Hong Kong-listed fintech firms surged 4.0% this week, boosted by cross-border payment developments. Strategic allocation in investing internationally into Asian digital finance is viewed as a key growth driver by institutional investors. Geoffrey Kendrick at Standard Chartered expects XRP (CRYPTO: XRP) to reach $12.50 by 2028, implying 325% upside from its current price of $2.95. That equates to returns of 62% annually during the next three years, a material slowdown from its return of 87% annually in the last three years. 1. Bloomberg. DXY U.S. Dollar Index performance YTD. As of June 23, 2025. Index performance is for illustrative purposes only. Index performance does 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. 2. Source: Morningstar, BlackRock, Aladdin. “Advisor models” data is as of 5/31/25. “BLK model” allocations as of 5/20/25. For illustrative purposes only. Allocation data compares the Target Allocation Hybrid with Alternatives 60/40 fixed income and alternative model holdings as of 2/27/25 to the average fixed income and alternatives sleeve across 4,984 “moderate” risk cohort models collected by BlackRock in the 12 months ending 4/30/25. Duration compares the average duration of the 4,984 “moderate” advisor models collected by BlackRock in the 12 months ending 4/30/25 with the Target Allocation. 3. Bloomberg, as of June 23, 2025, U.S. Dollar Spot Index. 4. BlackRock Systematic, as of June 23, 2025. Allocations are subject to change. The short position as measured by aggregated result of quantitative models across multiple signal speeds across all USD-related FX pairs. No proprietary technology or asset allocation model is a guarantee against loss of principal. There can be no assurance that an investment strategy based on the tools will be successful. Holdings subject to change. 5. Bloomberg, BlackRock, as of June 30, 2025. Analysis included as conducted by BlackRock’s Investment and Portfolio Solutions team, tracking FX cycles starting in August 1971 (with cycles starting on August 1971, October 1980, October 1985, January 1995, March 2002, April 2008, July 2014, January 2020, October 2022). 6. Magnificent 7 stocks representative of Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. As of June 23, 2025. Specific companies or issuers are mentioned for educational purposes only and should not be deemed as a recommendation to buy or sell any securities. Any companies mentioned do not necessarily represent current or future holdings of any BlackRock products. For actual fund holdings, please visit the respective fund product pages. 7. Source: Morningstar, as of June 23, 2025. 8. Bloomberg. As of June 23, 2025. 9. Source: Morningstar, BlackRock, Aladdin. “Advisor models” data is as of 5/31/25. “BLK model” allocations as of 5/20/25. For illustrative purposes only. Allocation data compares the Target Allocation Hybrid with Alternatives 60/40 fixed income and alternative model holdings as of 2/27/25 to the average fixed income and alternatives sleeve across 4,984 “moderate” risk cohort models collected by BlackRock in the 12 months ending 4/30/25. Duration compares the average duration of the 4,984 “moderate” advisor models collected by BlackRock in the 12 months ending 4/30/25 with the Target Allocation ETF 60/40 model portfolio duration as of 5/20/25. Advisor models collected by BlackRock are grouped into 5 risk cohorts for analysis, based on total equity allocation. Models in the “moderate” risk cohort are defined as any portfolio with an overall equity allocation of between 50-65%. BlackRock’s risk model data is supplemented by asset allocation and fund characteristic data from Morningstar. The portfolios analyzed represent a subset of the industry, and not its entirety. As such, there may be certain biases present in the data that reflect the advisors who choose to work with BlackRock to analyze their portfolios. See Important Notes slide for descriptions of each category. 10. Source: Morningstar, BlackRock, Aladdin. “Advisor models” data is as of 5/31/25. “BLK model” allocations as of 5/20/25. For illustrative purposes only. Allocation data compares the Target Allocation Hybrid with Alternatives 60/40 fixed income and alternative model holdings as of 2/27/25 to the average fixed income and alternatives sleeve across 4,984 “moderate” risk cohort models collected by BlackRock in the 12 months ending 4/30/25. Duration compares the average duration of the 4,984 “moderate” advisor models collected by BlackRock in the 12 months ending 4/30/25 with the Target Allocation ETF 60/40 model portfolio duration as of 5/20/25. Advisor models collected by BlackRock are grouped into 5 risk cohorts for analysis, based on total equity allocation. Models in the “moderate” risk cohort are defined as any portfolio with an overall equity allocation of between 50-65%. BlackRock’s risk model data is supplemented by asset allocation and fund characteristic data from Morningstar. The portfolios analyzed represent a subset of the industry, and not its entirety. As such, there may be certain biases present in the data that reflect the advisors who choose to work with BlackRock to analyze their portfolios. See Important Notes slide for descriptions of each category. 