Fixed-Income Strategies Before and After Retirement
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1 MARCH 25, 2015 Fixed-Income Strategies Before and After Retirement TD Ameritrade, Inc., member FINRA/SIPC. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.
2 Important Disclosures MARCH 25, 2015 Carefully consider the investment objectives, risks, charges and expenses before investing. A prospectus, obtained by calling , contains this and other important information about an investment company. Read carefully before investing. ETFs can entail risks similar to direct stock ownership, including market, sector, or industry risks. Some ETFs may involve international risk, currency risk, commodity risk, and interest rate risk. Trading prices may not reflect the net asset value of the underlying securities. Commission fees typically apply. Investments in bond funds are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Bonds and bond funds will typically decrease in value as interest rates rise. TD Ameritrade does not provide tax or retirement-planning advice. We suggest you consult with a qualified tax-planning or retirementplanning professional with regard to your personal circumstances. Past performance of a security, strategy or index is no guarantee of future results or success.. The material, views and opinions expressed in this presentation are solely those of the presenter and may not be reflective of those held by TD Ameritrade, Inc. The webcast is provided for general information purposes only and should not be considered an individualized recommendation or advice. TD Ameritrade makes no representations or warranties with respect to the accuracy or completeness of the information provided. Examples and recommendations presented by BlackRock should not be considered a recommendation or solicitation by TD Ameritrade to purchase or sell any specific security. TD Ameritrade and BlackRock are separate, unaffiliated companies and not responsible for one another s products, services or policies. This presentation includes a feature that allows recording of electronic (including audio) participant-shared content. By continued participation in this session you automatically consent to such recording, and the subsequent rebroadcast of any recording.
3 Speaker MARCH 25, 2015 Karen Schenone, CFA Fixed Income Strategist, BlackRock Works with ishares investors, creates content on fixed income markets and develops new fixed income ETF strategies Prior to joining BlackRock, she was an investment research analyst at Laird Norton Tyee, providing investment solutions for high net worth clients through asset allocation and security selection decisions Earned a Bachelors of Business Administration in Finance from The University of Texas at Austin and is a CFA Charterholder
4 Fixed Income Investing: What You Need to Know in Today s Market Karen Schenone, CFA ishares Fixed Income Strategy
5 Agenda Review of Current Market Environment Interest Rates Central Bank Activity Lower Oil Prices Introduction to Bond ETFs Basics Benefits How to Use Fixed Income ETFs in Your Portfolio Core Fixed Income Customized Portfolio Bond Ladders 5
6 Current Market Environment
7 Interest Rates Are Low Across the Globe Source: Thomson Reuters Datastream, BlackRock Investment Institute 3/10/2015 7
8 Interest Rates Are Low Across the Globe Source: Thomson Reuters Datastream, BlackRock Investment Institute 3/09/2015 8
9 Central Banks are a Large Source of Bond Demand Source: Thomson Reuters Datastream, Central Banks, BlackRock Investment Institute 3/4/2015 9
10 Individual Investors are Also Demanding Bonds 10
11 Bank Lending is Still Below Average Source: Thomson Reuters Datastream, National Statistics Office, BlackRock Investment Institute 3/10/
12 Low Gas Prices Benefit US Consumers Source: Thomson Reuters Datastream, EIA, BlackRock Investment Institute 3/9/
13 Employment Situation is Improving 13
14 Fed Trying to Balance Inflation and Full Employment Source: Thomson Reuters Datastream, EIA, BlackRock Investment Institute 3/10/
15 Introduction to Bond ETFs
16 What are bond ETFs? ETFs are funds that hold a portfolio of bonds (like a mutual fund) but trade like a stock. They are listed and traded on an exchange AMEX, NYSE Arca They provide exposure to segments of the fixed income market Broad markets, like the total US bond market (Barclays Aggregate Index) Targeted segments by sector, quality or maturity Most are index funds Consistent diversified exposure Track a specific index They are designed to be tax efficient ETF creation/redemption mechanism can reduce capital gains In 2014, only 6 ishares fixed income ETFs (out of a total of 72) paid capital gains
17 Why are fixed income ETFs different? Bond markets Equity markets In the over-the-counter (OTC) bond market, buyers and sellers negotiate one-on-one to reach a deal. Bonds can be hard to find, and an investor may get different prices from different brokers. This opaqueness Where can I find bonds? Can I get a good price? is a defining characteristic of the OTC bond market. Most stocks are traded on centralized exchanges, such as the NYSE. Through the exchange, investors can easily see execution prices throughout the trading day. Fixed income ETFs provide transparency to the bond market, allowing investors to trade bonds like stocks Fixed income ETFs allow investors to trade bonds like stocks
18 ishares bond ETFs offer key advantages Low cost Pay less to invest Diversification Access many bonds in a single trade Liquidity Get in and out when it counts Transparency Know exactly what you own every day Buying and selling shares of ETFs will result in brokerage commissions. Diversification may not protect against market risk or loss of principal. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained.
