2015 Prospectus |
|
► | iShares International High Yield Bond ETF | HYXU | BATS |
|
S-1 |
|
1 |
|
2 |
|
11 |
|
12 |
|
12 |
|
15 |
|
24 |
|
25 |
|
26 |
|
26 |
|
28 |
Ticker: HYXU | Stock Exchange: BATS |
Annual
Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||
Management
Fees |
Distribution
and Service (12b-1) Fees |
Other
Expenses |
Total
Annual Fund Operating Expenses |
Fee Waiver | Total
Annual Fund Operating Expenses After Fee Waiver | |||||
0.55% | None | None | 0.55% | (0.15)% | 0.40% |
1 Year | 3 Years | 5 Years | 10 Years | |||
$41 | $156 | $287 | $670 |
One Year | Since
Fund Inception | ||
(Inception Date: 4/3/2012) | |||
Return Before Taxes | -7.84% | 5.64% | |
Return After Taxes on Distributions1 | -9.46% | 3.51% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | -4.35% | 3.44% | |
Markit iBoxx Global Developed Markets ex-US High Yield Index (Index returns do not reflect deductions for fees, expenses, or taxes) | -7.90% | 5.59% |
1 | After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. |
Approximate
Value of a Creation Unit |
Creation
Unit Size |
Standard
Creation/ Redemption Transaction Fee |
Maximum
Additional Charge for Creations* |
Maximum
Additional Charge for Redemptions* | ||||
$5,276,000 | 100,000 | $1,900 | 3.0% | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive, in the case of redemptions, of the standard redemption transaction fee. |
Year
ended Oct. 31, 2014 |
Year
ended Oct. 31, 2013 |
Period
from Apr. 3, 2012a to Oct. 31, 2012 | |||
Net asset value, beginning of period | $ 56.84 | $ 52.01 | $ 50.14 | ||
Income
from investment operations: | |||||
Net investment incomeb | 2.43 | 3.15 | 1.94 | ||
Net realized and unrealized gain (loss)c | (3.55) | 4.51 | 1.18 | ||
Total from investment operations | (1.12) | 7.66 | 3.12 | ||
Less distributions from: | |||||
Net investment income | (2.82) | (2.83) | (1.25) | ||
Total distributions | (2.82) | (2.83) | (1.25) | ||
Net asset value, end of period | $ 52.90 | $ 56.84 | $ 52.01 | ||
Total return | (2.20)% | 15.20% | 6.49% d | ||
Ratios/Supplemental data: | |||||
Net assets, end of period (000s) | $142,827 | $51,153 | $26,004 | ||
Ratio of expenses to average net assetse | 0.40% | 0.40% | 0.40% | ||
Ratio of expenses to average net assets prior to waived feese | 0.55% | 0.55% | 0.55% | ||
Ratio of net investment income to average net assetse | 4.25% | 5.85% | 6.92% | ||
Portfolio turnover ratef | 25% | 33% | 18% |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
Premium/Discount Range | Number of Days | Percentage of Total Days | ||
Greater than 1.0% and Less than 1.5% | 4 | 1.59% | ||
Greater than 0.5% and Less than 1.0% | 79 | 31.35 | ||
Between 0.5% and -0.5% | 161 | 63.88 | ||
Less than -0.5% and Greater than -1.0% | 4 | 1.59 | ||
Less than -1.0% and Greater than -1.5% | 2 | 0.79 | ||
Less than -1.5% and Greater than -2.0% | 1 | 0.40 | ||
Less than -2.0% | 1 | 0.40 | ||
252 | 100.00% |
Average Annual Total Returns | Cumulative Total Returns | ||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||
1 Year | (2.20)% | (2.27)% | (2.27)% | (2.20)% | (2.27)% | (2.27)% | |
Since Inception* | 7.31% | 7.51% | 7.24% | 19.98% | 20.56% | 19.73% |
* | Total returns for the period since inception are calculated from the inception date of the Fund (4/3/12). The first day of secondary market trading in shares of the Fund was 4/3/12. |
|
Call: | 1-800-iShares
or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | iSharesETFs@blackrock.com |
Write: | c/o
BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |
Funds | Ticker | Stock Exchange | ||
iShares Emerging Markets Corporate Bond ETF | CEMB | BATS | ||
iShares Emerging Markets High Yield Bond ETF | EMHY | BATS | ||
iShares Emerging Markets Local Currency Bond ETF | LEMB | NYSE Arca | ||
iShares Global High Yield Corporate Bond ETF | GHYG | BATS | ||
iShares International High Yield Bond ETF | HYXU | BATS |
• | iShares Emerging Markets Corporate Bond ETF |
• | iShares Emerging Markets High Yield Bond ETF |
• | iShares Emerging Markets Local Currency Bond ETF |
• | iShares Global High Yield Corporate Bond ETF |
• | iShares International High Yield Bond ETF1 |
1 | On October 30, 2015, the name of the Fund changed from iShares Global ex USD High Yield Corporate Bond ETF to iShares International High Yield Bond ETF. |
• | High yield bonds may be issued by less creditworthy companies. These securities are vulnerable to adverse changes in the issuer’s industry and to general economic conditions. Issuers of high yield bonds may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing. |
