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ETF Expansion Rolls On

Greenwich Survey 2016

Over the past seven years, market intelligence firm, Greenwich Associates, has conducted an annual institutional ETF investor study, surveying hundreds of institutions in an effort to track and uncover ETF usage and adoption trends over time.

The results of the 7th annual Greenwich Associates U.S. ETF Study point to continued growth as existing users broaden usage to take advantage of the versatility of ETFs and new investors adopt the funds for the first time.

Five Trends Driving ETF Demand*


ETFs are being viewed as a new class of financial instrument
52% of institutions that use derivatives have replaced an existing derivative position with an ETF in the past year


Institutions are using smart beta ETFs to address challenges in their poffolios
The share of institutional ETF users investing in smart beta ETFs increased to 37% in 2016 from 31% in 2015


Demand for ETFs is being fueled by the growth in multi-asset funds
52% of asset managers in the study use ETFs as part of multi-asset funds, up from 35% in 2015


Bond ETF adoption is closing the gap on equity ETFs
In 2016, assets in U.S. domiciled bond ETFs grew by near 26% to $428 billion, outpacing the 18% growth in U.S. equity ETFs


Past impediments to institutional use are giving way
Fewer institutions are expressing concerns about ETF liquidity and expenses

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* Source: Greenwich Associates, 2017 ETFs: “Active” Tools for Institutional Portfolios

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.

There can be no assurance that an active trading market for shares of an ETF will develop or be maintained.

Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences. All regulated investment companies are obliged to distribute portfolio gains to shareholders.

Shares of the iShares Funds may be bought and sold throughout the day on the exchange through any brokerage account. Shares are not individually redeemable from the Fund, however, Shares may be redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

This study was sponsored by BlackRock.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock"). BlackRock is not affiliated with Greenwich Associates, LLC, or its affiliates.

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