BLACKROCK GLOBAL ETP LANDSCAPE

INDUSTRY HIGHLIGHTS | DECEMBER 2015

The opinions expressed are as of December 31, 2015

and may change as subsequent conditions vary.

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 Summary

BlackRock ETP Research
A cross-regional team analyzing
global markets to deliver insights
on the intersection of investment
trends and ETP flows
For inquiries, please email
ETPresearch@BlackRock.com
GLOBAL ETPs SET A NEW FLOWS RECORD IN 2015, POSTING
ANOTHER YEAR OF DOUBLE DIGIT ORGANIC GROWTH
 Global ETP flows of $350.9bn represented 13% organic growth and exceeded
last year’s record of $330.6bn thanks to new highs for both non-U.S. developed
markets equity and fixed income
 Non-U.S. developed markets equity flows more than doubled to $200.1bn,
largely concentrated in Europe, Japan and EAFE exposures, which all set new
records driven by attractive relative valuations

 Fixed income flows of $93.5bn broke the annual record set in 2014, paced by a
strong secular adoption trend and boosted by renewed appetite for safer
investments during the heighted volatility from August through October

 Currency-hedged equity gathered $52.4bn and smart beta equity added

$29.3bn, together representing a third of all equity flows versus 25% last year

Global ETP Highlights ………………………………………………………... 3

Year-to-date Overview ..……………………………………………………… 5
Reference Schedules
Flows by Listing Region …………………………………………….. 6
ETP Flows by Exposure …………………………………………….. 7

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 Global ETP Highlights

December flows of $52.0bn were the best of the year,

leading global ETP flows to close 2015 with a record KEY INVESTMENT THEMES / ETP FLOW TRENDS
$350.9bn. The industry achieved organic growth of 13% this
year thanks to increasing fixed income adoption and record
results for non-U.S. developed markets flows as investors
looked outside the U.S. for better returns.
U.S. equity Broad dev. eqty U.S. Treasuries
The unprecedented results came despite more moderate
flows for US equities, which make up just under half of all
assets. 2015 highlighted not only the long term growth
trajectory for global ETPs, but also the diversification by
geographic exposure and the ability to adapt quickly to
shifting market sentiment.

Fixed income flows of $93.5bn represented 22% organic

GLOBAL ETP FLOWS BY ASSET CLASS & EXPOSURE1
growth and eclipsed the record set in 2014, despite concerns 2015 flows: $350.9bn
over the impact of the Fed interest rate increase that finally
U.S. Equity
materialized in December. Fixed income accounted for 27%
European Equity
of global ETP flows this year, including 24% in the US, 37% 100 Japan Equity 93.5
in Europe and 30% in Canada (see below). Flows picked up Other Dev. Markets Equity 77.9
70 Emerging Markets Equity 72.5
Cumulative flows (US$bn)

in the months following the market turmoil at the end of

Fixed Income 72.1
August as investors became more risk averse. By maturity, Commodity / Other 50.1
three-quarters of 2015 flows by were focused at the longer 40
end of the spectrum.
10 11.4
Non-U.S. developed markets equities brought in $200.1bn to
shatter the previous best of $110.1bn from 2013. Nearly two- (20)
thirds came in the first half, led by currency-hedged funds. (26.6)
The currency-hedged flows of $52.4bn slowed notably later (50)
in the year as dollar strengthening eased from Q1. J F M A M J J A S O N D

SPOTLIGHT ON 2015 LISTING REGION FLOWS 2015 LISTING REGION FLOWS BY EXPOSURE
The new high for global ETP flows in 2015 included strong
$229.6bn $82.2bn $27.1bn $13.1bn ($1.1bn)
results across multiple listing regions:
100%
 U.S. flows of $229.6bn nearly reached the $244.9bn from
2014 and included a record $100.9bn from non-U.S. equity 75%
exposures, split between hedged and unhedged funds
50%
 Europe flows totaled $82.2bn, setting a new record overall
as well as for both equity with $50.6bn and fixed income 25%
with $30.3bn
0%
 APAC flows of $27.1bn were close to the 2012 record of US Europe APAC Canada LatAm &
$30.6bn, with a new high for Japan equity of $37.2bn Iberia

offset by China equity redemptions of ($21.7bn) Fixed income Local unhedged equity
Currency-hedged equity Other unhedged equity
 Canada flows rebounded to a record $13.1bn, led by fixed
Commodity / other
income with $4.0bn and smart beta with $2.8bn

 Locally-listed Latin America & Iberia ETPs posted outflows

of ($1.1bn), though they moderated from last year

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 Global ETP Highlights (cont’d)