• | The issuers of high yield bonds may have a larger amount of outstanding debt relative to their assets than issuers of investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations. The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their development and/or involved in a reorganization or takeover. |
• | High yield bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in high yield securities frequently have a lower degree of protection with respect to principal and interest payments than do investors in higher rated securities. |
• | High yield bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund before it matures. If an issuer redeems the high yield bonds, a Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
• | Prices of high yield bonds are subject to extreme fluctuations. Negative economic developments may have a greater impact on the prices of high yield bonds than on those of other higher rated fixed income securities. |
• | High yield bonds may be less liquid than higher rated fixed income securities even under normal economic conditions. Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. There are fewer dealers in the high yield bond market, and there may be significant differences in the prices quoted for high yield bonds by dealers, and such quotations may not be the actual prices available for a purchase or sale. Because high yield bonds are less liquid, judgment may play a greater role in the prices and values generated for such securities than in the case of securities trading in a more liquid market. |
• | The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated securities. The secondary markets for high yield securities are concentrated in relatively few market makers and participants in the markets are mostly institutional investors, including insurance companies, banks, other financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower than that for higher rated securities and the secondary markets could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities due to the limited number of investors in that sector of the market. A less liquid secondary market may adversely affect the market price of the high yield security, which may result in increased difficulty selling the particular issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations on high yield securities are available only from a limited number of dealers, and such quotations may not be the actual prices available for a purchase or sale. When the secondary market for high yield securities becomes more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of reliable objective data makes it more difficult to value such securities, and judgment plays a more important role in determining such valuations. |
• | A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
• | The high yield bond markets may react strongly to adverse news about an issuer or the economy, or to the |
perception or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high yield securities may be affected by legislative and regulatory developments. These developments could adversely affect a Fund’s net asset value and investment practices, the secondary market for high yield securities, the financial condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain corporate issuers of high yield bonds adversely affected the market in the past. |
• | Each Fund generally supports the board’s nominees in the election of directors and generally supports proposals that strengthen the independence of boards of directors; |
• | When a director has committed himself or herself to service on more than four public company boards (but no more than six public company boards in most circumstances), a Fund will consider such director’s individual circumstances in determining whether the director will be able to commit sufficient focus and time to a particular company; |
• | Each Fund generally defers to an issuer’s choice of auditors so long as the corporate auditors represent the interests of shareholders and provide an independent view of the propriety of financial reporting decisions of management; |
• | Each Fund generally favors disclosure of a company’s compensation and benefits policies and opposes excessive compensation, but believes that compensation matters are normally best determined by a company’s board of directors; |
