BlackRock must determine a course of action which is fair. For example, when BlackRock is faced with allocating available shares in a high-demand investment opportunity.

1. Policy

3.1. Identification & Management of Conflicts

BlackRock employees are responsible for the identification and management of conflicts and as such will:

  • Take all reasonable steps to identify conflicts of interest, real or perceived that arise or may arise, including those that arise as a result of the structure and activities of other parts of the BlackRock Group;
  • Maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interests from giving rise to a risk of damage to the interests of clients;
  • Help to establish, maintain and regularly update a conflicts of interest register. In addition, this record will be reviewed periodically and when there are significant changes to the nature of services and activities undertaken, the structure of the business and new product launches; and
  • Make disclosure of the nature of a conflict to a client before undertaking business for the client in cases where the measures to manage conflicts are not considered sufficient to ensure, with reasonable confidence, that risks of damage to the interests of a client will be prevented. This disclosure will be made in a durable medium and in sufficient detail to enable the client to make an informed decision about the relevant service or product.

For a conflict to exist there must be a possible disadvantage or loss to a client.

3.2. Effective Arrangements

BlackRock’s organisational and administrative arrangements to manage conflicts are to be designed such that, when undertaking activities that involve a conflict of interest, relevant persons carry out those activities at an appropriate level of independence. Controls should include, as a minimum, one or more of the following:

  • Effective procedures to prevent or control the exchange of information where such exchange may harm the interests of one or more clients for example, the use of an information barrier;
  • Separate supervision of relevant persons whose principal functions involve activities that might give rise to a conflict of interest;
  • The removal of any direct link between the remuneration of different groups of relevant persons where there is an underlying conflict between the activities of those groups;
  • Measures to prevent or limit any person from exercising inappropriate influence over relevant persons;
  • Segregation of duties to prevent relevant persons being involved simultaneously or sequentially in separate services or activities where such involvement could impair the management of conflicts of interest;
  • Involvement of senior management and the utilisation of reporting and management information as
  • appropriate; and
  • Appropriate policies for example, Aggregation and Fair Allocation Policies, new product approval procedures, Code of Ethics policies (including Personal Account dealing rules)

3.3. Escalation of Conflicts to Management

Where new conflicts are identified they are to be reported to the Legal and Compliance Department and relevant Supervisor. Conflicts are to be avoided and, if not, appropriate action taken to prevent the risk of detriment to clients’ interests. Conflict scenarios are escalated to the Executive Conflicts Management Committee and the relevant BlackRock Boards. The key steps taken to manage the conflict are to be recorded in the conflicts of interest register.

3.4. Disclosure of Conflicts to Clients

Where new conflicts are identified they are to be reported to the Legal and Compliance Department and relevant Supervisor. Conflicts are to be avoided and, if not, appropriate action taken to prevent the risk of detriment to clients’ interests. Conflict scenarios are escalated to the Executive Conflicts Management Committee and the relevant BlackRock Boards. The key steps taken to manage the conflict are to be recorded in the conflicts of interest register.

Where the risk of detriment to clients’ interests may not, within reasonable confidence, be prevented, the conflict scenario is disclosed to clients prior to proceeding with the proposed arrangement, and as may be required by local regulatory requirements.

3.5. Record Keeping

The Policy and a record of the kinds of services and activities undertaken which might give rise to a conflict of interest are to be retained for at least five years, and in line with the Global Records Management Policy. 

3.6. Delegation

The Policy and a record of the kinds of services and activities undertaken which might give rise to a conflict of interest are to be retained for at least five years, and in line with the Global Records Management Policy.

For Alternative Investment Fund Managers Directive (“AIFMD”) purposes, BlackRock may delegate portfolio management and/or risk management functions to other entities whose interests might conflict with its interests or those of the investors of the relevant Alternative Investment Fund (“AIF”), provided that each such entity has functionally and hierarchically separated the performance of its portfolio management or risk management tasks from its other potentially conflicting tasks and that the potential conflicts of interest are properly identified, managed, monitored and disclosed to the investors in the AIF.