Overall, 80% of non-U.S. developed markets equity flows

RESULTS AT A GLANCE1
were in three categories, broad Europe ($65.8bn), Japan
($50.1bn), and EAFE ($45.0bn), all of which set new December December
(US$bn)
records. 2015 2014
Monthly flows 52.0 60.8
Smart beta contributed $29.6bn to global ETP flows. Growth
Year-to-date flows 350.9 330.6
slowed during the market correction in August, but then
reaccelerated. Flows this year were two-thirds of the 2014 Assets 2,959 2,744
total, but this was due to flat results for dividend funds # of ETPs 5,449 5,054
compared to $17.4bn last year. Excluding dividend funds, GLOBAL 13-MONTH ROLLING FLOWS1
flows of $28.0bn were even with last year on strength for
minimum volatility and factor funds. 2015 December 52.0

U.S. equity flows of $72.5bn slowed significantly versus November 28.7

2014. Results would have exceeded $100bn were it not for October 36.2
the largest fund in the category experiencing heavy outflows, September 32.1
the majority of which came at the hands of non-U.S.
August 19.1
investors during the first half of the year. While the S&P 500
index was flat in 2015, flows for ETPs with U.S. equity July 38.3
exposure excluding the fund mentioned above were steady June 21.0
throughout the year and picked up as the market rallied
May 18.1
following the correction in August.
April 8.4
While EM equity ETP growth has yet to recover following the March 35.6
taper tantrum in 2013, there were still pockets of growth in
February 49.1
2015. Excluding heavy outflows for the two largest funds,
broad EM equity ETPs gathered $7.2bn, driven by low-cost January 12.2
core and minimum volatility strategies. Country fund 2014 December 60.8
outflows of ($24.0bn) were focused in a handful of locally-
(20) 0 20 40 60
listed China A-shares funds, while China H-shares, India Monthly flows (US$bn)
and Taiwan combined for inflows of $10.8bn.
Equity Fixed income Commodities & others

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 Year-to-date Overview

GLOBAL ETP FLOWS BY EXPOSURE1

(US$bn) Annual 2015 Annual 2014 Annual 2013

Equity Developed Markets Equity 272.6 243.9 258.4

Emerging Markets Equity (26.6) (1.8) (10.3)

Total 246.0 242.1 248.1

Fixed Income Government 17.7 19.5 7.5

Investment Grade Corporate 24.3 22.4 1.2

High Yield Corporate 8.6 3.8 6.7

Others 42.9 40.0 11.7

Total 93.5 85.8 27.0

Commodities & Others Total 11.4 2.6 (39.1)

Grand Total 350.9 330.6 236.1

CUMULATIVE ETP FLOWS1

2015 flows $350.9bn 350.9
330.6
2015
2014 262.6
2013 236.1
2012

J F M A M J J A S O N D

CUMULATIVE EQUITY ETP FLOWS1 CUMULATIVE FIXED INCOME ETP FLOWS1

2015 equity flows: $246.0bn 2015 fixed income flows: $93.5bn

93.5

2015 85.8
2015
248.1
2014 2014
246.0 70.0
2013 2013
2012 242.1
2012
170.7

27.0

J F M A M J J A S O N D J F M A M J J A S O N D

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 Flows By Listing Region

Highlights (US$):1
 U.S.-listed products led all regions with $32.8bn in  Canada-listed ETPs gathered $1.7bn and have now
December, 77% of which came from U.S. equity exposures experienced inflows for 23 months in a row

 Europe-listed ETPs brought in $9.7bn led by the best broad  Asia Pacific-listed ETP flows rose to $5.7bn from outflows
European equity flows since August the prior month due to a sharp turnaround for Japanese
equity funds

MONTH-TO-DATE FLOWS BY LISTING REGION1 ASSET GROWTH RATES AND # OF ETPs1

(# ETPs)
250
U.S. 34.8
Bubble

2015 growth in # of ETPs

200 size = U.S.
Assets
Europe 9.7 ($bn) $2,135
Equity 150

Canada 1.7 Fixed Income Asia Pacific

100 $243
Commodities & others
Asia Pacific 5.7 Europe

50 $511
Canada
LatAm & Iberia 0.1 Latin America
$65
$5
0
(10) 0 10 20 30 40 (60%) (40%) (20%) 0% 20% 40%
2015 asset growth