• | Each Fund generally expects to support capital structure requests that it believes enhance the rights of common shareholders and oppose requests that appear to be unreasonably dilutive; |
• | Each Fund generally does not support proposals on social issues that lack a demonstrable economic benefit to the issuer and the Fund investing in such issuer; and |
• | Each Fund generally votes against anti-takeover proposals and proposals that would create additional barriers or costs to corporate transactions that are likely to deliver a premium to shareholders. |
1. | Concentrate its investments (i.e., invest 25% or more of its total assets in the securities of a particular industry or group of industries), except that the Fund will concentrate to approximately the same extent that the Underlying Index concentrates in the securities of a particular industry or group of industries. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. |
2. | Borrow money, except that (i) the Fund may borrow from banks for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of securities; and (ii) the Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it engages in transactions described in (i) and (ii), the Fund will be limited so that no more than 33 1/3% of the value of its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to exceed this amount will be reduced in accordance with applicable law. |
3. | Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by any regulatory authority having jurisdiction, from time to time. |
4. | Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
5. | Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this restriction shall not prevent the Fund from investing in securities of companies engaged in the real estate business or securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this restriction shall not prevent the Fund from trading in futures contracts and options on futures contracts, including options on currencies to the extent consistent with the Fund’s investment objective and policies). |
6. | Engage in the business of underwriting securities issued by other persons, except to the extent that the Fund may technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities. |
1. | Concentrate its investments (i.e., invest 25% or more of its total assets in the securities of a particular industry or group of industries), except that the Fund will concentrate to approximately the same extent that the Underlying Index concentrates in the securities of a particular industry or group of industries. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. |
2. | Borrow money, except that (i) the Fund may borrow from banks for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of securities; and (ii) the Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it engages in transactions described in (i) and (ii), the Fund will be limited so that no more than 33 1/3% of the value of its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to exceed this amount will be reduced in accordance with applicable law. |
3. | Issue “senior securities” as defined in the 1940 Act and the rules, regulations and orders thereunder, except as permitted under the 1940 Act and the rules, regulation and orders thereunder. |
4. | Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
5. | Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this restriction shall not prevent the Fund from investing in securities of companies engaged in the real estate business or securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this restriction shall not prevent the Fund from trading in futures contracts and options on futures contracts, including options on currencies to the extent consistent with the Fund’s investment objective and policies). |
6. | Engage in the business of underwriting securities issued by other persons, except to the extent that the Fund may technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities. |
• | The frequency of trades and quotes for the security; |
• | The number of dealers wishing to purchase or sell the security and the number of other potential purchasers; |
• | Dealer undertakings to make a market in the security; and |
• | The nature of the security and the nature of the marketplace in which it trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer). |
Name (Age) | Position | Principal
Occupation(s) During the Past 5 Years |
Other