19 Bid/Offer Spread (bps) Low cost ishares ETFs offer market access for less Fees and Expenses The average bond mutual fund has a 1.00% expense ratio ishares ETFs have much lower expense ratios and do not charge front or back end sales loads Lower Transaction Costs Transactions costs, in the form of bid-offer spreads, can be high in the bond markets ishares ETFs tend to trade at much tighter bid-offer spreads than the underlying bond market Category Intermediate Term Bonds Municipal Bonds Avg. Mutual Fund ishares ETF 0.89% 0.09% (AGG) 0.92% 0.25% (MUB) High Yield 1.11% 0.50% (HYG) Emerging Market Bonds 1.22% 0.60% (EMB) ishares Bid/Offer Basket Bid/Offer* (est.) AGG TIP CSJ CRED LQD HYG 50 Fixed income ishares ETFs offer bond market access at a lower cost Sources: BlackRock, Bloomberg, Barclays, Morningstar, Investment Company Institute, as of 12/31/2014. Underlying bid/offer data based on actual spreads of underlying bonds. Buying and selling shares of ishares Funds will result in brokerage commissions.
20 Diversification ishares ETFs can offer access to hundreds of bonds With the ishares Core U.S. Aggregate Bond ETF (AGG), you can access the entire US investment grade bond market and over 1,700 bonds in a single trade. ishares Core U.S. Aggregate Bond Market ETF AGG Government Credit Securitized US Treasuries 35.8% Corporates 23.3% Mortgage-Backed Securities (MBS) 29.4% Issued and backed by the full faith and credit of the US government Issued by corporations to finance operations Backed by a pool of residential mortgage loans US Agencies 3.3% Non-Corporate Credit 6.1% Commercial Mortgage- Backed Securities 2.0% Issued by US government agencies that carry an explicit or implicit government guarantee Issued in the US by foreign governments, foreign agencies or municipalities that are subject to federal income tax (i.e. sovereigns, foreign agencies, supranationals and taxable munis). Backed by a pool of commercial mortgage loans Adjustable Rate Mortgages (ARMs) Backed by mortgage loans with adjustable interest rates 0.5% Source: BlackRock, as of 6/30/14. Allocations subject to change. Diversification may not protect against market risk or loss of principal.
21 Percent of Index Constituents 20-Day ADV ($mm) Liquidity ishares ETFs help address challenges with bond trading Most bonds do not trade daily The underlying bond market can be very illiquid and individual bonds can trade very infrequently. Most investment grade and high yield corporate bonds have historically traded fewer than half the days each month (see below). Average number of days bonds in the indexes traded each month Least liquid 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 4.8% 18.8% Most liquid Frequency of Bond Trades: 2014 Monthly Average 31.7% 29.9% 14.9% Number of Days Source: BlackRock, Markit iboxx, Trace. Data from 1/1/ /31/2014 for the Markit iboxx $ Liquid High Yield Index ( high yield ) and Markit iboxx $ Liquid Investment Grade Index ( investment grade ). ishares bond ETFs can trade millions every day LQD (ishares iboxx $ Investment Grade Corp) and HYG (ishares iboxx $ High Yield Corp) have experienced an increase in trading volumes (see below). Because ETFs trade on an exchange, investors can access bonds as easily as they can access stocks. 20-Day Average Volume ($MM) $900 $800 $700 $600 $500 $400 $300 $200 $100 $ HYG Source: Bloomberg, as of 12/31/2014 LQD ishares ETFs offer investors the ability to get in and out There can be no assurance that an active trading market for shares of an ETF will develop or be maintained.