LISTING REGION VIEW1

MTD 2015 Share of Current Share of

(US$bn)
Flows Flows Flows Assets Assets

US 34.8 229.6 65.4% 2,135.1 72.1%

Europe 9.7 82.2 23.4% 510.9 17.3%

Canada 1.7 13.1 3.7% 64.8 2.2%

Asia Pacific 5.7 27.1 7.7% 243.4 8.2%

Latin America & Iberia 0.1 (1.1) (0.3%) 5.1 0.2%

Global ETP Total 52.0 350.9 100.0% 2,959.3 100.0%

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 Global ETP Multi-Year Asset
Growth and Top 10 Providers

Global ETP Assets by Year1

Total Assets ($bn)

3,000 Equity
Fixed Income
2,500
Commodities & Others

2,000

1,500
2,744 2,959
2,355
1,000 1,923
1,506
1,463
500 1,139
851 772
428 598
79 109 146 218 319
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Dec-15

Global ETP Providers Ranked by Assets (US$bn)1

2015 2015 YTD Change

December 2015 % Market December YTD % Market
Provider * Assets Share 2015 Flows Flows # ETPs Assets Share
iShares 1,109.6 37.5 24.0 129.5 759 73.8 (0.3)

Vanguard 509.3 17.2 10.8 83.6 122 62.7 0.9

State Street 442.5 15.0 8.2 (19.8) 251 (38.6) (2.6)

Invesco Powershares 102.1 3.5 1.3 2.0 212 1.1 (0.2)

Deutsche Asset & Wealth
86.2 2.9 0.9 27.8 287 28.2 0.8
Management (db x-trackers)
Nomura Group 65.2 2.2 2.0 18.0 71 21.7 0.6

WisdomTree Investments 53.7 1.8 1.1 9.6 162 5.0 0.0

Lyxor / Soc Gen 52.4 1.8 (3.0) 17.8 232 13.0 0.3

First Trust Portfolios 43.1 1.5 0.5 11.2 121 9.6 0.2

Charles Schwab 39.7 1.3 1.9 14.2 21 12.8 0.4

Other Providers 455.4 15.4 4.3 57.1 3,211 26.2 (0.3)

Grand Total 2,959.3 100.0 52.0 350.9 5,449 215.6 0.0

* Providers measured at parent company level.

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 ETP Flows by Exposure

(US$bn) MTD Flows 2015 Flows Current Assets

Equity US 26.2 72.5 1,327.3

Broad Developed Markets 7.9 66.0 295.5

Europe 5.2 77.9 260.2

Asia-Pacific 5.3 54.2 236.8

Canada 1.4 1.9 25.9

Developed Equity 46.0 272.6 2,145.7

Single Country (0.6) (24.0) 113.2

Broad 1.8 (2.1) 91.8

Regional 0.0 (0.5) 4.5

Emerging Markets Equity 1.2 (26.6) 209.5

Equity Total 47.2 246.0 2,355.2

Fixed Income Investment Grade Corp 2.1 24.3 117.2

Broad 1.3 17.0 79.9

U.S. Government (0.4) 9.6 54.0

HY Corp (1.6) 8.6 47.8

Sovereign 0.6 8.1 48.3

Municipal 0.5 4.1 19.4

Other Fixed Income 1.9 21.7 130.5

Fixed Income Total 4.5 93.5 497.0

Commodities Gold (0.8) (3.5) 48.9

Energy 1.6 13.7 13.6

Silver 0.0 (0.2) 7.5

Agriculture (0.4) (0.5) 3.4

Other Precious Metals 0.0 (0.3) 2.6

Other Commodities (0.1) (0.4) 11.6

Commodities Total 0.2 8.8 87.7

Asset Allocation 0.7 1.8 7.5

Alternatives 0.1 0.9 7.3

Currency (0.5) (0.1) 4.6

Grand Total 52.0 350.9 2,959.3

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United States ETPs

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 US ETP Multi-Year Asset
Growth and Top 10 Providers

US ETP Assets & Number of ETPs by Year1

Assets ($bn) # of ETPs

2,500 1,836 2,000

1,661
1,536
2,000 1,445
1,370 1,500

1,099
1,500
925
844 1,000
1,000 673 2,009 2,135

381 1,701
1,350 500
221
500 134 169 1,012 1,062
130 794
95 118 621
433 542

0 71 88 106 157 237 314 0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Dec-15

US ETP Providers Ranked by Assets (US$bn)1

December 2015 2015 YTD Change

2015 % Market December YTD % Market
Provider * Assets Share 2015 Flows Flows # ETPs Assets Share
iShares 828.0 38.8 17.2 96.8 325 65.2 0.8

Vanguard 483.1 22.6 10.1 76.7 68 56.4 1.4

State Street 413.4 19.4 7.9 (25.3) 156 (41.8) (3.3)