Directorships Held by Director | |||
Robert
S. Kapito1 (58) |
Director
(since 2009). |
President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983). | Trustee of iShares Trust (since 2009); Director of iShares MSCI Russia Capped ETF, Inc. (since 2010); Trustee of iShares U.S. ETF Trust (since 2011); Director of BlackRock, Inc. (since 2006). | |||
Mark
Wiedman2 (44) |
Director (since 2013). | Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011). | Trustee of iShares Trust (since 2013); Director of iShares MSCI Russia Capped ETF, Inc. (since 2013); Trustee of iShares U.S. ETF Trust (since 2013); Director of PennyMac Financial Services, Inc. (since 2008). |
1 | Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. |
2 | Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. |
Name (Age) | Position | Principal
Occupation(s) During the Past 5 Years |
Other
Directorships Held by Director | |||
Robert
H. Silver (59) |
Director
(since 2007); Independent Chairman (since 2012). |
President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983). | Trustee of iShares Trust (since 2007); Director of iShares MSCI Russia Capped ETF, Inc. (since 2010); Trustee of iShares U.S. ETF Trust (since 2011); Independent Chairman of iShares Trust, iShares MSCI Russia Capped ETF, Inc. and iShares U.S. ETF Trust (since 2012). | |||
John
E. Martinez (53) |
Director
(since 2003); Securities Lending Committee Chair (since 2012). |
Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005). | Trustee of iShares Trust (since 2003); Director of iShares MSCI Russia Capped ETF, Inc. (since 2010); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Cecilia
H. Herbert (65) |
Director
(since 2005); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012). |
Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011). | Trustee of iShares Trust (since 2005); Director of iShares MSCI Russia Capped ETF, Inc. (since 2010); Trustee of iShares U.S. ETF Trust (since 2011); Director of Forward Funds (34 portfolios) (since 2009). | |||
Charles
A. Hurty (71) |
Director
(since 2005); Audit Committee Chair (since 2006). |
Retired; Partner, KPMG LLP (1968-2001). | Trustee of iShares Trust (since 2005); Director of iShares MSCI Russia Capped ETF, Inc. (since 2010); Trustee of iShares U.S. ETF Trust (since 2011); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002). |
Name (Age) | Position | Principal
Occupation(s) During the Past 5 Years |
Other
Directorships Held by Director | |||
John
E. Kerrigan (59) |
Director
(since 2005); Fixed Income Plus Committee Chair (since 2012). |
Chief Investment Officer, Santa Clara University (since 2002). | Trustee of iShares Trust (since 2005); Director of iShares MSCI Russia Capped ETF, Inc. (since 2010); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav
V. Rajan (50) |
Director
(since 2011); 15(c) Committee Chair (since 2012). |
Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008). | Trustee
of iShares Trust (since 2011); Director of iShares MSCI Russia Capped ETF, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Director, Cavium, Inc. (since 2013). | |||
Jane
D. Carlin (59) |
Director
(since 2015). |
Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley Group (2006-2012). | Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012). |
Name (Age) | Position | Principal
Occupation(s) During the Past 5 Years | ||
Manish
Mehta (44) |
President (since 2013). | Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009). | ||
Jack
Gee (55) |
Treasurer
and Chief Financial Officer (since 2008). |
Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009). | ||
Charles
Park (47) |
Chief
Compliance Officer and Anti-Money Laundering Officer (since 2006). |
Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC (since 2012) and BFA (since 2006); Chief Compliance Officer for BlackRock Asset Management International Inc. (since 2012). |
Name (Age) | Position | Principal
Occupation(s) During the Past 5 Years | ||
Benjamin
Archibald (40) |
Secretary (since 2015). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2010-2013); Secretary of the iShares exchange traded funds (since 2015); Secretary of the BlackRock-advised mutual funds (since 2012). | ||
Scott
Radell (46) |
Executive
Vice President (since 2012). |
Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005). | ||
Amy
Schioldager (52) |
Executive
Vice President (since 2007). |
Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006). |
