As filed with the U.S. Securities and Exchange Commission on October 26, 2011
Securities Act File No. 033-97598
Investment Company Act File No. 811-09102
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 | x | |||
Pre-Effective Amendment No. | ¨ | |||
Post-Effective Amendment No. 157 | x | |||
and/or | ||||
REGISTRATION STATEMENT | ||||
UNDER | ||||
THE INVESTMENT COMPANY ACT OF 1940 | x | |||
Amendment No. 159 | ||||
(Check appropriate box or boxes) |
iShares, Inc.
(Exact Name of Registrant as Specified in Charter)
c/o State Street Bank and Trust Company
200 Clarendon Street
Boston, MA 02116
(Address of Principal Executive Office)(Zip Code)
Registrants Telephone Number, including Area Code (415) 597-2000
The Corporation Trust Company
1209 Orange Street
Wilmington, DE 19801
(Name and Address of Agent for Service)
With Copies to:
MARGERY K. NEALE, ESQ. | BENJAMIN J. HASKIN, ESQ. | ANDREW JOSEF, ESQ. | ||
WILLKIE FARR & GALLAGHER LLP |
WILLKIE FARR & GALLAGHER LLP |
BLACKROCK INSTITUTIONAL TRUST COMPANY, N.A. | ||
787 SEVENTH AVENUE | 1875 K STREET, NW | 400 HOWARD STREET | ||
NEW YORK, NY 10019-6099 | WASHINGTON, DC 20006-1238 | SAN FRANCISCO, CA 94105 |
Continuous
(October 26, 2011)
It is proposed that this filing will become effective:
x | immediately upon filing pursuant to paragraph (b) |
¨ | on pursuant to paragraph (b) |
¨ | 60 days after filing pursuant to paragraph (a)(1) |
¨ | on pursuant to paragraph (a)(1) |
¨ | 75 days after filing pursuant to paragraph (a)(2) |
¨ | on pursuant to paragraph (a)(2) of Rule 485. |
If appropriate, check the following box:
¨ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
This filing relates solely to the following Fund, a series of iShares, Inc.:
iShares MSCI All Country World Minimum Volatility Index Fund
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all the requirements for the effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 157 to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of San Francisco and the State of California on the 26th day of October 2011.
iShares, Inc.
By: |
| |
Michael Latham* | ||
President and Director | ||
Date: |
October 26, 2011 |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 157 to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
Michael Latham* |
President and Director |
Date: October 26, 2011 |
John E. Martinez* |
Director |
Date: October 26, 2011 |
George G. C. Parker* |
Director |
Date: October 26, 2011 |
Cecilia H. Herbert* |
Director |
Date: October 26, 2011 |
Charles A. Hurty* |
Director |
Date: October 26, 2011 |
John E. Kerrigan* |
Director |
Date: October 26, 2011 |
Robert H. Silver* |
Director |
Date: October 26, 2011 |
Robert S. Kapito* |
Director |
Date: October 26, 2011 |
Madhav V. Rajan* |
Trustee |
Date: October 26, 2011 |
/s/ Jack Gee |
Jack Gee |
Treasurer |
Date: October 26, 2011 |
/s/ Jack Gee |
* By: Jack Gee |
Attorney-in-fact |
Date: October 26, 2011 |
* | Powers of Attorney, each dated June 23, 2011, for Michael A. Latham, Charles A. Hurty, Cecilia H. Herbert, John E. Kerrigan, Robert H. Silver, George G.C. Parker, John E. Martinez, Madhav V. Rajan and Robert S. Kapito are incorporated herein by reference to PEA No. 132. |
EXHIBIT INDEX
Index No. |
Description of Exhibit | |
EX-101.INS | XBRL Instance Document | |
EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase | |
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Document Type | dei_DocumentType | 485BPOS |
Document Period End Date | dei_DocumentPeriodEndDate | Oct. 06, 2011 |
Registrant Name | dei_EntityRegistrantName | iSHARES INC |
Central Index Key | dei_EntityCentralIndexKey | 0000930667 |
Amendment Flag | dei_AmendmentFlag | false |
Document Creation Date | dei_DocumentCreationDate | Oct. 06, 2011 |
Document Effective Date | dei_DocumentEffectiveDate | Oct. 07, 2011 |
Prospectus Date | rr_ProspectusDate | Oct. 07, 2011 |
"+ text.join( "
\n" ) +"
" + text[p] + "
\n"; } } }else{ formatted = '' + raw + '
'; } html = ''+ "\n"+''+ "\n"+''+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+' | '+ "\n"+'
'+ "\n"+' | '+ "\n"+' '+ "\n"+'
'+ "\n"+' | '+ "\n"+' '+ "\n"+'
Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Prospectus Date | rr_ProspectusDate | Oct. 07, 2011 |
