Investment Directions per investitori istituzionali

FOR INSTITUTIONAL, PROFESSIONAL, WHOLESALE, ACCREDITED, AND QUALIFIED INVESTORS/CLIENTS, AND PROFESSIONAL INTERMEDIARIES ONLY. In an uncertain world shaped by mega forces - such as AI and geopolitical fragmentation - it’s become far more challenging to anchor strategic asset allocation decisions around a single, long-term scenario. This is why, we think it’s crucial for institutional investors to REVISIT long-held assumptions and practices - and REPOSITION portfolios for a future of more uncertain returns and higher volatility. In our 2026 Investment Directions for Institutions, we outline a three-stage approach to evolving portfolios: Firstly, we think it’s important to assess how the strategic asset allocation may perform across a range of scenarios - and IDENTIFY which assets are most VULNERABLE to scenario shifts and which assets could PROVIDE RESILIENCE. We find that equity allocations – particularly to the US and, BY extension, global equity exposures – exhibit the WIDEST dispersion of outcomes. This underscores the need for a TOTAL PORTFOLIO APPROACH - through several asset allocation and portfolio implementation enhancements - to help boost a portfolio's expected returns and stability. Secondly, we outline potential enhancements to ASSET ALLOCATION - for example, through PRIVATE MARKETS for higher alpha potential and access to opportunities aligned with mega forces, and through PUBLIC MARKET EXPOSURES such as macro hedge funds, euro high yield credit and euro AAA CLOs. These asset allocation shifts may help to enhance risk-adjusted returns across a range of scenarios. Thirdly, we explore the benefits of PORTFOLIO IMPLEMENTATION enhancements. For example, our analysis shows that shifting part of the portfolio core from INDEX to LOW-COST, LOW-TRACKING ERROR SYSTEMATIC ALPHA STRATEGIES can increase expected returns without a significant deviation from the benchmark. We also find that optimising instrument selection – for example, replacing FUTURES with ETFs in US equity exposures – may improve cost efficiency, while partially hedging US Dollar exposure can provide protection against potential further dollar downside and still preserve the benefits of the dollar's safe-haven characteristics. Finally, we put theory into practice, outlining case studies for illustrative portfolios. For more on these themes and ideas around how to evolve portfolios, see our new Investment Directions for Institutions publication. Disclaimers: For investors in Italy: This document is marketing material: Before investing please read the Prospectus and the PRIIPs KID available on www.ishares.com/it, which contain a summary of investors’ rights. Risk warnings 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. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances. General Disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. References to specific company names, asset classes and financial markets are for illustrative purposes only and should not be construed as investment advice or investment recommendations. This material may contain estimates and forward-looking statements, which may include forecasts and do not represent a guarantee of future performance. This information is not intended to be complete or exhaustive. No representations or warranties, either express or implied, are made regarding the accuracy or completeness of the information contained herein. The opinions expressed are as of January 2026 and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. Regulatory Information In EMEA, this material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) only and should not be relied upon by any other persons. This document is marketing material. 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