MARKET INSIGHTS

2025 Fall Investment Directions: Rethinking diversification

Gargi Pal Chaudhuri, Kristy Akullian, CFA Aug 29, 2025 Equity

Exposures for today’s market

KEY TAKEAWAYS

  • We remain broadly constructive on U.S. equities but prefer a selective and nimble approach as macro data may soften.
  • In fixed income, we maintain our highest preference for income, where we see attractive all-in yield with limited duration risks. We prefer sourcing duration from the 3- to 7-year ‘belly’ of the curve.
  • We believe today’s regime — which has undermined traditional diversification benefits and foundational relationships — may endure due to key factors such as persistent inflation dynamics, policy action and fiscal imbalances. We feel a mix of digital assets, income strategies and international equities can help improve portfolio diversification.
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The foundational relationships that once anchored traditional portfolio construction are shifting — possibly making many traditional portfolios riskier overall. We believe this market regime may persist, with potentially profound implications for investors.

 

Hi, I’m Kristy Akullian, Head of iShares Investment Strategy, here with our top investment considerations for fall.

 

1. Investor sentiment has remained strong despite macro and geopolitical uncertainty... although we are seeing meaningful shifts in how investors have been building portfolios. We believe investors should consider being more deliberate in their search for diversification, perhaps considering alternative asset classes and strategies alongside traditional holdings like stocks and bonds.

 

2. We keep our preference for the 3-7 year belly of the curve in fixed income as we anticipate the Fed will begin cutting rates again in September but ultimately maintain moderately restrictive policy.

 

3. We remain broadly constructive on U.S. growth equities but favor a selective and nimble approach as macro data potentially softens.

 

4. A declining U.S. dollar has helped boost international returns, potentially indicating a structural relationship change that may require investors to reconsider the role of international equities in a portfolio.

 

Our full outlook lays out the macro backdrop and explores the potential opportunities across U.S. & international equities, fixed income, and ways to think about portfolio construction.

 

Thanks for watching. Check out the full report for specific product ideas designed to help you navigate the current regime.

 

Disclosures:
Source: Investor sentiment based on BlackRock client webinar polling done on August 5, 2025. Polling based on 2,402 unique respondents shown in response to questions about portfolio diversification in portfolios. Dollar represented by the DXY Curncy Index, and international returns represented by the MSCI EAFE Index, as of August 15, 2025.

 

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 nonproprietary 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. This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial professional before making an investment decision. This material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

 

Prepared by BlackRock Investments, LLC, member FINRA.

 

©2025 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

 

iCRMH0825U/S-4759382
Video 01:50

The foundational relationships that once anchored traditional portfolio construction are shifting — possibly making many traditional portfolios riskier overall. We believe this market regime may persist, with potentially profound implications for investors.

 

Hi, I’m Kristy Akullian, Head of iShares Investment Strategy, here with our top investment considerations for fall.

 

1. Investor sentiment has remained strong despite macro and geopolitical uncertainty... although we are seeing meaningful shifts in how investors have been building portfolios. We believe investors should consider being more deliberate in their search for diversification, perhaps considering alternative asset classes and strategies alongside traditional holdings like stocks and bonds.

 

2. We keep our preference for the 3-7 year belly of the curve in fixed income as we anticipate the Fed will begin cutting rates again in September but ultimately maintain moderately restrictive policy.

 

3. We remain broadly constructive on U.S. growth equities but favor a selective and nimble approach as macro data potentially softens.

 

4. A declining U.S. dollar has helped boost international returns, potentially indicating a structural relationship change that may require investors to reconsider the role of international equities in a portfolio.

 

Our full outlook lays out the macro backdrop and explores the potential opportunities across U.S. & international equities, fixed income, and ways to think about portfolio construction.

 

Thanks for watching. Check out the full report for specific product ideas designed to help you navigate the current regime.

 

Disclosures:
Source: Investor sentiment based on BlackRock client webinar polling done on August 5, 2025. Polling based on 2,402 unique respondents shown in response to questions about portfolio diversification in portfolios. Dollar represented by the DXY Curncy Index, and international returns represented by the MSCI EAFE Index, as of August 15, 2025.

 

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 nonproprietary 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. This material contains general information only and does not take into account an individual's financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial professional before making an investment decision. This material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

 

Prepared by BlackRock Investments, LLC, member FINRA.

 

©2025 BlackRock, Inc or its affiliates. All Rights Reserved. BLACKROCK, iSHARES, and the iShares Core Graphic are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

 

iCRMH0825U/S-4759382

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A BIG SHIFT IN PORTFOLIO CONSTRUCTION?

