Blackrock Asset Management Deutschland AG
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BlackRock Asset Management Deutschland AG Annual Report for the year ended 30 April 2019 for the Investment Fund iShares MDAX® UCITS ETF (DE) Contents Notice and Note on Licences 3 Additional Information for Investors in Austria, France, the United Kingdom and Switzerland 4 Report of the Management Board 5 iShares MDAX® UCITS ETF (DE) 6 Fund Management Activity Report 6 Annual Report for iShares MDAX® UCITS ETF (DE) 8 Management Company and Depository 25 2 of 26 Notice The investment funds named in this report are governed by German law. Fund units are bought on the basis of the currently valid prospectus and investment conditions, supplemented by the most recent annual report concerned and also by the semi-annual report if such a report exists that is more recent than the last annual report. The annual and semi-annual reports were drawn up in German and translated into English. Only the German version is legally binding. Note on Licences Legal information The German iShares funds mentioned in this document are investment funds subject to the German Investment Code. These funds are managed by BlackRock Asset Management Deutschland AG and are regulated by the Federal Financial Supervisory Authority (BaFin). For investors in Germany The sales prospectuses of the funds issued in Germany are available free of charge electronically and in hard copy from BlackRock Asset Management Deutschland AG, Lenbachplatz 1, 80333 Munich, Germany, Tel.: +49 (0) 89 42729 – 5858, Fax: +49 (0) 89 42729 – 5958, [email protected]. Risk warnings The value of investments in all the iShares funds may fluctuate, and investors may not get back the amount invested. Past performance may not be repeated and is no guarantee of future returns. Investment risks from market and currency losses as well as high volatility and concentration risk cannot be excluded. Index – Disclaimers of liability MDAX® is a registered trademark of Deutsche Börse AG. © 2019 BlackRock, Inc. All rights reserved. BLACKROCK, iSHARES, BLACKROCK SOLUTIONS, ALADDIN, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, and BUILT FOR THESE TIMES are registered and unregistered trademarks of BlackRock, Inc. or its offices in the USA and other countries. All other trademarks are the property of the respective rights owner. 3 of 26 Additional Information for Investors in Austria, France, the United Kingdom and Switzerland The sales prospectuses, including investment terms and conditions, annual reports and semi-annual reports can be obtained, without charge, from the relevant paying agent and distributor. Paying Agent and Distributor in Austria: UniCredit Bank Austria AG Schottengasse 6-8 1010 Vienna, Austria Tax Representative in Austria: Ernst & Young Wagramer Str. 19 1220 Vienna, Austria Paying Agent and Distributor in France: BNP Paribas Securities Services 20, BD. des Italiens 75009 Paris, France Facility Agent in the UK: BlackRock Advisors (UK) Limited 12 Throgmorton Avenue London EC2N 2DL United Kingdom Paying Agent in Switzerland: State Street Bank International GmbH, Munich, Zurich branch Beethovenstraße 19 8027 Zurich, Switzerland Representative in Switzerland: BlackRock Asset Management Schweiz AG Bahnhofstrasse 39 8001 Zurich, Switzerland The prospectus, key investor information documents (KIIDs), investment conditions/articles of incorporation and the annual and semi-annual reports of the fund can be obtained free of charge on request from the representative of the fund in Switzerland. This also applies to the list of purchases/sales. Additional information for investors in countries outside Germany: Performance of the fund over the last three calendar years: 31/12/2015 – 31/12/2016: +6.34% 31/12/2016 – 31/12/2017: +17.14% 31/12/2017 – 31/12/2018: -18.24% 4 of 26 Report of the Management Board Dear Investors, BlackRock Asset Management Deutschland AG is looking back on challenging months in the 2018 period under review. In an uncertain market environment, particularly in the fourth quarter of 2018, private and institutional investors invested fewer new assets in exchange-traded index funds (ETFs) than in previous years. At the European level, iShares achieved 2018 net cash inflows of around USD 23.3 billion, or EUR 20.5 billion (previous year: USD 40.9 billion, or EUR 34.1 billion), BlackRock is the global market leader for ETFs under the iShares brand. Our ETF product range currently includes 335 iShares funds approved in Germany, providing investors here at home with easy and diversified access to a large number of worldwide markets and asset classes. Of these exchange-traded index funds, 55, i.e. around a sixth, are issued in Germany. The code (DE) in the fund name identifies them as such. As at 30 April 2019, the volume of assets under management for the German funds was EUR 39.6 billion. Within that, the volume of the 21 sub-funds permitted for public distribution was EUR 5.70 billion on the same reporting