Name of Director | Fund | Dollar
Range of Equity Securities in the Fund |
Aggregate
Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies | |||
Robert S. Kapito | None | None | None | |||
Mark Wiedman | iShares Core MSCI EAFE ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | $50,001-$100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $50,001-$100,000 | |||||
Robert H. Silver | iShares Core High Dividend ETF | Over $100,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | Over $100,000 | |||||
iShares Core MSCI Emerging Markets ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | Over $100,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P Mid-Cap ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | Over $100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Global Energy ETF | Over $100,000 | |||||
iShares Global Tech ETF | $50,001-$100,000 | |||||
iShares iBonds Sep 2015 AMT-Free Muni Bond ETF | Over $100,000 | |||||
iShares iBonds Sep 2016 AMT-Free Muni Bond ETF | Over $100,000 | |||||
iShares iBonds Sep 2017 AMT-Free Muni Bond ETF | Over $100,000 | |||||
iShares iBonds Sep 2018 AMT-Free Muni Bond ETF | Over $100,000 | |||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | Over $100,000 | |||||
iShares International Developed Real Estate ETF | $1-$10,000 | |||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | $1-$10,000 | |||||
iShares MSCI ACWI ex U.S. ETF | $1-$10,000 | |||||
iShares MSCI China ETF | Over $100,000 | |||||
iShares MSCI EAFE ETF | Over $100,000 | |||||
iShares MSCI Emerging Markets ETF | Over $100,000 | |||||
iShares MSCI Eurozone ETF | Over $100,000 | |||||
iShares MSCI Frontier 100 ETF | Over $100,000 | |||||
iShares Nasdaq Biotechnology ETF | $50,001-$100,000 | |||||
iShares National AMT-Free Muni Bond ETF | Over $100,000 | |||||
iShares Russell 1000 Growth ETF | Over $100,000 | |||||
iShares Russell 1000 Value ETF | Over $100,000 |
Name of Director | Fund | Dollar
Range of Equity Securities in the Fund |
Aggregate
Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies | |||
iShares Russell 2000 ETF | $10,001-$50,000 | |||||
iShares Russell 2000 Growth ETF | Over $100,000 | |||||
iShares Russell 2000 Value ETF | Over $100,000 | |||||
iShares Russell Mid-Cap Growth ETF | $1-$10,000 | |||||
iShares Russell Mid-Cap Value ETF | $1-$10,000 | |||||
iShares S&P 100 ETF | $50,001-$100,000 | |||||
iShares Select Dividend ETF | $10,001-$50,000 | |||||
iShares U.S. Broker-Dealers ETF | Over $100,000 | |||||
iShares U.S. Financial Services ETF | $50,001-$100,000 | |||||
iShares U.S. Preferred Stock ETF | Over $100,000 | |||||
iShares U.S. Regional Banks ETF | Over $100,000 | |||||
iShares U.S. Technology ETF | Over $100,000 | |||||
John E. Martinez | iShares Core MSCI Emerging Markets ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P Mid-Cap ETF | $10,001-$50,000 | |||||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $1-$10,000 | |||||
iShares Global Consumer Staples ETF | Over $100,000 | |||||
iShares MSCI All Country Asia ex Japan ETF | Over $100,000 | |||||
iShares MSCI EAFE ETF | Over $100,000 | |||||
iShares Russell 1000 ETF | Over $100,000 | |||||
iShares Russell 1000 Value ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
Cecilia H. Herbert | iShares China Large-Cap ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $10,001-$50,000 | |||||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $10,001-$50,000 | |||||
iShares Core U.S. Growth ETF | $10,001-$50,000 | |||||
iShares Core U.S. Value ETF | $10,001-$50,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | $10,001-$50,000 | |||||
iShares International Select Dividend ETF | $1-$10,000 | |||||
iShares MSCI EAFE ETF | $1-$10,000 | |||||
iShares MSCI Emerging Markets ETF | $1-$10,000 | |||||
iShares MSCI Japan ETF | $10,001-$50,000 |
Name of Director | Fund | Dollar
Range of Equity Securities in the Fund |
Aggregate
Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies | |||
iShares National AMT-Free Muni Bond ETF | $10,001-$50,000 | |||||
Charles A. Hurty | iShares China Large-Cap ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core High Dividend ETF | $10,001-$50,000 | |||||
iShares Core MSCI Emerging Markets ETF | $50,001-$100,000 | |||||
iShares Core S&P 500 ETF | $10,001-$50,000 | |||||
iShares Global Energy ETF | $10,001-$50,000 | |||||
iShares Global Healthcare ETF | $10,001-$50,000 | |||||
iShares Global Tech ETF | $10,001-$50,000 | |||||