' MIQ1$6$161$SLF$8=7X]2CU-!1&('."Y=ZB]9S:\4^S5!U7(5T1 M-+'#'B] %("[UB84Q"X>N.N)D31'BI'$8%1!?LX#X M9/F4^N#<,U`=+$1.-`,N=M@E\A3RF$RW;0LOH+((G=CQE\CIYTSIQ'7F+"X4 M)T]"9-NW!6$!=1%&\2^A9+Y^TI(V,4]*1$/LX`OW$M(6)MNU@5'!-E#L@`MW M^-SUR(7KD*=D2L^'VP`G6TS$1.Q825"(7,=D18AZUL(BYC4+ZSIAX"O-,B[. M8.+ZRI$"ZXJ@B1TTB78\/W;,2T(7+EUA]O@,WJ1.?3CEGZ,ZR)(*(Z1BATYV M/(8\T3+-50=97%S$4.SK*CM^?W:"$8+/])QX24L14RQ;1"Y?5P0-]+Y*E8TP M]@D&VI.VO^C$0IJVA<60+P$KOH5%L1THZE\3E&0@[4**<7\RZ@\&8@I_>BAS METP\^QT6;NU`TT`=O,3R_:['[SK#'F&__!]02P,$%`````@` 2RI M3GDLJ4YU>`L``00E#@``!#D!``#M65UOVS84?1^P_\#I:0,J2[+3-#;L%HF3 M#`'BMG#2K<`P%+1$.T0H4B6IQ$'0_[Y+BK(MQX[K)"H*S'E(*.K>>\Z].F3X MT7TW31FZ(5)1P7M>U`@]1'@L$LHG/2]7/E8QI=Z[M[_^TOW-]S\?#<]1(N(\ M)5RC6!*L28)NJ;Y"?2F4&E-)T.@.#>D-T>A"C/4MAAX7'^TUFHTH"ALANM(Z MZP3![>UM0QI;Y4P;L4A]WZ$=8071P<_"@NOL3=\A"]Y!41B\"9IA%*&]3JO= MB4+T<3`S'$`F8[K14L57),4(:L%5SUL@=]MJ"#D!IS`*/@_.+ZR=5QAVIB/) M:,7<])0.K8!RI3&/26G/*+]^Q-R\'D'*L_`/[!V;J-UN!_:MAS26$Z+?XY2H M#,>D8DXOKJ"DRM34INU'H1_NE^%C>AW"3[L5[N^_V<(/1*'O,C*OD\TB5T'Y MPF33]L/(;T6+E4ITUBID>DS&.&?`XVN.F=6%A[#6DHYR32H&.9^;@$`0ZF+.A<8:9&R? M34^643X6[A$ZS!?I2,'()90!F<:GX=G:RIKW@1%4DC-RR#G@G>8\^9`1"3!\ M,A87^1 ;5%G^5<9IV0,9C;ZH"FFF$+^:A$AV9!`!EG-*.`2@Y@<.\J@P87_3,$3)"C M@BP7Y,B@.1MDZ=B0W[K!,HEE?CG,)!_X6]O.``<$8;_E.70X;V?RF&>,69RS M)SC.F:WW<[VE?IXEJV,W10^INAX2G4M^D: ?.,,C&!')4[Y[(:J:8F^4 M5`0R*;&A:>"#`A\Y`NA^1N$;6/S^'$W]L=/4FJG*]E\)EA!Y2IXV@51GIY<( MN%$]S>J$M(")#.AN"JI++FZ2/YGB-`-_B;G*A'K.!%1+Y(T"VJL*R($CAX[N MY_C?=F+Z,6)Z+X8D(6EF>-0GK!=$V2BRUX^*[!5Z+]" .#[_+8(()P^5!@UL0\0458M!!W00K_@R]I?IGSY"$9(WM:W#''LSU/ M4;.8]%S?E23CGERX.DIO0_+L#47048O=M686G`UU2$_AQE90VZP>+M!#Q5;R^Z4`(A M->(K[XW6W6(5MV3G(K:!'G$Q3W[IYYLN/VKZK:@Q54G)<1L*\R)L1Z'TVYK" M8_=):RBL "BY2T$MCP7V"<6:]`\+T/*`_#[@=H^5; MN">2X8(73Q!O'1=W9V<7#)6A^>7"M%O-O?;!@*0C(CU+]#_LI@YG8#!8M M VF:'0``Z+H``!H`&````````0```*2!`````&-I:S`P,#`Y,S`V M-C &UL550%``-Y+*E.=7@+``$$)0X```0Y`0``4$L!`AX# M%`````@` `@``;PH``!X`&````````0```*2![AT``&-I:S`P M,#`Y,S`V-C2RI3G5X"P`!!"4.```$ M.0$``%!+`0(>`Q0````(`',P6S\\I^';B0L```#;```>`!@```````$```"D M@20A``!C:6LP,#`P.3,P-C8W+3(P,3$Q,#`V7V1E9BYX;6Q55`4``WDLJ4YU M>`L``00E#@``!#D!``!02P$"'@,4````"`!S,%L_<=05-#T)```I:P``'@`8 M```````!````I($%+0``8VEK,#`P,#DS,#8V-RTR,#$Q,3`P-E]L86(N>&UL M550%``-Y+*E.=7@+``$$)0X```0Y`0``4$L!`AX#%`````@` 2RI3G5X"P`!!"4.```$.0$``%!+`0(>`Q0````( M`',P6S^*M.?:4P4``)HA```:`!@```````$```"D@2]%``!C:6LP,#`P.3,P M-C8W+3(P,3$Q,#`V+GAS9%54!0`#>2RI3G5X"P`!!"4.```$.0$``%!+!08` 1````!@`&`%`"``#62@`````` ` end
Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Registrant Name | dei_EntityRegistrantName | iSHARES INC |
Prospectus Date | rr_ProspectusDate | Oct. 07, 2011 |
iShares MSCI All Country World Minimum Volatility Index Fund | iShares MSCI All Country World Minimum Volatility Index Fund | ||
Risk/Return: | rr_RiskReturnAbstract | |
Management Fees | rr_ManagementFeesOverAssets | 0.35% |
Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none |
Other Expenses | rr_OtherExpensesOverAssets | none |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.35% |
1 Year | rr_ExpenseExampleYear01 | 36 |
3 Years | rr_ExpenseExampleYear03 | 113 |
iShares MSCI All Country World Minimum Volatility Index Fund | ||
Risk/Return: | rr_RiskReturnAbstract | |
Risk/Return [Heading] | rr_RiskReturnHeading | iSHARES® MSCI ALL COUNTRY WORLD Ticker: ACWV Stock Exchange: NYSE Arca |
Objective [Heading] | rr_ObjectiveHeading | Investment Objective |
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The iShares MSCI All Country World Minimum Volatility Index Fund (the "Fund") seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World Minimum Volatility Index (the "Underlying Index"). |
Expense [Heading] | rr_ExpenseHeading | Fees and Expenses |
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the "Company") and BlackRock Fund Advisors ("BFA") (the "Investment Advisory Agreement") provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses and extraordinary expenses. You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: |
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses |
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover. |
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. |
Expense Exchange Traded Fund Commissions [Text] | rr_ExpenseExchangeTradedFundCommissions | You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: |
Expense Example [Heading] | rr_ExpenseExampleHeading | Example. |
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: |
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies |
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Underlying Index has been developed by MSCI Inc. ("MSCI") to measure the combined performance of equity securities in both emerging and developed markets that have lower absolute volatility. The Underlying Index begins with the MSCI All Country World Index (the "MSCI ACWI Index") which is a capitalization-weighted index, and then follows a rules-based methodology to determine optimal weights for securities in the index with the lowest total risk. As of September 1, 2011, the Underlying Index consisted of companies in the following 25 countries: Australia, Belgium, Canada, Chile, China, the Czech Republic, Denmark, Egypt, Finland, France, Hong Kong, Indonesia, Israel, Italy, Japan, Malaysia, Morocco, the Philippines, Singapore, Spain, Switzerland, Taiwan, Thailand, the United Kingdom and the United States. Component companies include consumer staples, financials and health care companies. BFA uses a "passive" or indexing approach to try to achieve the Fund's investment objective. Unlike many investment companies, the Fund does not try to "beat" the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the Fund. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. The Fund generally invests at least 90% of its assets in securities of the Underlying Index or in depositary receipts representing securities in the Underlying Index. The Fund may invest the remainder of its assets in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, futures contracts, options on futures contracts, options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). The Underlying Index is sponsored by an organization (the "Index Provider") that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund's Index Provider is MSCI. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. |
Strategy Portfolio Concentration [Text] | rr_StrategyPortfolioConcentration | Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. |
Risk [Heading] | rr_RiskHeading | Summary of Principal Risks |
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and ability to meet its investment objective. Asset Class Risk. Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. Concentration Risk. To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. Consumer Staples Sector Risk. The consumer staples sector may be affected by marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices. Currency Risk. Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Custody Risk. Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. Emerging Markets Risk. The Fund's investments in emerging markets may be subject to a greater risk of loss than its investments in more developed markets. Emerging markets may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities. Equity Securities Risk. Equity securities are subject to changes in value and their values may be more volatile than other asset classes. Financials Sector Risk. Performance of companies in the financials sector may be adversely impacted by many factors, including government regulations, economic conditions, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. Geographic Risk. A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or operations of the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. Health Care Sector Risk. The health care sector may be affected by government regulations and government health care programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many health care companies are heavily dependent on patent protection and the expiration of a patent may adversely affect their profitability. Health care companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence. Issuer Risk. Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. Management Risk. As the Fund does not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. Market Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. Market Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Mid-Capitalization Companies Risk. The Fund may invest in the securities of mid-capitalization companies. Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments and their securities may be more volatile and less liquid. Non-Diversification Risk. The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. Passive Investment Risk. The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. Privatization Risk. Some countries in which the Fund invests have begun a process of privatizing certain entities and industries. Privatized entities may lose money or be re-nationalized. Reliance on Trading Partners Risk. The Fund invests in economies of countries that are heavily dependent upon trading with key partners. Any reduction in this trading may cause an adverse impact on the Fund's investments. Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. Security Risk. Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments. Structural Risk. The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability. Tracking Error Risk. The performance of the Fund may diverge from that of the Underlying Index. Because the Fund employs a representative sampling strategy, the Fund may experience tracking error to a greater extent than a fund that seeks to replicate an index. Valuation Risk. The value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares. Volatility Risk. Although the Underlying Index was created by the Index Provider to seek lower volatility than the MSCI ACWI Index, there is no guarantee that these strategies will be successful. The Fund's name reflects the name of the Underlying Index as provided by the Index Provider. However, the Index Provider may be unsuccessful in creating an index that minimizes volatility, and there is a risk that the Fund may experience more than minimum volatility. Securities in the Fund's portfolio may be subject to price volatility and the prices may not be any less volatile than the market as a whole and could be more volatile. |
Risk Lose Money [Text] | rr_RiskLoseMoney | As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. |
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | Non-Diversification Risk. The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. |
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information |
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | As of the date of the Fund's prospectus (the "Prospectus"), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information. |
Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | As of the date of the Fund's prospectus (the "Prospectus"), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information |
iShares MSCI All Country World Minimum Volatility Index Fund | ||||||||||
iSHARES® MSCI ALL COUNTRY WORLD Ticker: ACWV Stock Exchange: NYSE Arca | ||||||||||
Investment Objective | ||||||||||
The iShares MSCI All Country World Minimum Volatility Index Fund (the "Fund") seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World Minimum Volatility Index (the "Underlying Index"). | ||||||||||
Fees and Expenses | ||||||||||
The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the "Company") and BlackRock Fund Advisors ("BFA") (the "Investment Advisory Agreement") provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses and extraordinary expenses. You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: | ||||||||||
Annual Fund Operating Expenses | ||||||||||
| ||||||||||
Example. | ||||||||||
This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||||||||||
| ||||||||||
Portfolio Turnover. | ||||||||||
The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. | ||||||||||
Principal Investment Strategies | ||||||||||
The Underlying Index has been developed by MSCI Inc. ("MSCI") to measure the combined performance of equity securities in both emerging and developed markets that have lower absolute volatility. The Underlying Index begins with the MSCI All Country World Index (the "MSCI ACWI Index") which is a capitalization-weighted index, and then follows a rules-based methodology to determine optimal weights for securities in the index with the lowest total risk. As of September 1, 2011, the Underlying Index consisted of companies in the following 25 countries: Australia, Belgium, Canada, Chile, China, the Czech Republic, Denmark, Egypt, Finland, France, Hong Kong, Indonesia, Israel, Italy, Japan, Malaysia, Morocco, the Philippines, Singapore, Spain, Switzerland, Taiwan, Thailand, the United Kingdom and the United States. Component companies include consumer staples, financials and health care companies. BFA uses a "passive" or indexing approach to try to achieve the Fund's investment objective. Unlike many investment companies, the Fund does not try to "beat" the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the Fund. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. The Fund generally invests at least 90% of its assets in securities of the Underlying Index or in depositary receipts representing securities in the Underlying Index. The Fund may invest the remainder of its assets in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, futures contracts, options on futures contracts, options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). The Underlying Index is sponsored by an organization (the "Index Provider") that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund's Index Provider is MSCI. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. | ||||||||||
