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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.
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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.
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AAA/Elite |
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AA/Superior |
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Bronze |
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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.
Performance
Performance
Chart
Performance chart data not available for display.
Distributions
| Ex-Date | Payable Date | Total Distribution |
|---|
-
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 , the Fund changed its name and/or investment objective and policy..
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) | 0.0 | -0.3 | -0.5 | -1.0 | -0.8 | -0.8 | -0.8 | -0.8 | -1.0 | 2.3 |
| Benchmark (%) | 0.1 | -0.2 | -0.5 | -1.0 | -0.7 | -0.7 | -0.7 | -0.7 | -0.9 | 2.4 |
Missing calendar year returns data
| From 31-Mar-2019 To 31-Mar-2020 |
From 31-Mar-2020 To 31-Mar-2021 |
From 31-Mar-2021 To 31-Mar-2022 |
From 31-Mar-2022 To 31-Mar-2023 |
From 31-Mar-2023 To 31-Mar-2024 |
|
|---|---|---|---|---|---|
|
Total Return (%)
as of 31-Mar-2024 |
-0.79 | -0.80 | -0.86 | -0.41 | 2.77 |
|
Benchmark (%)
as of 31-Mar-2024 |
-0.66 | -0.71 | -0.72 | -0.32 | 2.88 |
| 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|
| Total Return (%) | 2.77 | 0.49 | -0.03 | -0.29 | 0.13 |
| Benchmark (%) | 2.88 | 0.60 | 0.09 | -0.20 | 0.22 |
Missing average annual returns data
| YTD | 1m | 3m | 6m | 1y | 3y | 5y | 10y | Incept. | |
|---|---|---|---|---|---|---|---|---|---|
| Total Return (%) | 0.75 | 0.30 | 0.75 | 1.67 | 2.77 | 1.48 | -0.14 | -2.90 | 2.08 |
| Benchmark (%) | 0.78 | 0.30 | 0.78 | 1.73 | 2.88 | 1.81 | 0.43 | -1.97 | 3.55 |
Missing cumulative returns data
Key Facts
Key Facts
Net Assets
as of 22-Apr-2024
EUR 1,493,448,903
Net Assets of Fund
as of 22-Apr-2024
EUR 1,493,454,484
Share Class launch date
29-Jul-2008
Fund Launch Date
29-Jul-2008
Share Class Currency
EUR
Fund Base Currency
EUR
Asset Class
Fixed Income
Benchmark Index
eb.rexx® Government Germany 0-1
SFDR Classification
Other
Shares Outstanding
as of 22-Apr-2024
20,089,440
Total Expense Ratio
0.13%
ISIN
DE000A0Q4RZ9
Distribution Frequency
Up to 4x per year
Use of Income
Distributing
Domicile
Germany
Product Structure
Physical
Rebalance Frequency
Monthly
Methodology
Sampled
UCITS Compliant
Yes
Issuing Company
BlackRock Asset Management Deutschland AG
Fund Manager
BlackRock Asset Management Deutschland AG
Administrator
State Street Bank GmbH
Custodian
State Street Bank GmbH
Fiscal Year End
31 March
Bloomberg Ticker
EBMMEX GY
Creation Price
as of 22-Apr-2024
75.83
Cancellation Price
as of 22-Apr-2024
73.60
Portfolio Characteristics
Portfolio Characteristics
Number of Holdings
as of 22-Apr-2024
8
Benchmark Level
as of 22-Apr-2024
EUR 118.98
Benchmark Ticker
I2IC
12 Month Trailing Dividend Distribution Yield
as of 22-Apr-2024
0.87
Standard Deviation (3y)
as of 31-Mar-2024
0.60%
3y Beta
as of 31-Mar-2024
0.998
Weighted Average YTM
as of 22-Apr-2024
3.50
Weighted Avg Coupon
as of 22-Apr-2024
0.97
Weighted Avg Maturity
as of 22-Apr-2024
0.48
Effective Duration
as of 22-Apr-2024
0.47
Sustainability Characteristics
Sustainability Characteristics
Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.
The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.
Review the MSCI methodologies behind Sustainability Characteristics using the links below.
MSCI ESG Fund Rating (AAA-CCC)
as of 21-Apr-2024
AA
MSCI ESG % Coverage
as of 21-Apr-2024
100.00
MSCI ESG Quality Score (0-10)
as of 21-Apr-2024
7.59
MSCI ESG Quality Score - Peer Percentile
as of 21-Apr-2024
100.00
Fund Lipper Global Classification
as of 21-Apr-2024
Bond EMU Government ST
Funds in Peer Group
as of 21-Apr-2024
51
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of -
-
MSCI Weighted Average Carbon Intensity % Coverage
as of 21-Apr-2024
0.00
All data is from MSCI ESG Fund Ratings as of 21-Apr-2024, based on holdings as of 31-Mar-2024. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.
To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities.
Ratings
Registered Locations
Registered Locations
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Austria
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Czech Republic
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Denmark
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Estonia
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France
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Germany
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Italy
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Latvia
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Liechtenstein
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Lithuania
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Luxembourg
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Netherlands
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Poland
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Slovak Republic
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Spain
Holdings
Holdings
as of 22-Apr-2024
| Issuer | Weight (%) |
|---|---|
| GERMANY (FEDERAL REPUBLIC OF) | 99.91 |
| Issuer Ticker | Name | Sector | Asset Class | Market Value | Weight (%) | Notional Value | Nominal | Par Value | ISIN | Price | Location | Exchange | Duration | Maturity | Coupon (%) | Market Currency | Effective Date |
|---|
Detailed Holdings and Analytics contains detailed portfolio holdings information and select analytics.
Exposure Breakdowns
Listings
Listings
| Exchange | Ticker | Currency | Listing Date | SEDOL | Bloomberg Ticker | RIC |
|---|---|---|---|---|---|---|
| Xetra | EXVM | EUR | 29-Jul-2008 | B3BXBD8 | EBMMEX GY | EBMMEX.DE |
| Borsa Italiana | EXVM | EUR | 27-May-2009 | B3Z4YK5 | EXVM IM | EBMMEX.MI |
Literature
Literature
If the Fund invests in any underlying fund, certain portfolio information, including sustainability characteristics and business-involvement metrics, provided for the Fund may include information (on a look-through basis) of such underlying fund, to the extent available.
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.
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