Skip to content
Welcome to the BlackRock site for advisors
Before you proceed, please take a moment to review and accept the following Terms and Conditions:
A Qualified Client is defined under in the Advice Law as:
- A joint investment trust fund or a fund manager.
- A management company or provident fund (as defined in the Supervision of Financial Services (Provident Funds) Law, 1995.
- An insurance company.
- A banking corporation or an auxiliary corporation as defined in the Banking Law, other than a joint services company.
- A person holding a license under the Advice Law.
- A stock exchange member.
- An underwriter meeting the qualification conditions under section 56(c) of the Securities Law.
- A corporation, other than a corporation which was incorporated for the purpose of receiving services, with equity exceeding NIS50 million.
- 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
- 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
- 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.
- 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.
- 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.
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.
BlackRock Investment Management (UK) Limited is not licensed as, a portfolio manager, investment adviser or investment manager under the Investment Marketing and Investment Portfolio Management Law- 1995 (the "Advice Law") or any other applicable law, nor does it carry insurance as required thereunder. BlackRock Investment Management (UK) Limited is not, and will not be providing any investment advice, investment marketing or portfolio management services to the Investor.
I/We confirm that each time I/We log onto to this website, that I/We are Qualified Investors as such term is defined under the Securities Law of 1968 and Qualified Clients under the Advice Law and understand that this website is designated solely for Qualified Investors that are also Qualified Clients, and will not be permitted to view or access the content thereof until I confirm my status as such. I am aware and consent to the implications of being designated as a Qualified Investor and a Qualified Client, including not being entitled to certain protection available under law. Should this status as a Qualified Investor and Qualified Client change, I/We will inform BlackRock Investment Management (UK) Limited which may have the impact of limiting or withdrawing access to the website.
Filter list by keyword
Show More
Show Less
to
of
Total
Sorry, no data available.
Overview
Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Credit risk, changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Asset backed securities and mortgage backed securities are subject to the same risks described for fixed income securities. These instruments may be subject to 'Liquidity Risk', have high levels of borrowing and may not fully reflect the value of underlying assets. This Share Class may pay dividends or take charges from capital. While this may allow more income to be distributed, it may reduce the value of your holdings and impact the potential for long term capital growth. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company
To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges.
Performance
Performance
Chart
Performance chart data not available for display.
-
Returns
This chart shows the fund's performance as the percentage loss or gain per year over the last 10 years.
During this period performance was achieved under circumstances that no longer apply
*On 16-Sep-2021, the Fund changed its name and/or investment objective and policy..
*Prior to 16-Sep-2021, the Fund used a different benchmark which is reflected in the benchmark data.
Missing calendar year returns data
Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.
The figures shown relate to past performance. Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past
Share Class and Benchmark performance displayed in USD hedged Share Class Benchmark performance is displayed in USD.
Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Source: Blackrock
Key Facts
Key Facts
Net Assets of Fund
as of 07-Jun-2023
USD 86,088,029
Share Class launch date
02-Aug-1985
Fund Launch Date
02-Aug-1985
Share Class Currency
USD
Fund Base Currency
USD
Asset Class
Fixed Income
Initial Charge
5.00%
Performance Fee
0.00%
Minimum Initial Investment
USD 5,000.00
Minimum Subsequent Investment
USD 1,000.00
Use of Income
Accumulating
Domicile
Luxembourg
Regulatory Structure
UCITS
Management Company
BlackRock (Luxembourg) S.A.
Morningstar Category
USD Government Bond
Dealing Settlement
Trade Date + 3 days
Dealing Frequency
Daily, forward pricing basis
Bloomberg Ticker
ME2LU LX
ISIN
LU0096258446
SEDOL
5800562
Portfolio Characteristics
Portfolio Characteristics
Modified Duration
as of 31-May-2023
6.34
ESG Integration
ESG Integration
ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.
The Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.