Modern portfolios are changing

Markets surged following publication of our Spring Investment Directions and investor sentiment has remained robust despite ongoing macroeconomic and geopolitical uncertainty.1 While we remain broadly constructive on U.S. equities, we believe that traditional portfolios may be riskier overall because of significant changes to foundational relationships2, including stock-bond correlations and the “safe haven” status of the U.S. dollar.

At the heart of asset allocation decisions lies the textbook relationship that stocks and bonds have had a negative correlation, meaning when stocks go down as company prospects deteriorate, investors often turn to bonds in search of safer assets. This has remained the core underpinning of a traditional portfolio’s most basic asset allocation breakdown.

But we believe this relationship has fundamentally shifted; less reliable correlations undermine the diversification benefits the two core asset classes provided each other.

Unlike previous episodes of temporary correlation spikes, we believe today’s alignment between stocks and bonds, as shown in Figure 1, reflects deeper structural forces: persistent inflation dynamics, policy action and fiscal imbalances. This all suggests this regime may endure and fundamentally alter portfolio risk profiles.

Figure 1: Positive stock/bond correlation has been persistent

Line chart depicting 12-month rolling correlation between the S&P 500 Index and the Bloomberg U.S. Aggregate Index.

Source: BlackRock, Bloomberg. 12-month rolling correlation between the S&P 500 Index and the Bloomberg U.S. Aggregate Bond Index. As of July 31, 2025. Correlation refers to the statistical relationship between the price movements of two or more assets, securities, or financial variables.

Chart description: Line chart depicting 12-month rolling correlation between the S&P 500 Index and the Bloomberg U.S. Aggregate Index, from 2011 through 2025.

IBIT

iShares Bitcoin Trust ETF

Seeks to reflect generally the performance of the price of bitcoin.

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Other, subtler, relationships appear to be shifting as well, further heightening the potential for risk. U.S. investors have long benefited from an overweight to domestic equities, but with an increased risk premium on the U.S. dollar, portfolios may benefit from exposure to international equities and digital assets. Within equity sleeves, the rise of AI has also meant a rise in U.S. index concentration, creating a need to source diversification elsewhere.3 Falling rates and sticky inflation create a challenge for investors seeking income, prompting us to consider short-dated TIPS and equity income as inflation conscious sources of cash flows. And within fixed income allocations, we feel how a portfolio sources duration is as important as how much there is overall, arguing for more active yield curve management than traditional benchmarks can offer.

As investors rethink their portfolio allocations, we believe there is room to carve out space for non-traditional approaches and exposures. We feel a mix of digital assets, income strategies and international equities can help improve portfolio diversification. (Learn more about the potential diversification benefits of bitcoin and gold.)

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WHAT’S THE OUTLOOK FOR U.S. EQUITIES?

‎Our macro outlook expects U.S. economic momentum to slow and inflation to be sticky, but we remain broadly constructive on U.S. equities and favor a selective and nimble approach as macro data potentially softens.

We anticipate the Fed to resume their easing cycle and gradually reduce overnight interest rates by 25 basis points starting in September.4 As front end rates move lower, we believe investors should seek income elsewhere. U.S. households held nearly $20 trillion in cash and other liquid assets in the first half of the year, and they’ve allocated more to cash than to stocks or bonds over the last three years.5

With some of that cash potentially moving into stocks, our view supports U.S. growth equities over value, based on an exceptionally strong fundamental outlook for U.S. tech companies benefitting from the ongoing AI capex wave.6

For the first time since the “Magnificent 7” term took hold, the cohort of mega-cap tech stocks underperformed broad U.S. equities in H1. But the Mag 7's 11% year-to-date return masks a 50% spread between top and bottom performers, potentially pointing to a new phase in the AI trade: market leadership is splintering, even at the top, as investors question legacy business models.7

DYNF

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Seeks to outperform the investment results of the large- and mid-capitalization U.S. equity markets.

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We believe this fractured leadership justifies an active approach to AI. The iShares A.I. Innovation and Tech Active ETF (BAI) is an actively managed strategy that aims to maximize total return by investing in high-conviction opportunities across the AI tech stack. Leveraging active insights, BAI dynamically navigates the evolving AI landscape seeking emerging growth potential.

Calls for an end or plateau to AI capex growth have been persistent, but we believe there is still plenty of room for spending.8 McKinsey estimates that by 2030, $5.2T will be invested in AI datacenters across chips/hardware, power and land.9 Estimates indicate roughly $320B was spent on AI datacenters in 2023 and 2024 combined.10

Tech and communication services have continued to lead in earnings beats and forward guidance, and we believe AI will continue to be the growth engine of U.S. equity markets. We also like tactically rotating to select sectors where fundamentals have remained robust. Financials remain our highest-conviction example where broadening out has taken shape. U.S. financials, particularly banks, have benefitted from regulatory tailwinds, sticky inflation and a backlog of investment banking activity: all themes reinforced by Q2 earnings commentary.