Please note that you are required to read and accept the terms of our Privacy Policy before you are able to access our websites.

Once you have confirmed that you agree to the legal information in this website, and the Privacy Policy – by indicating your consent above – we will place a cookie on your computer to recognise you and prevent this page reappearing should you access this site, or other BlackRock sites, 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 Individual investors (or Institutions / Intermediaries) 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; and

(ii) Warrant that no other person will access the Individual investors section of this website from the same computer and logon as you are currently using.

The BlackRock authorised unit trusts are funds authorised under the UK Financial Services and Markets Act 2000 and are generally available for investment by the public in the UK.

The offshore funds described in the following pages 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. Please note that only some of the offshore funds seek distributor status in the UK.

This does not constitute an offer or solicitation to sell shares in any of the funds referred to on this site, 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 US investors. The units/shares will not be registered under the US 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 US 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 US Person.

Applications to invest in any fund referred to on this site, 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).

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.

If you are unsure about the meaning of any information provided please consult your financial or other professional adviser.

The information contained on this site 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 site 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 site 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. 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 site of an organisation that is not regulated under the UK Financial Services and Markets Act 2000. BlackRock Investment Management (UK) Limited 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 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 not a reliable indicator of future results. 

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 is subject to government legislation and as such may not be maintained.

The levels and bases of, and reliefs from, taxation 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 BlackRock unit trusts are managed by BlackRock Fund Managers Limited (authorised and regulated by the Financial Conduct Authority and a member of the Investment Management Association) which is the unit trust management affiliate of BlackRock Investment Management (UK) Limited.

Companies within the BlackRock Group which do not carry out investment business in the UK are not subject to the provisions of the UK Financial Services and Markets Act 2000. Accordingly, investors entering into investment agreements with such companies will not have the protection afforded by that Act or the rules and regulations made under it, including the UK's Financial Services Compensation Scheme.

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.

Any research found on these pages has been procured and may have been acted on by BlackRock for its own purposes.

This site is operated and issued by BlackRock Investment Management (UK) Limited which is authorised and regulated by the Financial Conduct Authority (Register number 119186). You can gain access to the FCA's rules and guidance notes from the following link: https://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. 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 © 2018 by McGraw-Hill international (UK) Limited (S&P), a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved.

S&P

Legacy rating

New rating

AAA

Platinum

AA

Gold

A

Silver

TR

Bronze

 

Morningstar/OBSR

Legacy rating

New rating

AAA/Elite

Gold

AA/Superior

Silver

A/Standard

Bronze

Where Morningstar performance data is used (OBSR for the UK region):

© 2018 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.

BlackRock recognizes the importance of protecting your personal and financial information when you visit our websites (each a “Website” and together “Websites”). This Policy is designed to help you understand the information collection practices on all Websites owned or operated by or on behalf of companies within the BlackRock group of companies, including (but not limited to) blackrock.com and ishares.com, together with their local variations (for example, blackrock.co.uk).

 

We are committed to:

(a)   protecting the personal information you provide to us;

(b)   telling you how we use the information we gather about you; and

(c)   ensuring that you know why we intend to disclose your personal information.

 

Changes to this Privacy Policy

This Privacy Policy is dated 24 May 2012.  BlackRock reserves the right to amend this Privacy Policy at any time without notice, by updating this posting, in which case the date of the Policy will be revised.  However, you will be asked to provide your consent to updated versions of this Policy in the event of a material change to the information contained within it.  In addition, you will be asked to reaffirm your consent to this Policy on a six monthly basis.  The current version of this Policy can be accessed from the link on www.blackrock.com homepage, or at the bottom of our other website pages.

 

Information Collection and Use

Personally Identifiable Information:

The personally identifiable information you submit to our Websites is used to service your account, to improve our services to you and/or to provide you with information on BlackRock products and services. The types of personal information that may be collected at our Websites include: name, address, email address and telephone number. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy.