iShares MSCI EAFE ETF | $10,001-$50,000 | |||||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares MSCI USA Value Factor ETF | $10,001-$50,000 | |||||
iShares North American Tech-Multimedia Networking ETF | $1-$10,000 | |||||
iShares Russell 2000 ETF | $10,001-$50,000 | |||||
iShares Select Dividend ETF | $1-$10,000 | |||||
iShares U.S. Basic Materials ETF | $10,001-$50,000 | |||||
iShares U.S. Energy ETF | $10,001-$50,000 | |||||
iShares U.S. Financials ETF | $1-$10,000 | |||||
iShares U.S. Technology ETF | $50,001-$100,000 | |||||
John E. Kerrigan | iShares MSCI ACWI ETF | $10,001-$50,000 | Over $100,000 | |||
iShares MSCI ACWI ex U.S. ETF | Over $100,000 | |||||
iShares Short-Term National AMT-Free Muni Bond ETF | Over $100,000 | |||||
Madhav V. Rajan | iShares Core Dividend Growth ETF | Over $100,000 | Over $100,000 | |||
iShares Core High Dividend ETF | Over $100,000 | |||||
iShares Core MSCI Emerging Markets ETF | Over $100,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | Over $100,000 | |||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
iShares Select Dividend ETF | Over $100,000 | |||||
Jane D. Carlin1 | iShares Core MSCI EAFE ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core S&P Small-Cap ETF | $10,001-$50,000 |
Name of Director | Fund | Dollar
Range of Equity Securities in the Fund |
Aggregate
Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies | |||
iShares Global Tech ETF | $50,001-$100,000 |
1 | Appointed to serve as an Independent Director effective February 3, 2015. |
Name of Director | iShares
Emerging Markets Corporate Bond ETF |
iShares
Emerging Markets High Yield Bond ETF |
iShares
Emerging Markets Local Currency Bond ETF | |||
Independent Directors:1 | ||||||
George G.C. Parker2 | $ 10 | $76 | $215 | |||
John E. Kerrigan | 10 | 80 | 227 | |||
Charles A. Hurty | 11 | 87 | 247 | |||
Cecilia H. Herbert | 11 | 84 | 239 | |||
Robert H. Silver | 12 | 90 | 254 | |||
John E. Martinez | 10 | 80 | 227 | |||
Madhav V. Rajan | 10 | 80 | 227 | |||
Interested Directors: | ||||||
Robert S. Kapito | $ 0 | $0 | $0 | |||
Mark Wiedman | 0 | 0 | 0 |
Name of Director | iShares
International High Yield Bond ETF |
iShares
Global High Yield Corporate Bond ETF | ||
Independent Directors:1 | ||||
George G.C. Parker2 | $55 | $40 |
Name of Director | iShares
International High Yield Bond ETF |
iShares
Global High Yield Corporate Bond ETF | ||
John E. Kerrigan | 58 | 42 | ||
Charles A. Hurty | 62 | 46 | ||
Cecilia H. Herbert | 61 | 44 | ||
Robert H. Silver | 64 | 47 | ||
John E. Martinez | 58 | 42 | ||
Madhav V. Rajan | 58 | 42 | ||
Interested Directors: | ||||
Robert S. Kapito | $ 0 | $ 0 | ||
Mark Wiedman | 0 | 0 |
Name of Director | Pension
or Retirement Benefits Accrued As Part of Company Expenses3 |
Estimated
Annual Benefits Upon Retirement3 |
Total
Compensation From the Funds and Fund Complex4 | |||
Independent Directors:1 | ||||||
Robert H. Silver | Not Applicable | Not Applicable | $ 350,000 | |||
George G.C. Parker2 | Not Applicable | Not Applicable | 300,000 | |||
John E. Kerrigan | Not Applicable | Not Applicable | 326,807 | |||
Charles A. Hurty | Not Applicable | Not Applicable | 340,000 | |||
Cecilia H. Herbert | Not Applicable | Not Applicable | 330,000 | |||
John E. Martinez | Not Applicable | Not Applicable | 315,000 | |||
Madhav V. Rajan | Not Applicable | Not Applicable | 326,772 | |||
Interested Directors: | ||||||
Robert S. Kapito | Not Applicable | Not Applicable | $ 0 | |||
Mark Wiedman | Not Applicable | Not Applicable | 0 |
1 | Compensation is not shown for Jane D. Carlin because she was appointed to serve as an Independent Director of the Company effective February 3, 2015. |
2 | Served as an Independent Director through December 31, 2014. |
3 | No Director or officer is entitled to any pension or retirement benefits from the Company. |
4 | Includes compensation for service on the Boards of Trustees for iShares Trust and iShares U.S. ETF Trust and the Board of Directors of iShares MSCI Russia Capped ETF, Inc. |
Fund | Name | Percentage
of Ownership | ||
iShares Emerging Markets Corporate Bond ETF | National
Financial Services LLC 200 Liberty Street 5th Floor New York, NY 10281 |
15.03% | ||
Scotia
Capital Inc. Scotia Plaza 40 King Street West 23rd Floor Toronto, ON M5W 2X6 CA |
9.96% | |||
Morgan
Stanley Smith Barney LLC 1300 Thames Street 6th Floor Baltimore, MD 21231 |
9.30% | |||
Charles
Schwab & Co., Inc. 111 Pavonia Avenue Jersey City, NJ 07310 |
7.37% | |||
J.P.