Invesco Powershares 98.4 4.6 1.3 1.6 169 1.1 (0.2)

WisdomTree Investments 51.6 2.4 (3.2) 16.9 84 12.4 0.5

First Trust Portfolios 42.7 2.0 0.5 11.1 97 9.5 0.3

Charles Schwab 39.7 1.9 1.9 14.2 21 12.8 0.5

Guggenheim 29.1 1.4 (0.2) 2.0 75 0.0 (0.1)

ProShares 25.2 1.2 (0.4) 2.0 150 0.1 (0.1)

Deutsche Asset & Wealth
20.2 0.9 (0.2) 16.9 36 15.6 0.7
Management (db x-trackers)
Other Providers 103.5 4.8 (0.1) 16.7 655 (5.4) (0.6)

Grand Total 2,135.1 100.0 34.8 229.6 1,836 126.0 -

* Providers measured at parent company level.

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 Year-to-date Overview

U.S. ETP FLOWS BY EXPOSURE1

(US$bn) YTD 2015 YTD 2014 Annual 2013

Equity Developed Markets 169.7 187.3 214.3

Emerging Markets (2.2) 2.9 (10.0)

Total 167.5 190.2 204.3

Fixed Income Government 8.8 10.6 0.5

High Yield Corporate 3.0 2.4 4.0

Investment Grade Corporate 12.2 9.2 (0.5)

Others 31.4 30.0 8.4

Total 55.5 52.2 12.4

Commodities & Others Total 6.6 2.6 (26.5)

Grand Total 229.6 244.9 190.2

CUMULATIVE U.S. ETP FLOWS1

2015 Flows: $229.6bn 244.9
229.6
2015
2014 190.2
2013 187.4
2012

J F M A M J J A S O N D

CUMULATIVE EQUITY ETP FLOWS1 CUMULATIVE FIXED INCOME ETP FLOWS1 55.5
2015 Equity Flows: $167.5bn 2015 Fixed Income Flows: $55.5bn 52.6

2015 204.3 52.2

2015
2014 190.2 2014
2013 167.5 2013
2012 2012
122.7

12.4

J F M A M J J A S O N D
J F M A M J J A S O N D

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 U.S. ETP Flows by Exposure

(US$bn) MTD Flows YTD Flows Current Assets

Equity US 25.4 66.6 1,239.7

Broad Developed Markets 7.4 59.1 241.4

Europe (0.4) 35.0 80.6

Asia-Pacific (1.2) 9.4 51.9

Canada (0.0) (0.3) 1.8

Developed Equity 31.2 169.7 1,615.4

Broad 1.4 (2.8) 77.8

Single Country 0.5 1.1 32.4

Regional (0.0) (0.5) 1.6

Emerging Markets Equity 1.9 (2.2) 111.8

Equity Total 33.1 167.5 1,727.3

Fixed Income Investment Grade Corp 0.6 12.2 72.7

HY Corp (1.4) 3.0 34.7

Broad 1.2 14.9 72.1

U.S. Government (0.2) 9.2 48.4

Municipal 0.5 4.0 19.1

Sovereign (0.0) (0.4) 2.5

Other Fixed Income 1.0 12.5 92.2

Fixed Income Total 1.7 55.5 341.6

Commodities Gold (0.6) (2.3) 28.6

Energy 1.0 8.8 7.8

Silver (0.0) (0.1) 5.1

Agriculture (0.4) (0.5) 1.3

Other Commodities (0.2) (1.2) 5.8

Other Precious Metals (0.0) (0.2) 1.0

Commodities Total (0.2) 4.4 49.7

Asset Allocation 0.7 1.8 6.7

Alternatives 0.1 0.7 6.2

Currency (0.6) (0.2) 3.6

Grand Total 34.8 229.6 2,135.1

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Europe ETPs

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AND PROFESSIONAL INVESTORS IN OTHER REGIONS
 Europe ETP Multi-Year Asset
Growth and Top 10 Providers

Europe ETP Assets & Number of ETPs by Year1

Assets ($bn) # of ETPs

600 2,257 2,339 2,500

2,105 2,167
1,893
500
2,000
1,593
400
1,108 1,500

300

503 854 511 1,000

458
200 305 414
299 367
315
167 243 500
100 115
71 118 104 150
6
35 56 92 133
0 20 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Dec-15

Europe ETP Providers Ranked by Assets (US$bn)1

December 2015 2015 YTD Change

2015 % Market December YTD % Market
Provider * Assets Share 2015 Flows Flows # ETPs Assets Share
iShares 232.7 45.6 5.3 33.9 275 20.1 (0.9)
Deutsche Asset & Wealth
65.2 12.8 1.1 10.9 208 12.7 1.3
Management (db x-trackers)
Lyxor / Soc Gen 53.7 10.5 1.1 9.8 227 5.3 (0.1)

