Liquidity

When it comes to trading, iShares offers two types of advantages. First, as part of BlackRock, Inc. ("BlackRock"), an investment management firm with over US$3.3 trillion in assets under management*, iShares benefits from significant economies of scale and the access to market participants that come with being a visible market presence and a driver of large trading volumes. Investors can benefit from the ETF creation and redemption process, which allows an investor, through DBs, to theoretically create or redeem a large number of units, therefore giving them access to significant market depth. Second, BlackRock has invested heavily in proprietary analytics to evaluate trade execution performance and constantly strives to minimize these costs in seeking to preserve more of an investor's total return.

* As of March 31, 2010, BlackRock's assets under management total US$3.364 trillion