Nasdaq Dorsey Wright

As we do each quarter, today we review the performance of the models covered in this report.

There are no changes to any of the iShares models this week. As we do each quarter, today we review the performance of the models covered in this report. After a strong finish to 2024, US equities stumbled in 1Q25 as tariff worries weighed on sentiment, leading the S&P 500 to a loss of 4.6% for the quarter. The iShares Sector Rotation Model (ISHRSECT) trailed is benchmarks, losing just under 7% as the model’s technology exposure hampered performance. The iShares Tactical Model (ISHRTACTICAL) finished the quarter in the red but outperformed both of its benchmarks. ISHRTACTICAL was aided by an underweight to technology and a 30% allocation to the iShares US Core Bond ETF (AGG) which was added late in the quarter.

While US stocks stumbled, it was a strong quarter for international equities as the iShares MSCI EAFE ETF (EFA) gained 8% and the iShares MSCI Emerging Markets ETF (EEM) gained 4.5%. The iShares International Model (ISHRINTL) outperformed both benchmarks gaining just over 11% for the quarter. ISHRINTL was buoyed by its exposure to Poland as the iShares MSCI Poland ETF (EPOL) gained 33% in Q1.

Bonds rose in Q1 as investors sought safety amid the uncertainty. The iShares US Core Bond ETF (AGG) gained a little over 2% on a price return basis. The iShares Fixed Income Model (ISHRFIXED) trailed its benchmark, gaining 1.2% in Q1.

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DISCLOSURE

**Unless otherwise stated, the performance numbers herein are based on price returns and do not include dividends or all transaction costs. Past performance is not indicative of future results. Potential for profits is accompanied by possibility of loss. BlackRock sponsors the Dorsey Wright iShares ETF Models. However, analysis, models and recommendations are created and provided solely by Dorsey, Wright & Associates (Dorsey Wright). Neither BlackRock, BlackRock Advisors and its affiliates, nor SEI Investments Distribution Co. or its affiliates (SEI) are affiliated with Dorsey Wright. Neither BlackRock nor SEI provides investment advice or recommendations regarding any security, fund or market. Analysis, models and recommendations should not be considered an offer to purchase or sell, or a solicitation of an offer to buy or purchase any security, including iShares. The examples presented do not take into consideration commissions, tax implications, or other transactions costs. No individual risk management tools are used in maintaining this model. This model may not be suitable for all investors. As the investment professional making the final decision with respect to allocations, remember to adhere to NASD Rules 2090 and 2111 (formerly NYSE Rule 405, Know Your Customer). The percentage of the portfolio devoted to any iShares strategy, as well as final individual weightings are at the sole discretion of the financial advisor and not Dorsey, Wright & Associates, BlackRock or SEI Investments Distribution Co. or its affiliates (SEI) . If you are not familiar with the Point & Figure methodology, we suggest you read "Point & Figure Charting, 4th Edition" by Thomas J. Dorsey or visit the PnF University at www.dorseywright.com. If you are not familiar with the iShares products, or Exchange Traded Funds (ETFs), we suggest you visit www.ishares.com for more information.