Equity market leadership necessitates a more granular and tactical approach to factor investing. For factor investing strategies, we still like quality at this stage in the economic cycle, but this year’s rapidly shifting sentiment and positioning indicators leave us with a preference for active rotation solutions. The iShares U.S. Equity Factor Rotation Active ETF (DYNF) employs such a strategy and aims to outperform a market cap-weighted benchmark across a variety of market environments.

Are expensive valuations justified?

Amid our preference for U.S. stocks, questions have consistently emerged about expensive valuations.

History shows that valuations have not been strong predictors of near-term performance. The market continues to clear all-time highs and currently trades at a 12% premium to its 5-year average forward price-to-earnings ratio.11 Since 2000, the correlation between the S&P 500’s forward P/E and its subsequent 6-month return has been negative 0.21, suggesting the relationship is weak.12

Further, while valuations may be high relative to historical averages, year-to-date returns for tech and growth companies appear to come from earnings growth — not multiple expansion. Valuations have been responsible for less than 4% of returns for these cohorts, as shown in Figure 2.

Figure 2: U.S. tech returns have been driven primarily by earnings

Sources of return YTD

Bar chart picturing a decomposition of year-to-date returns across Europe, Japan, Technology, U.S.

Source: Refinitiv, as of Aug. 26, 2025. U.S. small caps as represented by S&P 600 Index. U.S. value as represented by S&P 500 Value Index. Japan as represented by MSCI Japan Index. U.S. growth as represented by S&P 500 Growth Index. Technology as represented by S&P 500 GICS sector classification (S&P 500 Information Technology Sector GICS Level 1 Index), Europe as represented by MSCI Eurozone Index. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

Chart description: Bar chart picturing a decomposition of year-to-date returns across Europe, Japan, Technology, U.S. growth, S&P 500, S&P 500 ex tech, U.S. value, and U.S. small caps. The stacked bars show returns broken down by earnings, valuation, dividends and FX.

Importantly, we believe that as long as valuations remain supported by superior earnings growth, the market can sustain these levels. Our takeaways from second-quarter earnings reinforce that strength: it was one of the strongest seasons for earnings beats on record. Equally encouraging, 58% of companies raised full-year EPS guidance, double the pace seen in the first quarter.13

While we don’t prefer using rich valuations as a sell signal, we also caution against using cheap ones as an indicator to buy. U.S. small caps currently trade at a discount versus historical averages.14 But even as the Fed is expected to begin easing, we maintain our caution to small caps, which face twin headwinds:

  • Historically greater sensitivity to slowing economic growth, and;
  • Fundamentals that remain soft, with net margins not expected to return to pre-pandemic highs until 2026.15

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WHAT’S DRIVING INTERNATIONAL STOCKS?

‎International equities have led the way in gains this year, although many U.S. investors may have missed these higher returns. Home country bias may be costing investors: The average advisor allocates 77.5% of their equity portfolio to the U.S., up from 70% in 2018.16 Heightened international returns follow a supportive mix of fiscal and monetary spending abroad, a weaker dollar, and the possibility of interest rate reductions in the U.S. International equities can help build a well-diversified portfolio, particularly as they show potential for continued outperformance from dollar weakness. (Learn more about the outperformance of international stocks.)

Investors have started to correct for this underweight and are turning to international equities. Non-U.S. equity exposures now comprise 29% of total equity ETF flow YTD vs. 12% last year.17 We believe there are key reasons why there’s a strong appetite for non-U.S. exposure.

A declining dollar has historically lifted returns. We believe we are toward the beginning of a weaker dollar cycle, which has tended to boost international returns — potentially indicating a structural relationship change that requires investors to consider evolving portfolio construction. The dollar has long benefited from a cycle of robust U.S. growth and investment. But we think the structural bull market may be challenged amid current trade policy and demand for alternative reserve currencies.

Historical evidence underpins our view that foreign exchange moves in sustained, longer-term cycles: Since 1971, we’ve observed six completed dollar cycles, with an average duration of about eight years (Figure 3). If we are at the beginning of a longer-term cycle of dollar weakness, we see reason to reconfigure portfolios. Unhedged international equities may stand to benefit the most from ongoing currency weakness.

IXUS

iShares Core MSCI Total International Stock ETF

Seeks to track the investment results of an index composed of large-, mid- and small-capitalization non-U.S. equities.