Risk Indicator
Risk Indicator
1
2
3
4
5
6
7
Low Risk
High Risk
Typically low rewards
Typically high rewards
Ratings
Holdings
Holdings
as of 28-Apr-2023
| Name | Weight (%) |
|---|---|
| GNMA2 30YR | 57.96 |
| FNMA 30YR UMBS | 14.24 |
| FHLMC 30YR UMBS SUPER | 10.79 |
| GNMA2 30YR 2020 PRODUCTION | 6.21 |
| GNMA2 30YR TBA(REG C) | 2.01 |
| Name | Weight (%) |
|---|---|
| GNMA_21-191B BI | 1.53 |
| FHMR_20-P003 A2 | 0.55 |
| FHLMC_4398 ZX | 0.39 |
| FNMA_17-76 PB | 0.38 |
| GNMA2 30YR 2007 PRODUCTION | 0.31 |
Holdings subject to change
Exposure Breakdowns
Exposure Breakdowns
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.
Pricing & Exchange
Pricing & Exchange
| Investor Class | Currency | Distribution Frequency | NAV | NAV Amount Change | NAV % Change | NAV As Of | 52wk High | 52wk Low | ISIN | TIS |
|---|---|---|---|---|---|---|---|---|---|---|
| Class A2 | USD | None | 18.09 | 0.05 | 0.28 | 07-Jun-2023 | 19.16 | 16.92 | LU0096258446 | - |
| Class A1 | USD | Monthly | 7.59 | 0.02 | 0.26 | 07-Jun-2023 | 8.23 | 7.22 | LU0035308682 | - |
| Class D3 | USD | Monthly | 7.61 | 0.02 | 0.26 | 07-Jun-2023 | 8.25 | 7.25 | LU0592702145 | - |
| Class D2 | USD | None | 18.99 | 0.06 | 0.32 | 07-Jun-2023 | 20.05 | 17.71 | LU0424777026 | - |
| Class I2 | USD | - | 9.49 | 0.03 | 0.32 | 07-Jun-2023 | 10.01 | 8.84 | LU2011139206 | - |
| Class I3 | USD | Monthly | 7.75 | 0.02 | 0.26 | 07-Jun-2023 | 8.40 | 7.39 | LU1456639035 | - |
| Class A3 | USD | Monthly | 7.59 | 0.02 | 0.26 | 07-Jun-2023 | 8.23 | 7.23 | LU0172418690 | - |
Portfolio Managers
Portfolio Managers
Matthew Kraeger
Siddharth Mehta
Literature
Literature
Important Information
Review the MSCI methodology behind the Sustainability Characteristics and Business Involvement metrics: 1ESG Fund Ratings; 2Index Carbon Footprint Metrics; 3Business Involvement Screening Research; 4ESG Screened Index Methodology; 5ESG Controversies; 6MSCI Implied Temperature Rise
For funds with an investment objective that include the integration of ESG criteria, there may be corporate actions or other situations that may cause the fund or index to passively hold securities that may not comply with ESG criteria. Please refer to the fund’s prospectus for more information. The screening applied by the fund's index provider may include revenue thresholds set by the index provider. The information displayed on this website may not include all of the screens that apply to the relevant index or the relevant fund. These screens are described in more detail in the fund’s prospectus, other fund documents, and the relevant index methodology document.
Certain information contained herein (the “Information”) has been provided by MSCI ESG Research LLC, a RIA under the Investment Advisers Act of 1940, and may include data from its affiliates (including MSCI Inc. and its subsidiaries (“MSCI”)), or third party suppliers (each an “Information Provider”), and it may not be reproduced or redisseminated in whole or in part without prior written permission. The Information has not been submitted to, nor received approval from, the US SEC or any other regulatory body. The Information may not be used to create any derivative works, or in connection with, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between equity index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. Neither MSCI ESG Research nor any Information Party makes any representations or express or implied warranties (which are expressly disclaimed), nor shall they incur liability for any errors or omissions in the Information, or for any damages related thereto. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.
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. The fund may make distributions from capital as well as income or pursue certain investment strategies in order to generate income. Whilst this might allow more income to be distributed, it may also have the effect of reducing capital and the potential for long-term capital growth. 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. 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. These securities have similar characteristics to corporate bonds but carry greater risk as the details of the underlying loans is unknown, although loans with similar terms are typically packaged together. The stability of returns from ABS are not only dependent on changes in interest-rates but also changes in the repayments of the underlying loans as a result of changes in economic conditions or the circumstances of the holder of the loan. These securities can therefore be more sensitive to economic events, may be subject to severe price movements and can be more difficult and/or more expensive to sell in difficult markets.
Explore more
About us
Products
Themes
ETFs & Indexing
Education
© 2023 BlackRock, Inc. All rights reserved.