22 Transparency ishares ETFs always allow you to know what you own Name % Net assets Market value ($) Maturity Credit rating Effective moody s / duration S&P Yield Yield to Coupon to maturity worst Sector Treasury Note 3.61 $535,685,274 5/15/14 Aaa/AA Treasuries Treasury Bond 2.63 $389,572,915 11/15/16 Aaa/AA Treasuries Treasury Note 2.35 $348,215,052 2/15/20 Aaa/AA Treasuries Treasury Note 2.02 $299,145,521 8/31/13 Aaa/AA Treasuries Treasury Bond 1.91 $283,734,717 8/15/19 Aaa/AA Treasuries Treasury Note 1.84 $272,946,996 7/31/13 Aaa/AA Treasuries Treasury Bond 1.52 $226,206,464 2/15/25 Aaa/AA Treasuries Treasury Bond 1.47 $218,174,303 2/15/40 Aaa/AA Treasuries Treasury Note 1.29 $191,851,744 9/30/14 Aaa/AA Treasuries Treasury Note 1.03 $153,397,455 10/31/17 Aaa/AA Treasuries Treasury Note 0.99 $146,481,825 9/15/13 Aaa/AA Treasuries Treasury Note 0.96 $142,980,321 8/31/16 Aaa/AA Treasuries FNMA benchmark notes 0.96 $141,786,372 5/11/17 Aaa/AA Agencies Treasury Note 0.53 $77,958,570 1/31/17 Aaa/AA Treasuries ishares ETFs offer daily insight into holdings Treasury Note 0.52 $77,764,553 12/31/14 Aaa/AA Treasuries FHLMC refer 0.5 $74,902,905 12/29/14 Aaa/AA Agencies Treasury Note 0.46 $68,307,868 9/30/15 Aaa/AA Treasuries Treasury Note 0.46 $67,848,644 8/31/16 Aaa/AA Treasuries FNMA 30-year 0.44 $65,354,601 6/1/39 Aaa/AA MBS pass-through FGOLD 30-year 0.44 $64,601,473 1/1/41 Aaa/AA MBS pass-through Treasury Note 0.43 $63,820,617 4/30/18 Aaa/AA Treasuries Treasury Note 0.43 $63,581,799 5/15/20 Aaa/AA Treasuries GSMS_07-GG $63,155,806 8/10/45 A1/BBB CMBS Sample screenshots are for illustrative purposes only. is-14707
23 How to Use Fixed Income ETFs in Your Portfolio
24 Build an efficient core bond portfolio Consider AGG or MUB as a portfolio anchor, depending on the tax status of your account AGG ishares Core U.S. Aggregate Bond ETF MUB ishares National AMT-Free Muni Bond ETF Broadly diversified across US Treasuries, agencies, MBS, credit and CBMS bonds Broadly diversified across states and bond type (general obligations, revenue and prefunded bonds) Most widely used benchmark for taxable fixed income managers Investment grade only Use as a portfolio anchor and diversifier AMT eligible bonds are not included Investment grade only Appropriate for tax sensitive investors Sample Portfolio Source: Morningstar. Sample portfolio for illustration only not indicative of any portfolio or investment. This information should not be relied upon as research, investment advice or a recommendation regarding the ishares Funds or any security in particular.
25 Customize portfolio by sector, duration or quality Fixed Income ETFs can be used to add targeted exposures to a fixed income allocation Sample Portfolio Adjust duration SHY: 1-3 year Treasuries FLOT: Floating rate notes CSJ: 1-3 year Credit TLT: 20+ year Treasuries CLY: 10+ year Treasuries 20% Add international exposure IGOV & ISHG: developed market Treasuries EMB: US-dollar denominated sovereigns LEMB: Local currency sovereigns CEMB: US-dollar denominated EM corporates EMHY: US-dollar denominated high yield corporates and sovereigns Add credit exposure LQD: investment grade corporate bonds HYG: high yield corporate bonds QLTA: corporate bonds rated A or higher QLTB: corporate bonds rated BBB to BB QLTC: corporate bonds rated B and lower Sample portfolio for illustration only--not indicative of any portfolio or investment. This information should not be relied upon as research, investment advice or a recommendation regarding the ishares Funds or any security in particular.
