Nov 21, 2025 Equity
iSHARES TOP 20 U.S. STOCKS ETF
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iSHARES CORE MSCI EMERGING MARKETS ETF
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iSHARES A.I. INNOVATION AND TECH ACTIVE ETF
An active approach to artificial intelligence (AI) and tech, which seeks to maximize total return.
In the absence of macro data during the U.S. government shutdown, investors looked toward micro fundamentals for a read on the economy. Q3 earnings results pointed to continuing corporate resilience. The S&P 500 Index is on track to deliver 14% year-over-year earnings growth for the quarter.1 At the same time, management commentary has broadly followed a “no hire, no fire” theme, pointing to a softer labor market but a stable unemployment rate.
The quarter is on track for best year-over-year earnings growth since Q4 2021. Consensus estimates heading into the season called for 6% earnings growth.2 AI stocks remained the major driver of earnings (expected 24% YoY growth), and beneficiaries of the AI datacenter buildout have continued to exceed expectations and raise forward-looking guidance. But the strength is spilling over to areas outside of the AI theme as well. Non-AI companies in the U.S. are set to grow earnings by 9% YoY in Q3, led by strong beats within the financials and healthcare sectors.3
Source: Chart by GPS Investment Strategy, BlackRock, as of Nov. 19, 2025. AI and non-AI companies comprised by a custom basket by GPS Investment strategy. AI companies comprised of 47companies within the S&P 500. Non-AI companies are S&P 500 ex AI basket companies. Past performance does not guarantee future results.
Chart description: Bar chart comparing the estimated expectation versus actual change of earnings growth for Q3 on a year over year basis, for AI S&P 500 related companies versus non-AI S&P 500 companies.
The third quarter’s strength in earnings growth was not limited to the U.S. Emerging markets equities posted a strong quarter with 12% year-over-year growth for the MSCI Emerging Markets Index.4 Just as in the U.S., the gains were driven by AI-linked sectors. Emerging market IT companies (dominated by companies in the chip/hardware supply chain) delivered a 38% earnings growth rate, significantly above the index’s 10-year average of 18% YoY earnings growth.5
European companies haven’t delivered stellar growth, but earnings still have fared better-than-feared. Consensus estimates for EPS growth for the Stoxx 600 Index was -6% heading into the season, but with 85% of the index reported, the figure is expected to be -1%.6
Companies that fell short of Q3 expectations tended to see sharper declines than normal, while those that reported strong earnings were less likely to see a pop in share price during the week of earnings compared to previous quarters.7 We feel this may suggest signs of investor AI fatigue. Concerns surrounding risks in private credit, a hawkish Fed pivot, and AI bubbles all emerged over the course of earnings season, likely spurring a bout of profit taking in select companies.
But profit taking appears to be selective, as that runs counter to the trend in ETF flows, where we’ve seen a clear preference to buy the dip. Weekly U.S. equity ETF flows after a week where the S&P 500 was negative have been 17% higher this year than the average flow week. This trend persisted in the most recent bout of uncertainty: the week of November 10, U.S.-listed ETFs saw $26B of net inflows, which is 2x the average weekly flow in 2025.
Source: Chart by GPS Investment Strategy, ETF net flow data from Bloomberg, as of November 14, 2025. ETF groupings determined by Markit.
Chart description: Bar charts showing weekly net flows into US listed equity ETFs. The left hand chart shows the comparison of the average weekly equity flows compared to the average for weeks following a negative S&P 500 week for 2020 – 2024. The right hand chart shows the same comparison for 2025 YTD as well as flows for the week of November 10th, which followed a negative S&P week.
Looking forward, companies may be planning for a soft-landing in 2026: slower but steady growth, tariff noise that’s manageable (see What tariffs may mean for the economy and portfolios), and an AI build-out that has remained intact (see Are AI stocks in an bubble?). Most companies reporting largely reaffirmed or nudged up full-year 2025 guidance, with many management teams assuming modest rate relief and no abrupt break in growth.8 For broad market positioning context, see our most recent Investment Directions.
iShares ETFs are available to purchase through a brokerage account or with a financial advisor.
iShares funds are available through online brokerage firms. All iShares ETFs and ETPs trade commission free online through Fidelity.
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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.
Any links to third-party websites are provided for use at your own discretion. Each third party is solely responsible for the content presented and availability of its website. BlackRock does not control, monitor or maintain third-party websites, their content or the products/services they offer. Content may change without notice. When you leave BlackRock’s website and enter a third-party website, you will be subject to that site’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review those policies and notices on the third-party website.
Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.
The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
©2024 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, iBONDS, LIFEPATH, ALADDIN and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iCRMH1124U/S-3985892
iShares ETFs are available to purchase through a brokerage account or with a financial advisor.
iShares funds are available through online brokerage firms. All iShares ETFs and ETPs trade commission free online through Fidelity.
By clicking on the button below, you will leave BlackRock’s website.
Contact a financial professional to discuss how iShares ETFs and ETPs can fit in your investment portfolio.
Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.
Any links to third-party websites are provided for use at your own discretion. Each third party is solely responsible for the content presented and availability of its website. BlackRock does not control, monitor or maintain third-party websites, their content or the products/services they offer. Content may change without notice. When you leave BlackRock’s website and enter a third-party website, you will be subject to that site’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review those policies and notices on the third-party website.
Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.
The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
©2024 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, iBONDS, LIFEPATH, ALADDIN and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iCRMH1124U/S-3985892
iShares ETFs are available to purchase through a brokerage account or with a financial advisor.
iShares funds are available through online brokerage firms. All iShares ETFs and ETPs trade commission free online through Fidelity.
By clicking on the button below, you will leave BlackRock’s website.
Contact a financial professional to discuss how iShares ETFs and ETPs can fit in your investment portfolio.
Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.
Any links to third-party websites are provided for use at your own discretion. Each third party is solely responsible for the content presented and availability of its website. BlackRock does not control, monitor or maintain third-party websites, their content or the products/services they offer. Content may change without notice. When you leave BlackRock’s website and enter a third-party website, you will be subject to that site’s terms, policies and/or notices, including those related to privacy and security, as applicable. Please review those policies and notices on the third-party website.
Before engaging Fidelity or any broker-dealer, you should evaluate the overall fees and charges of the firm as well as the services provided. Free commission offer applies to online purchases of select iShares ETFs in a Fidelity account. The sale of ETFs is subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). For iShares ETFs, Fidelity receives compensation from the ETF sponsor and/or its affiliates in connection with an exclusive long-term marketing program that includes promotion of iShares ETFs and inclusion of iShares funds in certain Fidelity Brokerage Services platforms and investment programs. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Additional information about the sources, amounts, and terms of compensation can be found in the ETF’s prospectus and related documents. Fidelity may add or waive commissions on ETFs without prior notice.
The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
©2024 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, iBONDS, LIFEPATH, ALADDIN and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iCRMH1124U/S-3985892
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1 Source: Bloomberg, as of Nov. 14, 2025. Past performance does not guarantee future results.
2 Source: Bloomberg, as of Nov.14, 2025.
3 Source: Bloomberg, as of Nov.14, 2025.
4 Source: Bloomberg, as of Nov.14, 2025.
5 Source: Bloomberg, as of Nov.14, 2025.
6 Source: Bloomberg, as of Nov. 14, 2025.
7 Source: FactSet, as of Nov. 14, 2025. In Q3 2025, companies that surprised positively on EPS results rallied on average 0.4% compared to the 5-year average of 0.9%. Week of earnings as calculated by the two market days before through two market days after a company reported earnings.
8 Source: BofA Equity and Quant Strategy. As of 11/10/2025.
Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal.
Index performance is for illustrative purposes only. Index performance does not reflect any management fees, or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
This material is not 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 to adopt any investment strategy. The opinions expressed are as of the date indicated and 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. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any of these views will come to pass. Reliance upon information in this material is at the sole discretion of the viewer.
There can be no assurance that an active trading market for shares of an ETF will develop or be maintained.
AI technology relies on large data sets, which can lead to inaccuracies. Companies in AI face competition, rapid obsolescence, and depend on demand from various industries. Regulatory scrutiny could limit AI development, with data collection facing closer examination and potential fines. Country-specific regulations could also impact AI and big data companies.
International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/ developing markets or in concentrations of single countries.
Actively managed funds do not seek to replicate the performance of a specified index, may have higher portfolio turnover, and may charge higher fees than index funds due to increased trading and research expenses. There is no guarantee an active fund will meet its investment objective.
The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg, BlackRock Index Services, LLC, Cboe Global Indices, LLC, Cohen & Steers, European Public Real Estate Association (“EPRA® ”), FTSE International Limited (“FTSE”), ICE Data Indices, LLC, Nasdaq, Inc., NSE Indices Ltd, JPMorgan, JPX Group, London Stock Exchange Group (“LSEG”), MSCI Inc., Markit Indices Limited, Morningstar, Inc., Nasdaq, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), Nikkei, Inc., Russell, S&P Dow Jones Indices LLC or STOXX Ltd. None of these companies make any representation regarding the advisability of investing in the Funds. With the exception of BlackRock Index Services, LLC, who is an affiliate, BlackRock Investments, LLC is not affiliated with the companies listed above.
Neither FTSE, LSEG, nor NAREIT makes any warranty regarding the FTSE Nareit Equity REITS Index, FTSE Nareit All Residential Capped Index or FTSE Nareit All Mortgage Capped Index. Neither FTSE, EPRA, LSEG, nor NAREIT makes any warranty regarding the FTSE EPRA Nareit Developed ex-U.S. Index, FTSE EPRA Nareit Developed Green Target Index or FTSE EPRA Nareit Global REITs Index. “FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license.
©2025 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, iBONDS, LIFEPATH, ALADDIN, THE MARKET IS YOURS and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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