Summary of Principal Risks | ||||||||||
As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and ability to meet its investment objective. Asset Class Risk. Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. Concentration Risk. To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. Consumer Staples Sector Risk. The consumer staples sector may be affected by marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices. Currency Risk. Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Custody Risk. Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. Emerging Markets Risk. The Fund's investments in emerging markets may be subject to a greater risk of loss than its investments in more developed markets. Emerging markets may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities. Equity Securities Risk. Equity securities are subject to changes in value and their values may be more volatile than other asset classes. Financials Sector Risk. Performance of companies in the financials sector may be adversely impacted by many factors, including government regulations, economic conditions, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. Geographic Risk. A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or operations of the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. Health Care Sector Risk. The health care sector may be affected by government regulations and government health care programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many health care companies are heavily dependent on patent protection and the expiration of a patent may adversely affect their profitability. Health care companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence. Issuer Risk. Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. Management Risk. As the Fund does not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. Market Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. Market Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Mid-Capitalization Companies Risk. The Fund may invest in the securities of mid-capitalization companies. Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments and their securities may be more volatile and less liquid. Non-Diversification Risk. The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. Passive Investment Risk. The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. Privatization Risk. Some countries in which the Fund invests have begun a process of privatizing certain entities and industries. Privatized entities may lose money or be re-nationalized. Reliance on Trading Partners Risk. The Fund invests in economies of countries that are heavily dependent upon trading with key partners. Any reduction in this trading may cause an adverse impact on the Fund's investments. Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. Security Risk. Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments. Structural Risk. The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability. Tracking Error Risk. The performance of the Fund may diverge from that of the Underlying Index. Because the Fund employs a representative sampling strategy, the Fund may experience tracking error to a greater extent than a fund that seeks to replicate an index. Valuation Risk. The value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares. Volatility Risk. Although the Underlying Index was created by the Index Provider to seek lower volatility than the MSCI ACWI Index, there is no guarantee that these strategies will be successful. The Fund's name reflects the name of the Underlying Index as provided by the Index Provider. However, the Index Provider may be unsuccessful in creating an index that minimizes volatility, and there is a risk that the Fund may experience more than minimum volatility. Securities in the Fund's portfolio may be subject to price volatility and the prices may not be any less volatile than the market as a whole and could be more volatile. | ||||||||||
Performance Information | ||||||||||
As of the date of the Fund's prospectus (the "Prospectus"), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information. |