11. Bloomberg. As of June 23, 2025. 12. Bloomberg, as of June 23, 2025. Small caps represented by the Russell 2000 Index. Index performance is for illustrative purposes only. Index performance does 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. 13. Bloomberg, as of June 23, 2025. Small caps represented by the Russell 2000 Index. Index performance is for illustrative purposes only. Index performance does 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. 14. Source: Morningstar, BlackRock, Aladdin. “Advisor models” data is as of 5/31/25. “BLK model” allocations as of 5/20/25. For illustrative purposes only. Allocation data compares the Target Allocation Hybrid with Alternatives 60/40 fixed income and alternative model holdings as of 2/27/25 to the average fixed income and alternatives sleeve across 4,984 “moderate” risk cohort models collected by BlackRock in the 12 months ending 4/30/25. Duration compares the average duration of the 4,984 “moderate” advisor models collected by BlackRock in the 12 months ending 4/30/25 with the Target Allocation ETF 60/40 model portfolio duration as of 5/20/25. Advisor models collected by BlackRock are grouped into 5 risk cohorts for analysis, based on total equity allocation. Models in the “moderate” risk cohort are defined as any portfolio with an overall equity allocation of between 50-65%. BlackRock’s risk model data is supplemented by asset allocation and fund characteristic data from Morningstar. The portfolios analyzed represent a subset of the industry, and not its entirety. As such, there may be certain biases present in the data that reflect the advisors who choose to work with BlackRock to analyze their portfolios. See Important Notes slide for descriptions of each category. 15. Source: Morningstar, BlackRock, Aladdin. “Advisor models” data is as of 5/31/25. “BLK model” allocations as of 5/20/25. For illustrative purposes only. Allocation data compares the Target Allocation Hybrid with Alternatives 60/40 fixed income and alternative model holdings as of 2/27/25 to the average fixed income and alternatives sleeve across 4,984 “moderate” risk cohort models collected by BlackRock in the 12 months ending 4/30/25. Duration compares the average duration of the 4,984 “moderate” advisor models collected by BlackRock in the 12 months ending 4/30/25 with the Target Allocation ETF 60/40 model portfolio duration as of 5/20/25. Advisor models collected by BlackRock are grouped into 5 risk cohorts for analysis, based on total equity allocation. Models in the “moderate” risk cohort are defined as any portfolio with an overall equity allocation of between 50-65%. BlackRock’s risk model data is supplemented by asset allocation and fund characteristic data from Morningstar. The portfolios analyzed represent a subset of the industry, and not its entirety. As such, there may be certain biases present in the data that reflect the advisors who choose to work with BlackRock to analyze their portfolios. See Important Notes slide for descriptions of each category. 16. Source: Morningstar as of 6/30/2025, since inception upside and downside capture ratio shown for IQLT and it’s respective Morningstar category group, the Foreign Large Blend Morningstar Category. 17. Source: Morningstar, BlackRock, Aladdin. “Advisor models” data is as of 5/31/25. “BLK model” allocations as of 5/20/25. For illustrative purposes only. Allocation data compares the Target Allocation Hybrid with Alternatives 60/40 fixed income and alternative model holdings as of 2/27/25 to the average fixed income and alternatives sleeve across 4,984 “moderate” risk cohort models collected by BlackRock in the 12 months ending 4/30/25. Duration compares the average duration of the 4,984 “moderate” advisor models collected by BlackRock in the 12 months ending 4/30/25 with the Target Allocation ETF 60/40 model portfolio duration as of 5/20/25. Advisor models collected by BlackRock are grouped into 5 risk cohorts for analysis, based on total equity allocation. Models in the “moderate” risk cohort are defined as any portfolio with an overall equity allocation of between 50-65%. BlackRock’s risk model data is supplemented by asset allocation and fund characteristic data from Morningstar. The portfolios analyzed represent a subset of the industry, and not its entirety. As such, there may be certain biases present in the data that reflect the advisors who choose to work with BlackRock to analyze their portfolios. See Important Notes slide for descriptions of each category. 18. Insights from BlackRock client polling data, as of June 23, 2025. Findings are based on responses collected from a sample of 560 unique participants. Southeast Asian airline stocks gained 5.2% this month on rising passenger numbers post-pandemic. Analysts targeting investing internationally in travel sectors anticipate further upside as jet fuel prices stabilize.