Exchange-traded funds ETFs

5The Fund’s adviser has contractually agreed, through at least October 31, 2026, to waive its management fee to 0.75% of the Fund’s average daily net assets. This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory and other services. Additional information is available in our Client Relationship Summary (Form CRS) (PDF).

Our asset management capabilities include mutual funds, ETFs, SMAs, model portfolios, indexing and insurance solutions, and more. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. On the other hand, while ETNs also trade like stocks, they’re more similar to corporate bonds in that they’re debt issued by a financial institution and subject to the credit risk of that issuer. Unlike a mutual fund or ETF, an ETN has no underlying portfolio of assets. Index performance returns do not reflect any management fees or expenses. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider.

Asset Class

Those that are actively managed rely on a fund manager to make decisions for the fund in accordance with an investment strategy rather than tracking an index. Actively managed products might have higher expense ratios than similar products tracking an index, which has the potential to eat into returns over time. While some actively managed ETFs are required to disclose their holdings on a daily basis, others disclose such information periodically like mutual funds. The performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Be sure to compare an ETP’s market price with published estimates of its value (such as an intraday indicative value) and also consider order types other than market orders. Public sources, as well as your investment professional, generally can provide timely information on the extent to which an calvenridge canada ETP’s current market price might be at a premium or discount to its estimated value. As with other investments, you can make money with ETPs if you sell for more than you paid. Investors can buy and sell ETP shares throughout the trading day, at prices that may fluctuate. Like with stocks, ETP investors are typically faced with a bid-ask spread. This might be almost zero for some ETPs but much wider for other products, so do your homework.

Finding ETFs (webinar)

BlackRock expressly disclaims any and all implied warranties, including without limitation, warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose. The return on an ETN generally depends on price changes, if the ETN is sold prior to maturity, or on the payment, if any, if the ETN is held to maturity or redeemed. Historically, the vast majority of ETP activity has occurred in the secondary market, which is where most retail investor trades occur.

• Like stocks, ETPs are listed on a securities exchange, are publicly traded throughout the day and have prices that can fluctuate based on market forces.
• An ETP’s price also might diverge significantly from the underlying value of its portfolio if, for example, there’s a disruption in the share redemption or creation process.
• The amounts shown above are as of the current prospectus, but may not include extraordinary expenses incurred by the Fund over the past fiscal year.
• 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.
• Amounts are rounded to the nearest basis point, which in some cases may be “0.00”.
• Institutional Separate Accounts and Separately Managed Accounts are offered by affiliated investment advisers, which provide investment advisory services and do not sell securities.

Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. Before investing consider carefully the investment objectives, risks, and charges and expenses of the fund, including management fees, other expenses and special risks. This and other information may be found in each fund’s prospectus or summary prospectus, if available. Always read the prospectus or summary prospectus carefully before you invest or send money. ETPs can provide diversification, flexibility and exposure to a wide array of markets at a relatively low cost.

Funds

The amounts shown above are as of the current prospectus, but may not include extraordinary expenses incurred by the Fund over the past fiscal year. Amounts are rounded to the nearest basis point, which in some cases may be “0.00”. For more information about the tax treatment of a particular ETP, make sure to read the prospectus or pricing supplement.

In addition, asset types and investment strategies previously only available to more sophisticated investors have been increasingly made available more broadly to investors through ETPs. But as is the case with any investment product, it pays to be informed and understand the risks before making any financial decisions. ETPs that invest in commodities, currencies or related futures may be structured differently, and some may even be registered under the Investment Company Act of 1940.