BUY IXUS

Figure 3: We’re still early in the FX cycle

Length of U.S. dollar cycles since 1971

Bar chart depicting the length of U.S. dollar cycles, since 1971 (spanning seven different cycles).

Source: Bloomberg, FX cycle as determined by USD Index peak to trough as determined by BlackRock Investment Strategy. As of 7/24/25.

Chart description: Bar chart depicting the length of U.S. dollar cycles, since 1971 (spanning seven different cycles). The chart shows that across those instances, the longest cycle lasted 14.42 years, while the current cycle has lasted 2.75 years. 

International equities have proven to be better diversifiers to U.S. large caps than the small-cap overweight most financial advisors hold.18

That relationship has been emphasized in drawdown periods: since 2010, when the S&P 500 posted negative quarterly returns, small caps underperformed significantly — posting nearly double the losses of developed markets.19

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    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.

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FIXED INCOME: WHERE ARE THE OPPORTUNITIES?

‎We anticipate the Fed to resume their easing cycle and gradually reduce overnight interest rates by 25 basis points starting in September.20 Until there is more certainty on the passthrough of tariffs to consumer prices and the composition of the FOMC, [among other issues,] we believe that the market may test the Fed’s resolve to ease by pricing firmer rates on the long end of the yield curve and wider inflation expectations.

As stock-bond correlations diverge rapidly, investors have changed where they source duration and diversification. Given the current correlation backdrop we maintain our preference for the 3- to 7-year ‘belly’ of the yield curve. In our opinion, this rapid divergence also necessitates a more active oversight, even of core index holdings. ETF flows suggest that investors are abandoning the long end of fixed income markets; since November 2024, there have been over $5 billion in outflows from longer-term US Treasury ETFs vs. $69 billion of inflows into short-term US Treasury ETFs.21

Looking forward, we continue to believe the ‘belly’ may outperform the long end. The continued normalization of term premia and concerns over the longer-term fiscal profile of the U.S. have added to the negative outlook for longer-duration bonds. By contrast, the ‘belly’ is one of the steepest parts of the yield curve and with our focus on income and carry, we believe that the allure of returns from rolldown only improves the risk/return of the 3- to 7-year sector. We see this sector of the curve as offering a mix of downside insulation while also participating in the benefits of modest duration especially at a time when the Fed is likely to restart their easing cycle. Inflation expectations have remained elevated22 and we prefer shorter dated inflation linked bonds to seek to capture upside inflation risk in the near term via exposure to real rates.

We believe corporate credit investors should focus on income and carry rather than expecting significant spread tightening. Credit spreads look tight, but all-in yields have remained attractive, thanks to elevated risk-free rates. We favor selectively moving down in credit quality to seek more carry. Despite resuming the easing cycle, we believe the Fed will likely keep interest rates above neutral for longer. We see this providing an opportunity for investors to use active management strategies to seek to harness yield from high quality borrowers across diversified sectors in the fixed income markets.

International government bonds may offer an attractive alternative for U.S. investors. A portfolio of hedged, local-currency bonds from lower-coupon countries has often offered superior returns versus higher-yielding US Treasuries — thanks to the contribution that the currency hedge can make to total return.23 So even while 10-year government bonds issued by Germany, France and Italy may have lower yields in EUR terms, when that is swapped back into U.S. dollars, the realized yields have been higher than the yield on a US 10-year Treasury.24 Given the integration of global credit markets and similar structural issues confronting the outlook for both U.S. and European rate investors, we also prefer the 3- to 7-year portion of global bond yield curves.

BINC

iShares Flexible Income Active ETF

Seeks to maximize long-term income.

BUY BINC

Figure 4: Comparative 10-year government bond yields on a currency-hedged basis

Bar chart of currency-hedged 10 year yield across: the U.S., UK, Germany, Japan, Span, France, and Italy.

Source: JPMorgan and Bloomberg, as of July 31, 2025. Currency-hedged takes into consideration the impact of the 3-month FX cross-currency basis + domestic 3-month swap rate — foreign-currency swap rate.

Chart description: Bar chart of currency-hedged 10 year yield across: the U.S., UK, Germany, Japan, Span, France, and Italy.

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    ©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.

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    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.

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    ©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.

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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.

    Buy through your brokerage

    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.

    Buy now on Fidelity

    Contact your advisor

    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.

    Buy through your brokerage

    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.

    Buy now on Fidelity

    Contact your advisor

    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

Photo: Gargi Pal Chaudhuri

Gargi Pal Chaudhuri

Chief Investment and Portfolio Strategist Americas at BlackRock

READ BIO
Photo: Kristy Akullian, CFA

Kristy Akullian, CFA

Head of iShares Investment Strategy

READ BIO

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