Additionally, if the Website is a password protected site, then (a) once you submit your password and enter, the Website will recognize who you are and will collect all information that you submit, including all electronic instructions (including all transaction information), and (b) any information collected about you from the Website may be associated with other identifying information that we have about you.

Aggregate Information:

We generally record certain usage information, such as the number and frequency of visitors to our Websites. This information may include the websites that you access immediately before and after your visit to our Websites, the Internet browser you are using and your IP address. If we use such data at all it will be on an aggregate basis, and we will not disclose to third parties any information that could be used to identify you personally.

Service Providers

We may use internal service providers to operate our Websites and employ other persons to perform work on our behalf, such as sending postal mail and e-mail. These persons may have access to the personally identifiable information you submit through the Websites, but only for the purpose of performing their duties. These personnel may not use your personally identifiable information for any other purpose.

Compliance with Laws

We do not automatically collect personally identifiable information from visitors to our Websites, except to the extent we are required to do so pursuant to some statute or regulation applicable to us. We will not provide any personally identifiable information to any other persons, except if we are required to make disclosures by any law, any government or private parties in connection with a lawsuit, subpoena, investigation or similar proceeding.

E-mail and Marketing

BlackRock does not sell its customers' e-mail addresses, nor will we provide your personal information to third parties for their marketing purposes. BlackRock will not send you e-mail messages without first receiving your permission, unless it relates to servicing your account or unless you have consented to receiving electronic delivery of fund documents as part of our E-Delivery service. It is our policy to include instructions for unsubscribing from these permission-based programs. We recommend that you do not send us any individual personal information via non secure methods of correspondence, including via public electronic communication channels, such as Internet e-mail, which are generally not secure.

Business Transfers

If the business, stock or assets of BlackRock are acquired or merged with another business entity, we will share all or some of your information with this entity to continue to provide our service to you. You will receive notice of such an event and the new entity will inform you of any changes to the practices in this Privacy Policy. If the new entity wishes to make additional use of your information, you may decline such use at such time.

Disclosure to Third Parties

The personal information you provide to us will only be disclosed to third parties if we have your permission, or as set out in this Privacy Policy. We may disclose details about the general use of our Websites to third parties – for example, to demonstrate patterns of use to advertisers and other business partners. Information we pass on for this purpose will not include any personal information by which you may be identified. We endeavour to prevent unauthorised disclosures of your personal information by third parties but we are not responsible for any unauthorised disclosures or other breaches of security or for the actions of others if the information was passed to them with your authority or with the authority of anyone other than us or our group companies.

 

Cookies

The information on cookies contained in this section is provided in accordance with European Union legislation introduced in May 2011.

What are cookies?

Cookies are small text files that are stored in your computer’s memory and hard drive when you visit certain web pages. They are used to enable websites to function or to provide information to the owners of a website.

Why do we use cookies?

Cookies help us to provide customised services and information. We use cookies on all our Websites to tell us, in general terms, how and when pages in our Websites are visited, what our users’ technology preferences are – such as what type of video player they use – and whether our Websites are functioning properly.

If you are using one of our password-protected sites, then the website may use cookies or other technology to help us authenticate you, store and recognise your configuration and user attributes, facilitate your navigation of the website and customise its content so that the information made available is likely to be of more interest to you.

In broad terms, we use cookies on our Websites for the following purposes:

 Analytical purposes: Analytical cookies allow us to recognise, measure and track visitors to our Websites. This helps us to improve and develop the way our Websites work, for example, by determining whether site visitors can find information easily, or by identifying the aspects of websites that are of the most interest to them.

 Usage preferences: Some of the cookies on our Websites are activated when visitors to our sites make a choice about their usage of the site. Our Websites then ‘remember’ the settings preferences of the user concerned. This allows us to tailor aspects of our sites to the individual user.

 Terms and conditions: We use cookies on our Websites to record when a site visitor has seen a policy, such as this one, or provided consent, such as consent to the terms and conditions on our Websites. This helps to improve the user’s experience of the site – for example, it avoids a user from repeatedly being asked to consent to the same terms.

