1. The Challenge: Difficulty Accessing Niche Sectors
痛点：吞咽低效率的成本
新兴市场经常发挥固定收益组合中的多元化的作用 - 但在什么费用？个人新兴市场债券贸易平均差价40 bps1那but some investors feel that accepting these costs is the only way to achieve the diversification the bonds provide.
2。The Challenge: Balancing Investment Performance with Liquidity Management
痛点：性能拖动
With an averagebid/ask spread of 35 bps1那frequent trading in individual high-yield bonds doesn’t come cheap. To avoid these high costs, a high-yield manager might use a cash sleeve for all-important liquidity management – but that, in turn, can lead to performance drag.
了解邦德ETF如何用作流动性套筒，可能有助于改善流动性管理。
3。The Challenge: Potentially Enhanced Yield Profile of Cash Allocation
痛点：过度的现金拖动
流动性是保险公司的头脑 - 但个人债券可能没有保险业准则所需的必要流动性。稀少个人债券流动性的结果是保险公司可能会持有多余的现金。
The above represent just three examples of how bond ETFs can help investors create solutions in a challenging fixed income market. Among the tools investors can potentially utilize, iShares bond ETFs are particularly versatile. More than 100 iShares bond ETFs seek to track various fixed-income sectors and segments of the global bond market. Holdings can include bonds of various types, such as TIPS, MBS, munis and corporate bonds, as well as duration lengths and credit quality. In short, iShares bond ETFs offer simple, fast, and efficient access to the fixed income market.
1Source:黑石as of 12/31/2019. All trade costs are estimates and not guarantees. Average spread is estimated by the average bid/ask spread.
仅供机构使用 - 不适用于公共发行
在投资前仔细考虑资金的投资目标，危险因素和费用和费用。可以在资金招股说明书中找到此类和其他信息，或者如果可用，则可以通过访问可以获得的摘要招股说明书www.ishares.com.orwww.blackrock.com.在投资之前仔细阅读说明书。
投资涉及风险，包括校长可能损失。
案例研究仅显示了说明性目的。这并不是作为未来结果或经验的保证。这些信息不应依赖于研究，投资建议或有关的建议
ishares资金或特别是任何安全。
固定收入风险包括利率和信用风险。通常，当利率上升时，债券值的相应下降。信用风险是指债券发行人将无法制定本金和利息的可能性。
非投资级债务证券（高收益/垃圾债券）可能会受到更大的市场波动，违约风险或收入损失和校长的股票和均优于较高的证券。如果优惠券汇率不跟上可比市场利率，则具有浮动或可变利率的证券可能会下降。当基金持有的大多数债务工具将具有浮动或可变利率，基金的收入可能会下降。联邦存款保险公司或任何其他政府机构的投资没有被投保或保证，其返回和收益率将会在市场条件下波动。对固定收益基金的投资不等同，涉及与现金投资无关的风险。
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.
这些信息不应依赖于研究，投资建议或有关任何产品，战略或任何安全的建议。这种材料严格用于说明性，教育或信息目的，可能会有所变化。ETF股份的交易可能导致经纪佣金，并将产生税收后果。所有受监管的投资公司都有义务向股东分配投资组合。没有保证ETF的股票的积极交易市场将发展或维持。
Ishares资金由Blackrock Investments，LLC（与其附属公司）一起分发，“Blackrock”）。
伊斯兰斯基金资金未得到赞助，由JPMORGAN Ch亚博篮球怎么下串ase＆Co，或Markit Indices Limited批准，签发，销售或宣传，也不是这些公司对投资资金投资的可取性作出任何代表性。Blackrock没有附属于上面列出的公司。
©2020 Blackrock。ishares.and黑石是Blackrock的注册商标。所有其他商标都是其各自所有者的财产。
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