26 Implement your economic views in fixed income View Applied to stocks Applied to bonds Related Fixed Income ishares ETF Economic recovery starting Consumer cyclicals Growth stocks High yield bonds Investment grade corporate bonds HYG, SHYG LQD, SLQD Economic growth declining High quality stocks Consumer staples Dividend or value US Treasuries Agency Bonds Agency Mortgages GOVT, SHY, IEI, IEF, TLH, TLT AGZ MBB Reduce home country bias Developed markets Emerging Markets Developed market Treasuries Emerging Market Bonds ISHG, IGOV EMB, LEMB, CEMB, EMHY ishares ETFs allow you to easily express your views across different asset classes The strategies discussed are strictly for illustrative and educational purposes and should not be construed as a recommendation to purchase or sell, or an offer to sell or a solicitation of an offer to buy any security. There is no guarantee that any strategies discussed will be effective.
27 ETFs for Rising Rate Environments Strategy Investment Attributes Considerations ishares ETF Short Maturity Maturity range is typically less than 5 years Offer precise exposure to core, credit, high yield or US treasuries Lower yields than longer maturities Exposure to only the front end of the yield curve ISTB = Core Bonds SHY = US Treasuries SUB = Municipals STIP = TIPS SHYG = high yield Floating Rate Potential for coupon payments to keep up with inflation Less interest rate sensitive than fixed coupon bonds Coupons reset with changes in LIBOR Yields may be lower relative to longer maturity bonds FLOT = floating rate notes (investment grade) Bond Ladders Know approximate yield at purchase Duration declines over time Will need to reinvest when rungs of the ladder mature ibonds ETFs: Municipal 2015 to 2020 Corporate 2016 to
28 Coupon / Interest Rate (%) Floating Rate Notes Floating Rate Notes (FRNs) can potentially help protect the value of bond portfolios Income designed to increase when short-term rates rise Coupons on most floating rate notes reset quarterly FLOT ishares Floating Rate Note ETF FRN Coupon Resets During Last Fed Tightening Cycle COUPONS RESET WITH CHANGES IN LIBOR NOT FED FUNDS RATE Reset Formula Example: FRN Coupon = Index Rate (LIBOR) + Fixed Spread Coupon at Issuance = 0.25% % = 0.75% Coupon at First Reset = 0.50% % = 1.00% Coupon at Second Reset = 0.75% % = 1.25% - Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Sources: Barclays and Bloomberg as of 12/31/2013. Floating Rate Note Average Coupon Fed Funds Target 3 month LIBOR During Rising Fed Funds Rates FRN <5 Year Index Barclays US Aggregate Index Total Return (June 04-June 06) 3.50% 2.93% Standard Deviation of Returns 0.38% 2.85% Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. Coupon reset is for illustrative purposes only. 28
29 Potential Yield Bond Ladders Just Got Easier to Manage with ibonds ETFs ibonds ETFs offer investors an easier way to build and maintain bond ladders, and are designed to: Mature, like a bond. Investment grade bond portfolios with a specified maturity date. Like individual bonds, investors are exposed to less interest rate risk over time as ibonds ETFs approach maturity. Trade, like a stock. ibonds ETFs trade throughout the day on the exchange, so you are not subject to trading in the over-the-counter (OTC) bond market. Diversify, like a fund. Exposure to hundreds of bonds in a single fund. Designed to: MATURE, like a bond TRADE, like a stock DIVERSIFY, like a fund Manage a 5 Year Bond Ladder with just 5 ibonds ibonds ETF ibonds ETF ibonds ETF ibonds ETF ibonds ETF Create new bond ladders with ibonds ETFs Plug holes in existing ladders when bonds mature, get called or default Reinvest bond coupons into ibonds ETFs Year 1 Year 2 Year 3 Year 4 Year 5 For illustrative purposes only. Not meant to portray any specific fund yield. Suite Corporate IBDF IBDJ IBDH IBDK IBDL IBDM IBDN IBDO IBDP IBDQ Municipal IBMD IBME IBMF IBMG IBMH IBMI 29