date. This annual report provides detailed information about the performance of our index funds. Institutional and private investors alike value iShares ETFs not only as building blocks that enable them to put their own investment ideas into practice in their portfolios, but as the funds become more widespread, demand also rises for ETF-based insurance solutions, ETF savings plans and EFT-based asset management products. In light of this, together with our partners we have developed models that enable different types of investor with differing risk/return profiles to create suitable asset inventories. Over the course of the period under review, this included developing sample portfolios for banks, various online brokers and digital asset management product providers, a.k.a. “Robo Advisors”. The listing of the first iShares ETFs on the Deutsche Börse (German Stock Exchange) in April 2000 forever changed the European investment landscape. ETFs have provided investors with new avenues in portfolio management through their high level of liquidity, efficiency and transparency. Today in Europe there are more than 2,300 ETFs, which are available in more than 20 countries from over 40 providers. As a provider from the outset, iShares retains its outstanding positioning on the European ETF market. We continue to invest in excellent service and products that meet the needs of our clients. We intend to develop our market leadership further through the continuous and innovative extension of our product range. Among the strategic competitive advantages of iShares ETFs are high market liquidity, narrow bid/ask spreads and a high level of precision in index replication. Please visit our website at www.iShares.de or call us on +49 (0) 89 42729 - 5858 for further information. We would like to thank you for your trust and we are looking forward to continuing to work together in partnership. Your BlackRock Asset Management Deutschland AG Directors, Dirk Schmitz Harald Klug Peter Scharl 5 of 26 Annual Report for iShares MDAX® UCITS ETF (DE) for the period under review from 01/05/2018 to 30/04/2019 Fund Management Activity Report Investment objectives and policies The investment fund iShares MDAX® UCITS ETF (DE) is an exchange-traded index fund (ETF) that tracks the performance of the MDAX® index as closely as possible. The index tracks 60 medium-sized companies in all industries, which are directly related to the 30 DAX ® securities in terms of market capitalisation and stock exchange turnover and are listed in the Prime Standard segment of the Frankfurt Stock Exchange. Companies that have their registered office or operational headquarters in Germany or foreign companies that focus on trading on Xetra® and have their registered office in an EU or EFTA State qualify for the index. The product represents market capitalisation based on the current share price and the total number of shares of a company. The investment fund invests directly in the securities included in the index in proportion to their weighting in the index and maintains the lowest possible liquidity ratio. To replicate the index, the investment fund invests directly in the securities in the index under a passive investment approach. Structure of the investment fund with regard to investment objectives and significant changes during the reporting period The duplication percentage of the fund in comparison with the benchmark index was 99.950% at the end of the reporting period. Inflows during the reporting period were also invested in line with the weighting of the shares in the index. Dividends are accumulated in the fund. The fund may enter into securities lending transactions. iShares MDAX® UCITS ETF (DE) is an accumulating fund in which the dividends received in the previous financial year are reinvested. The realised profits and losses are primarily the result of transactions involving equities that were carried out as a consequence of changes in indices, corporate actions and the redemption of shares. Changes to the index published by the index provider were directly taken into account in the fund. New inclusions Carl Zeiss Meditec AG Inhaber-Aktien o.N. DE0005313704 MorphoSys AG Inhaber-Aktien o.N. DE0006632003 Commerzbank AG Inhaber-Aktien o.N. DE000CBK1001 Qiagen N.V. Aandelen op naam EO 0.01 NL0012169213 Bechtle AG Inhaber-Aktien o.N. DE0005158703 Sartorius AG Vorzugsaktien o.St. o.N. DE0007165631 Telefónica Deutschland Hldg AG Namens-Aktien o.N. DE000A1J5RX9 Knorr-Bremse AG Inhaber-Aktien o.N. DE000KBX1006 Siemens Healthineers AG Namens-Aktien o.N. DE000SHL1006 Dialog Semiconductor PLC Registered Shares LS 0.10 GB0059822006 PUMA SE Inhaber-Aktien o.N. DE0006969603 1&1 Drillisch AG Inhaber-Aktien o.N. DE0005545503 Evotec SE Inhaber-Aktien o.N. DE0005664809 Software AG Namens-Aktien o.N. DE000A2GS401 Delivery Hero SE Namens-Aktien o.N. DE000A2E4K43 freenet AG Namens-Aktien o.N. DE000A0Z2ZZ5 Siltronic AG Namens-Aktien o.N. DE000WAF3001 Scout24 AG Namens-Aktien o.N. DE000A12DM80 Nemetschek SE Inhaber-Aktien o.N.