UBS 29.3 5.7 0.5 7.6 317 6.1 0.7

Amundi 22.4 4.4 1.4 5.1 114 3.6 0.3

Source Holdings 19.5 3.8 (0.4) 3.5 85 2.3 0.1

Vanguard 19.2 3.8 0.5 4.7 17 4.0 0.4

State Street 12.8 2.5 0.0 2.4 77 1.6 0.1

ETF Securities 12.0 2.4 (0.0) 0.7 351 (2.2) (0.7)

Commerzbank 7.7 1.5 (0.2) 1.6 273 1.2 0.1

Other Providers 36.2 7.1 0.4 2.0 395 (1.7) (1.2)

Grand Total 510.9 100.0 9.7 82.2 2,339 53.1 0.0

* Providers measured at parent company level.

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 Europe ETP Multi-Year Flows

European ETP Industry Cumulative Flows by Year1

2015 YTD Flows: $82.2bn

2015
2014
2013 82.2
2012
61.8

32.7

19.5

J F M A M J J A S O N D

Europe Listed Equity ETP Cumulative Flows1 Europe Listed Fixed Income ETP Cumulative Flows1
2015 YTD Equity Flows: $50.6bn 2015 YTD Fixed Income Flows: $30.3bn
30.3
27.1
2015 2015
2014 50.6 2014
2013 2013
2012 2012
35.0

11.3
20.9 9.7

13.9

J F M A M J J A S O N D J F M A M J J A S O N D

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 European ETP Flows by Exposure

(US$bn) MTD Flows YTD Flows Current Assets

Equity Europe 5.6 42.2 178.6

U.S. 0.6 2.7 74.9

Broad Developed Markets 0.3 4.1 46.1

Asia-Pacific 0.7 3.5 28.9

Canada 0.0 0.0 0.8

Developed Equity 7.2 52.4 329.4

Broad 0.4 0.6 13.3

Single Country (0.1) (2.4) 8.7

Regional 0.0 0.0 2.7

Emerging Markets Equity 0.3 (1.7) 24.8

Equity Total 7.5 50.6 354.2

Fixed Income Sovereign 0.7 7.6 39.0

Investment Grade Corp 1.4 11.1 36.9

HY Corp (0.1) 5.4 10.8

U.S. Government (0.3) 0.4 5.6

Broad Aggregate 0.0 0.8 3.5

Other Fixed Income 0.5 5.0 26.2

Fixed Income Total 2.3 30.3 121.9

Commodities Gold (0.3) (1.5) 17.8

Energy 0.2 2.6 4.0

Silver (0.0) (0.1) 2.3

Agriculture (0.0) (0.0) 2.0

Other Precious Metals (0.1) 0.8 1.6

Other Commodities 0.0 (0.2) 5.7

Commodities Total (0.1) 1.6 33.4

Asset Allocation 0.0 (0.0) 0.4

Alternatives (0.0) (0.2) 0.6

Currency (0.0) (0.1) 0.4

Grand Total 9.7 82.2 510.9

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Asia Pacific ETPs

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QUALIFIED INVESTORS IN SWITZERLAND,
AND PROFESSIONAL INVESTORS IN OTHER REGIONS
 Asia Pacific ETP Multi-Year
Asset Growth and Top 10
Providers

Asia Pacific ETP Assets & Number of ETPs by Year1

# of ETPs
Assets ($bn)
847
250 1000

742
200
750
632
150 542
432
243 500
312
100 217 202
87 173
62 169
45 137 250
42
50 38 93
29 87
52 64
12
0 10 25 34 39 42 53 61 0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Dec-15

Asia Pacific ETP Providers Ranked by Assets (US$bn)1

December 2015 2015 YTD Change

December 2015 % Market 2015 YTD % Market
Provider * Assets Share Flows Flows # ETPs Assets Share
Nomura Group 64.9 26.7 2.0 17.7 67 21.4 5.2

Nikko Asset Management 26.6 10.9 0.7 7.1 22 8.5 2.0

Daiwa Securities Group 25.7 10.5 1.6 5.3 32 7.1 1.4

State Street 16.2 6.6 0.3 3.1 18 1.6 (0.5)

Mitsubishi Group 12.0 4.9 1.4 5.1 14 5.1 1.5

HSBC 12.0 4.9 (0.1) 3.5 6 3.5 0.7

iShares 10.7 4.4 0.3 (3.7) 34 (4.0) (2.8)

China AMC 9.8 4.0 (0.3) (5.6) 14 (1.3) (1.4)

Samsung Group 9.1 3.7 0.5 (0.2) 41 (0.7) (1.1)

China Southern Fund Mgmt 5.6 2.3 0.3 2.2 9 3.9 1.5

Other Providers 51.0 20.9 (0.9) (9.4) 590 (4.4) (6.4)

Grand Total 243.4 100.0 5.7 27.1 847 40.9 0.0

* Providers measured at parent company level.