30 Challenges with Traditional Bond Ladders and How ibonds Can Help Challenges Traditional Bond Ladders Benefits Ladders using ibonds Not Scalable: Difficult to manage multiple client portfolios Time consuming to research & monitor issuers Coupons, calls and maturities require reinvestment Scale: ibonds ETFs make it easy to establish and monitor portfolios for multiple clients Hard to Diversify: Requires bonds across sectors / credit ratings Selecting different bonds for each client leads to varied performance across accounts Diversification: ibonds ETFs provide exposure to a diversified pool of investment grade bonds in both municipals and corporates Declining Access to Bonds: Broker-dealers are holding less inventory on their balance sheets due to the regulatory environment Less than one-third of large corporate bonds trade daily 1 Access: gain efficient access to bonds through ibonds ETFs 1 Source: : Federal Reserve Bank of New York, Barclays, as of 3/31/2013. BlackRock, Markit iboxx, Trace. Data from 1/1/ /31/2013 for the Markit iboxx $ Liquid Investment Grade Index ( investment grade ). The strategies discussed are strictly for illustrative and educational purposes and should not be construed as a recommendation to purchase or sell, or an offer to sell or a solicitation of an offer to buy any security. There is no guarantee that any strategies discussed will be effective. 30
31 Consider ibonds to Target Specific Goals Reinvest Cash Flows into ibonds ETFs Plug holes in existing ladders when bonds get called Reinvest coupon or principal payments into long-dated maturity ibonds Add Liquidity to your existing portfolio ibonds can be bought and sold on the exchange If need to raise cash, sell ibonds and maintain bond holdings 2021 ibonds $100,000 bond portfolio with 5% coupons 2020 Bonds 2019 Bonds 2018 Bonds 2017 Bonds 2016 Bonds Annual Coupon Payments: $5000 Ford Motor 2018 Corporate Bond IBDH Potentially Boost Yield and Total Return by pairing ibonds with core bond strategies ishares Core U.S. Aggregate Bond ETF Broad Investment Grade Bonds Includes a diversified mix of issuers Credit quality: Investment grade only AGG ibonds ibonds ETFs Duration declines over time Muni and Corporate sectors available Credit quality: Investment grade only The strategies discussed are strictly for illustrative and educational purposes and should not be construed as a recommendation to purchase or sell, or an offer to sell or a solicitation of an offer to buy any security. There is no guarantee that any strategies discussed will be effective. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained. is FOR INSTITUTIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION 31
32 ishares ETFs and Mutual Funds: Key differences Criteria ishares ETFs Active Mutual Funds Performance goal Track a benchmark Outperform a benchmark Management Passive Active Performance risks Buying/selling shares Price to buy/sell Fees Tax impact* of buyers/sellers Holdings disclosure Performance may differ from benchmark Holdings not altered during rising/falling markets Intraday on exchanges Current market price, which may differ from NAV Expense ratio + transaction/ brokerage costs Shareholders only impacted by their own action Daily May not meet performance goal May underperform due to manager s holdings selection Once per day via fund company End-of-day NAV, less fees Expense ratio + any sales loads/redemption fees Shareholders may be impacted by all other shareholders actions Typically quarterly * Both vehicles are obliged to distribute capital gains to all shareholders.
