iShares iBonds Dec 2035 Term Corp - EUR · XETR:35AI
iShares iBonds Dec 2035 Term Corp - EUR — iShares — 2026 thematic outlook stamped
22 slides from iShares iBonds Dec 2035 Term Corp - EUR's investor presentation, Mar 18, 2026
Slide 1: 2026 Thematic Outlook
2026 THEMATIC OUTLOOK Charting the themes impacting markets GPS0326-5306708-EXP0327-1/22
Slide 2: Key Takeaways
KEY TAKEAWAYS 1. Themes continue to drive markets as Over the past 12 months, themes have driven markets in they converge in new and increasingly unprecedented ways. From AI, to cryptocurrency, to geopolitical impactful ways fragmentation and infrastructure. Our 2026 Thematic outlook explores 10 key
Slide 3: Themes continue to drive markets as they are...
THEMES CONTINUE TO DRIVE MARKETS AS THEY ARE…. MAKING HISTORY IMPACTING BEHAVIORS GROWING Themes like crypto remain BIG top of mind for investors One study found- with iShares Bitcoin Trust “Sector & Thematic” funds ETF (IBIT) remaining the 2025 marked the highest accounted for 44% of fastest growin
Slide 4: ...and are becoming key tools in portfolio construction
…AND ARE BECOMING KEY TOOLS IN PORTFOLIO CONSTRUCTION While advisor use of thematics have remained steady, BlackRock model portfolios have accelerated their thematic allocations to complement index, factor and alpha exposures. BlackRock Target Allocation ETF 60/40 Model % Allocation to Themes Av
Slide 5: Capturing nuances within themes is crucial
CAPTURING NUANCES WITHIN THEMES IS CRUCIAL Themes like tightening consumer spending highlight both opportunities and risks within consumer sectors- distinguishing the importance of identifying resilient companies from those more exposed to spending pullbacks. Dollar stores may benefit as consumers m
Slide 6: Compute & Conflict
Number of users & depth of usage must be considered to understand AI’s full growth potential But ongoing fears around AI’s spending may be overstated COMPUTE & CONFLICT From physical to digital; defense spending cannot be ignored The shape of defense continues to evolve across autonomous systems and
Slide 7: Checking the AI fuel gauge: token counts on the rise
CHECKING THE AI FUEL GAUGE: TOKEN COUNTS ON THE RISE Think of tokens as AI’s fuel: more computing power or tasks requires more tokens. More complex tasks (not just more users) Token intensity rises sharply as AI moves are driving the next leg of compute demand beyond chat and into reasoning Key term
Slide 8: AI's growth has been momentous, but bubble fears may be overstated
AI’S GROWTH HAS BEEN MOMENTOUS, BUT BUBBLE FEARS MAY BE OVERSTATED All eyes have been on the AI revolution amidst fears of entering “bubble” territory. But the data tells a different story. AI spending is more moderate when …and strong AI stock returns have been put into a historical lens… supported
Slide 9: Defense spending and its impact on the global economy may be overlooked
DEFENSE SPENDING AND ITS IMPACT ON THE GLOBAL ECONOMY MAY BE OVERLOOKED Construction related to AI infrastructure accounts for about 1% of GDP yet has attracted significantly more focus than defense, even as global military spending tracks 4x higher. Investor attention could increase as new defense
Slide 10: Especially as the shape of defense continues to change
ESPECIALLY AS THE SHAPE OF DEFENSE CONTINUES TO CHANGE Emerging critical technologies saw large increases in the 2026 DoD Budget Request, with spending on space tripling and computing and intelligence doubling since 2020. U.S. Department of Defense technology acquisition spend by system ($B) FY 20
Slide 11: Pipes & Power
Infrastructure is linking economic ambition with real-world capacity PIPES For AI infrastructure, power availability & reliability remains a key constraint & POWER But where will that power come from? The answer varies across different regions U.S. natural gas is a pivotal energy source both domesti
Slide 12: Global opportunities continue to emerge in infrastructure
GLOBAL OPPORTUNITIES CONTINUE TO EMERGE IN INFRASTRUCTURE Driven by AI compute, national security, energy demand, and supply-chain resilience, infrastructure is the connective tissue linking economic ambition with real-world capacity. Cumulative infrastructure investment is expected to reach over $1
Slide 13: Mapping the challenge: power availability remains a key constraint in AI infrastructure
MAPPING THE CHALLENGE: POWER AVAILABILITY REMAINS A KEY CONSTRAINT IN AI INFRASTRUCTURE On average, it takes 8-10 years to build new power transmission lines, vs 1.5 years to build a new data center1, meaning the path to least resistance may be building in areas of the country with healthy grids. Th
Slide 14: Where will new power generation come from?
WHERE WILL NEW POWER GENERATION COME FROM? Not all regions are betting on the same power mix. Projected growth in power generation by type 2025-2027 Compound Annual Growth Rate (CAGR) % Nuclear Coal Gas Other non-renewables Total renewables Total generation 20% 5.0% 2.1% 1.7% 4.4% 3.7% 1
Slide 15: U.S. natural gas is a pivotal energy source, globally
U.S. NATURAL GAS IS A PIVOTAL ENERGY SOURCE, GLOBALLY Natural gas supplies 1/3 of the United States’ primary energy consumption1 and is priced nearly 70% lower than the European average2, making it crucial for both domestic supply & international demand. The largest gas pipeline boom in ~ 20 years i
Slide 16: What's next? New ways to access markets
WHAT’S NEXT? The lines between public & private investments are starting to blur - especially in the AI space NEW WAYS TO ACCESS The rise of stablecoins may open opportunities to go beyond cash into tokenized assets like private credit MARKETS 16 GPS0326-5306708-EXP0327-16/22
Slide 17: AI's scale requires both public & private investment
AI’S SCALE REQUIRES BOTH PUBLIC & PRIVATE INVESTMENT Flexibility in funding solutions is especially valuable for capex-intensive themes like AI. Companies may be staying private for longer… …and 2025 was a monumental year Number of tech IPOs for private AI investments 400 350 $150B $40B Raised by AI
Slide 18: Could Ethereum represent the toll road to tokenization?
COULD ETHEREUM REPRESENT THE “TOLL ROAD” TO TOKENIZATION? The rise of stablecoin adoption may be indicative of tokenization in action, and blockchains like Ethereum could be poised to benefit. Key terms: Tokenized assets: reflect ownership rights in token format that can be traded, settled, and reco
Slide 19: Conclusion
CONCLUSION Thematic investments continue to grow in size, scale, and influence with themes Meanwhile infrastructure is increasingly bridging the gap between economic converging across compute & conflict and pipes & power. With mega forces likes ambition and real-world capacity, and rising investment
Slide 20: Contributors
CONTRIBUTORS Brendan Easter Matt Kunke Kevin Li Thi Hoang Thematic Strategist Digital Assets Strategist Thematic Strategist Thematic Strategist Balfe Morrison Sam Edgerley Kristy Akullian, CFA Samuel McClellan, CFA Head of Listed MASS, Strategist Head of iShares Investment Strategist Infrastructure
Slide 21: Important disclosures
Shares of the Trusts are not deposits or other obligations of or guaranteed by BlackRock, Inc., and its affiliates, and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency. The sponsor of the Trusts is iShares Delaware Trust Sponsor LLC (the “Sponsor”). Blac
Slide 22: Alternative investments risk disclosures
Incorporating alternative investments into a portfolio presents the opportunity for significant losses including in some cases, losses which exceed the principal amount invested. Also, some alternative investments have experienced periods of extreme volatility and in general, are not suitable for al