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 Asia Pacific ETP Flows by Exposure

(US$bn) MTD Flows YTD Flows Current Assets

Equity Asia-Pacific 5.7 41.4 155.9

Broad Developed Markets 0.0 0.4 1.1

U.S. 0.0 0.1 0.8

Europe 0.0 0.0 0.1

Developed Equity 5.8 41.9 157.9

Single Country (1.0) (21.6) 67.0

Broad 0.0 (0.0) 0.1

Regional (0.0) (0.0) 0.1

Emerging Markets Equity (1.0) (21.6) 67.1

Equity Total 4.8 20.3 225.0

Fixed Income Sovereign (0.0) 0.2 4.3

Broad Aggregate 0.0 0.2 0.9

HY Corp 0.0 (0.0) 0.1

Inv Grade Corp 0.0 0.0 0.1

Other Fixed Income 0.4 3.3 8.0

Fixed Income Total 0.4 3.8 13.4

Commodities Gold 0.0 0.4 2.3

Energy 0.4 2.0 1.5

Silver (0.0) 0.0 0.1

Agriculture 0.0 0.0 0.0

Other Precious Metals 0.0 0.1 0.1

Other Commodities 0.0 0.0 0.0

Commodities Total 0.5 2.5 4.1

Asset Allocation (0.0) 0.0 0.1

Alternatives 0.0 0.3 0.4

Currency 0.0 0.1 0.4

Grand Total 5.7 27.1 243.4

ONLY FOR ACCREDITED INVESTORS IN CANADA, QUALIFIED INVESTORS IN SWITZERLAND, [ 19 ]

AND PROFESSIONAL INVESTORS IN OTHER REGIONS
Canada ETPs

ONLY FOR ACCREDITED INVESTORS IN CANADA,

QUALIFIED INVESTORS IN SWITZERLAND,
AND PROFESSIONAL INVESTORS IN OTHER REGIONS
 Canada ETP Multi-Year Asset
Growth and Top 10 Providers

Canada ETP Assets & Number of ETPs by Year1

Assets ($bn) # of ETPs

100
381 400
348

291
75 272 300
227

50 200
157
109 67 65
56 60
25 76 100
45 42
25 38
20 29
16 16
14 15 16
0 3 3 6 7 11 13 18 0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Dec-15

Canada ETP Providers Ranked by Assets (US$bn)1

2015 2015 YTD Change

December 2015 % Market December YTD % Market
Provider * Assets Share 2015 Flows Flows # ETPs Assets Share
iShares 33.8 52.1 1.2 3.5 104 (5.3) (6.7)

BMO 17.5 27.0 0.2 4.7 63 1.3 2.7

Vanguard 4.7 7.3 0.3 2.2 23 1.6 2.5

Horizon (Mirae Asset) 3.7 5.8 0.1 0.9 73 (0.2) (0.1)

PowerShares 1.8 2.8 (0.0) 0.3 22 (0.1) (0.1)

First Asset Capital 1.3 2.1 0.0 0.6 35 0.3 0.6

RBC 1.1 1.7 0.0 0.6 20 0.4 0.7

Purpose Investments 0.6 0.9 (0.0) 0.3 14 0.2 0.3

First Trust Portfolios 0.2 0.3 (0.0) 0.1 17 0.0 0.1

Other Providers 0.0 0.1 0.0 0.1 10 0.0 0.1

Grand Total 64.8 100.0 1.7 13.1 381 (1.7) 0.0

* Providers measured at parent company level

ONLY FOR ACCREDITED INVESTORS IN CANADA, QUALIFIED INVESTORS IN SWITZERLAND, [ 21 ]