33 ishares Core U.S. Aggregate Bond ETF (AGG) Top 10 Holdings Name Weight (%) Market Value BLACKROCK CASH CL PRIME SL AGCY $3,463,328,508 FNMA 30YR TBA(REG A) 2.71 $632,822,891 FNMA 30YR TBA(REG A) 1.96 $458,375,637 TREASURY NOTE 1.56 $364,955,656 FNMA 30YR TBA(REG A) 1.42 $332,150,179 TREASURY BOND 1.28 $298,318,722 TREASURY NOTE 1.22 $283,924,431 FGOLD 30YR TBA(REG A) 1.08 $251,232,057 TREASURY NOTE 1.07 $249,151,360 TREASURY NOTE 1.05 $244,343,757 Source: ishares.com data as of 3/16/15. Holdings subject to change. 33
34 Important information regarding ishares ibonds ETFs Investment in the ishares ibonds Corporate Term ETFs is subject to the risks of the other funds and ETFs (underlying funds) in which it invests. The ishares ibonds Corporate Term ETFs will incur acquired fund fees and expenses associated with its investments the underlying funds and additional fees associated with turnover in the underlying funds that are not included in the acquired fund fees and expenses. The ishares ibonds ETFs ( Funds ) will terminate on or about the month and year in each Fund s name. An investment in the Fund(s) is not guaranteed, and an investor may experience losses, including near or at the termination date. Unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, the Fund(s) will make distributions of income that vary over time. In the final months of each Fund s operation, as the bonds it holds mature, its portfolio will transition to cash and cash-like instruments. As a result, its yield will tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields in the bond market. Following the Fund s termination date, the Fund will distribute substantially all of its net assets, after deduction of any liabilities, to then-current investors without further notice and will no longer be listed or traded. The Funds distributions and liquidation proceeds are not predictable at the time of investment and the Funds do not seek to return any predetermined amount. 34
35 Important Notes Carefully consider the ishares Funds investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds prospectuses, and, if available, summary prospectuses, which may be obtained by calling iShares ( ) or by visiting Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Noninvestment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable. Securities with floating or variable interest rates may decline in value if their coupon rates do not keep pace with comparable market interest rates. The Fund s income may decline when interest rates fall because most of the debt instruments held by the Fund will have floating or variable rates. When comparing stocks or bonds and ishares Funds, it should be remembered that management fees associated with fund investments, like ishares Funds, are not borne by investors in individual stocks or bonds. The annual management fees of ishares Funds may be substantially less than those of most mutual funds. Buying and selling shares of ishares Funds will result in brokerage commissions, but the savings from lower annual fees can help offset these costs. Diversification and asset allocation may not protect against market risk or loss of principal. Shares of the ishares Funds may be sold throughout the day on the exchange through any brokerage account. However, shares may only be redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained. The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, BlackRock ). The ishares Funds are not sponsored, endorsed, issued, sold or promoted by Markit Indices Limited, nor does this company make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with Market Indices Limited BlackRock. All rights reserved. ishares and BLACKROCK are registered trademarks of BlackRock. All other marks are the property of their respective owners
36 MARCH 25, 2015 Fixed-Income Strategies Before and After Retirement Up next: Creating an Equity Income Stream for Retirement TD Ameritrade, Inc., member FINRA/SIPC. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank TD Ameritrade IP Company, Inc. All rights reserved. Used with permission
37 Important Disclosures MARCH 25, 2015 Carefully consider the investment objectives, risks, charges and expenses before investing. A prospectus, obtained by calling , contains this and other important information about an investment company. Read carefully before investing. ETFs can entail risks similar to direct stock ownership, including market, sector, or industry risks. Some ETFs may involve international risk, currency risk, commodity risk, and interest rate risk. Trading prices may not reflect the net asset value of the underlying securities. Commission fees typically apply. Investments in bond funds are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Bonds and bond funds will typically decrease in value as interest rates rise. TD Ameritrade does not provide tax or retirement-planning advice. We suggest you consult with a qualified tax-planning or retirementplanning professional with regard to your personal circumstances. Past performance of a security, strategy or index is no guarantee of future results or success.. The material, views and opinions expressed in this presentation are solely those of the presenter and may not be reflective of those held by TD Ameritrade, Inc. The webcast is provided for general information purposes only and should not be considered an individualized recommendation or advice. TD Ameritrade makes no representations or warranties with respect to the accuracy or completeness of the information provided. Examples and recommendations presented by BlackRock should not be considered a recommendation or solicitation by TD Ameritrade to purchase or sell any specific security. TD Ameritrade and BlackRock are separate, unaffiliated companies and not responsible for one another s products, services or policies. This presentation includes a feature that allows recording of electronic (including audio) participant-shared content. By continued participation in this session you automatically consent to such recording, and the subsequent rebroadcast of any recording.
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