 Session management: The software that runs our websites uses cookies for technical purposes needed by the internal workings of our servers. For instance, we use cookies to distribute requests among multiple servers, authenticate users and determine what features of the site they can access, verify the origin of requests, keep track of information about a user’s session and determine which options or pages to display in order for the site to function.

 Functional purposes: Functional purpose cookies store information that is needed by our applications to process and operate. For example, where transactions or requests within an application involve multiple workflow stages, cookies are used to store the information from each stage temporarily, in order to facilitate completion of the overall transaction or request.

 

Your cookie preferences

To make full use of BlackRock’s Websites, your computer or mobile device will need to accept cookies, as our sites will not function properly without them. In addition, cookies are required in order to provide you with personalised features on our Websites.

Local Flash Storage

On certain of our Websites, we include content designed for display using Adobe Flash Player, such as animations, videos and tools. Local flash storage (often referred to as “Flash cookies”) can be used to help improve your experience as a user. Flash storage is retained on your device in much the same way as standard cookies, but is managed directly by your Flash software.

If you wish to disable or delete information stored locally in Flash, please see the documentation for your Flash software, located at www.adobe.com. Please note that, if you disable Flash cookies, some site functionality may not work.

Third party cookies

When you visit our Websites, you may receive cookies that are set by third parties. These may include cookies set by Google, Unica, Forsee, Wall Street on Demand, Morningstar, Media Mind and/or Flurry. These cookies are used for the purposes described in the “Why Do We Use Cookies?” section of this policy. We do not control the setting of these third party cookies, so we suggest you might wish to check the third party websites for more information about their use of cookies and how to manage them.

Amending cookie preferences

If you wish to remove cookies set by our Websites from your browser in the future, you may delete them. The instructions for removing cookies from your computer or mobile device depend on the operating system and web browser you use. Please note, however, that withdrawing your agreement to the use of cookies on our sites will impair the functionality of the sites.

 

The site www.allaboutcookies.org includes instructions for managing cookies on many commonly used browses, or you may consult the vendor documentation for your specific software.

Further information about cookies

If you would like to find out more about cookies in general and how to manage them, please visit www.allaboutcookies.org.

 

Third Party Websites

BlackRock disclaims responsibility for the privacy policies and customer information practices of third party internet websites hyperlinked from our Website or this Privacy Policy.

Security

BlackRock protects your personal information when you transact business on our Website by requiring the use of a browser software program that supports industry standard SSL encryption with 128-bit key lengths. The "128-bit" designation refers to the length of the key used to encrypt the data being transmitted, with a longer key representing a higher level of security.

Privacy Preferences:

This Site may contain information, including P3P privacy policies ("Privacy Preference Information"), intended to work with your selected privacy preferences. While we have tried to make such Privacy Preference Information included within this Site conform to this full-text Online Privacy Statement, this Online Privacy Statement is the definitive statement of privacy policies and practices for this Site.

 

Contact Us

If you have any questions about this Privacy Policy, or our privacy related practices, please contact us by email at investor.services@blackrock.com or by phone at +44 (0) 800 445 522. You can also contact us by mail at:

BlackRock, Attention: Investor Services

12 Throgmorton Avenue

London

EC2N 2DL

 

If you have are an iShares investor, please contact us by email at feedback@iShares.com or by phone at +44 (0) 20 7668 8007. You can also contact us by mail at:

iShares Business Development

12 Throgmorton Avenue

London

EC2N 2DL

BlackRock is a trademark of BlackRock, Inc. and the BlackRock logo is a service mark of The PNC Financial Services Group, Inc.

By clicking your investor type you agree to the Definitions, Terms and Conditions & Privacy Policy shown above. Please note that the Privacy Policy includes important information on the use of cookies on our websites, to which you agree by clicking above. If you are unsure as to the terminology of investor types please read the 'Detailed explanation of Professional investors' shown above.