Pricing and Liquidity of Fixed Income ETFs in the Covid-19 Crisis of 2020

Price Discovery: Large Premiums/Discounts Do Not Persist ETF Price Reflects Real- Time, Actionable Value for Portfolio. BlackRock ETF Price - NAV 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% Bond ETF Prices and NAV Converge As Markets Normalize, March 2020 03/01 03/03 03/05 03/07 Price Innovation in NAV tends to lag. 03/09 03/11 -FLOT LQD -MUB Source: BlackRock, Bloomberg. 3/31/20 03/13 03/15 03/17 03/19 03/21 HYG -TLT 03/23 Convergence occurs once volatility / lag effects dissipate 03/25 03/27 03/29 03/31 Net Asset Value ICRMH0920U-1319728-7/13

View entire presentation