AND PROFESSIONAL INVESTORS IN OTHER REGIONS
 Canada ETP Flows by Exposure

(US$bn) MTD Flows YTD Flows Current Assets

Equity Canada 1.4 2.3 23.3

U.S. 0.1 3.1 11.7

Broad Developed Markets 0.1 2.4 6.8

Europe 0.0 0.7 0.8

Asia-Pacific 0.0 0.1 0.1

Developed Equity 1.7 8.5 42.8

Broad 0.0 0.1 0.6

Single Country (0.0) 0.1 0.2

Regional (0.0) (0.0) 0.0

Emerging Markets Equity (0.0) 0.2 0.9

Equity Total 1.7 8.7 43.7

Fixed Income Inv Grade Corporate 0.1 1.0 7.5

HY Corp (0.1) 0.2 2.3

Broad Aggregate 0.0 1.1 3.3

Sovereign (0.0) 0.6 2.6

Municipal 0.0 0.2 0.3

U.S. Government (0.0) 0.0 0.0

Other Fixed Income (0.0) 0.9 3.9

Fixed Income Total 0.0 4.0 19.9

Commodities Energy 0.0 0.3 0.3

Gold (0.0) (0.0) 0.2

Silver (0.0) (0.0) 0.1

Other Commodities 0.0 (0.0) 0.0

Commodities Total 0.0 0.3 0.6

Asset Allocation (0.0) 0.1 0.3

Alternatives 0.0 0.1 0.1

Currency 0.0 0.0 0.1

Grand Total 1.7 13.1 64.8

ONLY FOR ACCREDITED INVESTORS IN CANADA, QUALIFIED INVESTORS IN SWITZERLAND, [ 22 ]

AND PROFESSIONAL INVESTORS IN OTHER REGIONS
Latin America ETPs

ONLY FOR ACCREDITED INVESTORS IN CANADA,

QUALIFIED INVESTORS IN SWITZERLAND,
AND PROFESSIONAL INVESTORS IN OTHER REGIONS
 Latin America ETP Multi-Year
Asset Growth, Top Providers
and Flows by Exposure

Latin America ETP Assets & Number of ETPs by Year1

Assets ($bn) # ETPs
60
15

46 46

38
35 40
10
31
26
17
10 12.2
5 10.1 10.3 11.0 20

2 6.3 5.5 9.8 7.8

1 2 6 5.1
1 2
0.1 0.4 0.4 2.7
1.3
0 0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Dec-15

Latin America ETP Providers Ranked by Assets (US$bn)1

December 2015 2015 YTD Change
2015 % Market December YTD % Market
Provider * Assets Share 2015 Flows Flows # ETPs Assets Share
iShares 4.4 86.4 0.1 (1.0) 21 (2.3) 0.3
Itau Unibanco 0.4 8.6 0.0 0.0 8 (0.2) 0.9
BBVA 0.2 3.2 0.0 (0.1) 7 (0.1) (0.5)
Actinver 0.0 0.9 0.0 (0.1) 5 (0.1) (1.0)
Horizon (Mirae Asset) 0.0 0.7 0.0 0.0 2 0.0 0.3
Other Providers 0.0 0.1 0.0 0.0 3 0.0 0.0
Grand Total 5.1 100.0 0.1 (1.1) 46 (2.6) 0.0

Latin America ETP Flows by Exposure

December 2015 2015 YTD
1
Exposure (US$mn) Flows Flows Assets

Developed Markets US Equity 77 77 117

Regional EM - (1) -
Mexico 167 (1,171) 3,466
Equity

Brazil (69) 92 794

Emerging Markets Columbia 5 (165) 506
Chile 0 (26) 45
China 4 20 43
EM Equity Total 107 (1,241) 4,854
Equity Total 114 (1,164) 4,971
Fixed
Fixed Income & Others
Income 3 39 176
Latin America Listed ETP total 118 (1,125) 5,147
* Providers measured at parent company level.
ONLY FOR ACCREDITED INVESTORS IN CANADA, QUALIFIED INVESTORS IN SWITZERLAND, [ 24 ]
AND PROFESSIONAL INVESTORS IN OTHER REGIONS
 Endnotes
The ETP (or exchange traded product) category encompasses any portfolio exposure security that trades intra-day on an exchange. The data for this report
are captured from a number of sources by BlackRock, including provider websites, fund prospectuses, provider press releases, provider surveys, Bloomberg,
the National Stock Exchange, Strategic Insight Simfund, and Wind. All amounts are reported in US dollars. Flows are derived using daily net asset values and
shares outstanding using the most recent data we can capture at month-end. For products with cross-listings, we attribute net flows and assets to the primary
listings. For Middle East and Africa, assets and net flows data is not available. Assets are derived using shares outstanding and prices at the end of each
month (or the closest date available). Where price is not available, we use an approximation. Product level information is aggregated by provider, asset class,
exposure, and listing region to produce the various analyses in the report.
1. Data is as of December 30, 2015 for Europe and December 31, 2015 for the US, Canada, Latin America, and some Asia ETPs. Global ETP flows and
assets are sourced using shares outstanding and net asset values from Bloomberg, as well as BlackRock internal sources, for the US, Canada, Europe,
Latin America and some ETPs in Asia. For Middle East and Africa, assets and net flows data is not available. Inflows for years prior to 2010 are sourced
from Strategic Insights Simfund. Asset classifications are assigned by BlackRock based on product definitions from provider websites and product
prospectuses. Other static product information is obtained from provider websites, product prospectuses, provider press releases, and provider surveys.
Market returns are sourced from Bloomberg.

Index returns are for illustrative purposes only and do not represent actual Fund performance. Index performance returns do not reflect any
management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not
guarantee future results.

ABOUT BLACKROCK
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients
worldwide. At September 30, 2015, BlackRock’s AUM was $4.506 trillion. BlackRock helps clients meet their goals and
overcome challenges with a range of products that include separate accounts, mutual funds, iShares® ETF’s (exchange
traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise
investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New
York City, as of September 30, 2015, the firm had approximately 12,900 employees in more than 30 countries and a major
presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.
For additional information, please visit the Company's website at www.blackrock.com.

ONLY FOR ACCREDITED INVESTORS IN CANADA, QUALIFIED INVESTORS IN SWITZERLAND, [ 25 ]

AND PROFESSIONAL INVESTORS IN OTHER REGIONS
 Disclaimer

REGULATORY INFORMATION
BlackRock Advisors (UK) Limited 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.

This document has been provided by BlackRock in a private and confidential manner to professional and or institutional investors (as such term is defined
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This document is solely for informational and educational purposes only and represents an assessment of the market environment at a specific time and is
not intended to be relied upon by the reader as research, a forecast of future events or a guarantee of future results.

This publication does not provide financial, investment or tax advice or information relating to the securities of any particular fund or other issuer. The
information and opinions included in this publication are based on publicly available information, are subject to change and should not be relied upon for any
purpose other than general information and education. This publication has been prepared without regard to the individual financial circumstances and
objectives of those who receive it and the types of securities discussed in this publication may not be suitable for all investors.

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objectives of those who receive it and the types of securities discussed in this publication may not be suitable for all investors. The information included in this
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ONLY FOR ACCREDITED INVESTORS IN CANADA, QUALIFIED INVESTORS IN SWITZERLAND, [ 26 ]

AND PROFESSIONAL INVESTORS IN OTHER REGIONS
 Disclaimer (continued)

NOTICE TO RESIDENTS IN AUSTRALIA:

Issued in Australia by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230523 ("BlackRock Australia") to institutional
investors only. iShares® exchange traded funds (“ETFs”) that are made available in Australia are issued by BlackRock Australia, iShares, Inc. ARBN
125 632 279 and iShares Trust ARBN 125 632 411. BlackRock Australia is the local agent and intermediary for iShares ETFs that are issued by iShares,
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The information and opinions herein are provided for informational purposes only, are subject to change and should not be relied upon as the basis for
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This document is intended for information purposes only and does not constitute investment advice or an offer to sell or solicitation of an offer to buy the
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This document is solely for educational purposes and does not constitute advertisement of financial services targeted at investors in Japan. This
document is intended for information purposes only and does not constitute investment advice or an offer to sell or solicitation of an offer to buy the funds
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ONLY FOR ACCREDITED INVESTORS IN CANADA, QUALIFIED INVESTORS IN SWITZERLAND, [ 27 ]

AND PROFESSIONAL INVESTORS IN OTHER REGIONS
 Disclaimer (continued)
FOR INSTITUTIONAL AND PROFESSIONAL INVESTORS ONLY IN LATIN AMERICA:
In Latin America, for Institutional and Professional Investors only. This material is solely for educational purposes only and does not constitute an offer or a
solicitation to sell or a solicitation of an offer to buy any shares of any securities (nor shall any such securities be offered or sold to any person) in any
jurisdiction within Latin America in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. It is possible that
all or some of the funds mentioned or inferred to in this material have not been registered with the securities regulator of Brazil, Chile, Colombia, Mexico and
Peru or any other securities regulator in any Latin American country, and thus, might not be publicly offered, purchased or sold within any such country. The
securities regulators of such countries have not confirmed the accuracy of any information contained herein. No information discussed herein can be provided
to the general public in Latin America.

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The iShares ETFs are domiciled in Ireland, Switzerland and Germany. BlackRock Asset Management Schweiz AG, Bahnhofstrasse 39, CH-8001 Zurich, is the
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.
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BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES, are registered and unregistered trademarks of BlackRock, Inc. or its
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iS-17492-0116