Morgan Clearing Corp One Metrotech Center North Brooklyn, NY 11201 |
7.29% | |||
Brown
Brothers Harriman & Co. 525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
6.49% | |||
UBS
Financial Services Inc. 1000 Harbor Blvd. 4th Floor Weehawken, NJ 07087 |
5.03% | |||
iShares Emerging Markets High Yield Bond ETF | American
Enterprise Investment Services Inc. 2178 AXP Financial Center Minneapolis, MN 55474 |
22.48% | ||
National
Financial Services LLC 200 Liberty Street 5th Floor New York, NY 10281 |
21.57% | |||
Pershing
LLC One Pershing Plaza Jersey City, NJ 07399 |
12.41% | |||
Morgan
Stanley Smith Barney LLC 1300 Thames Street 6th Floor Baltimore, MD 21231 |
5.70% | |||
iShares Emerging Markets Local Currency Bond ETF | The
Bank of New York Mellon/Mellon Trust of New England, National Association One Boston Place 8th Floor Boston, MA 02108 |
50.00% | ||
Goldman,
Sachs & Co. 30 Hudson Street 16th Floor Jersey City, NJ 07302 |
15.31% |
Fund | Name | Percentage
of Ownership | ||
Merrill
Lynch, Pierce Fenner & Smith Safekeeping 101 Hudson Street 8th Floor Jersey City, NJ 07302 |
7.02% | |||
iShares International High Yield Bond ETF | JPMorgan
Chase Bank, National Association 14201 Dallas Pkwy 12th Floor Dallas, TX 75240 |
60.75% | ||
National
Financial Services LLC 200 Liberty Street 5th Floor New York, NY 10281 |
7.14% | |||
iShares Global High Yield Corporate Bond ETF | Merrill
Lynch, Pierce Fenner & Smith Safekeeping 101 Hudson Street 8th Floor Jersey City, NJ 07302 |
28.91% | ||
National
Financial Services LLC 200 Liberty Street 5th Floor New York, NY 10281 |
12.00% | |||
J.P.
Morgan Clearing Corp One Metrotech Center North Brooklyn, NY 11201 |
7.11% | |||
The
Bank of New York Mellon 401 Salina Street 2nd Floor Syracuse, NY 13202 |
6.86% | |||
Raymond,
James & Associates, Inc. 880 Carillon Parkway P.O. Box 12749 St. Petersburg, FL 33733 |
5.81% | |||
Pershing
LLC One Pershing Plaza Jersey City, NJ 07399 |
5.43% |
Fund | Management
Fee for Fiscal Year Ended Oct. 31, 2014 |
Fund
Inception Date |
Management
Fees Paid for Fiscal Year Ended Oct. 31, 2014 |
Management
Fees Paid for Fiscal Year Ended Oct. 31, 2013 |
Management
Fees Paid for Fiscal Year Ended Oct. 31, 2012 | |||||
iShares Emerging Markets Corporate Bond ETF1 | 0.60% | 04/17/12 | $ 154,114 | $ 202,526 | $ 41,205 | |||||
iShares Emerging Markets High Yield Bond ETF2 | 0.65% | 04/03/12 | 1,265,426 | 1,462,488 | 82,350 | |||||
iShares Emerging Markets Local Currency Bond ETF3 | 0.60% | 10/18/11 | 3,558,782 | 3,298,880 | 288,363 | |||||
iShares International High Yield Bond ETF4 | 0.55% | 04/03/12 | 723,375 | 215,773 | 77,202 | |||||
iShares Global High Yield Corporate Bond ETF5 | 0.55% | 04/03/12 | 515,709 | 302,079 | 90,198 |
1 | Effective March 2, 2015, the management fee for the iShares Emerging Markets Corporate Bond ETF is 0.50%. Prior to March 2, 2015, it was 0.60%. |
2 | Effective March 2, 2015, the management fee for the iShares Emerging Markets High Yield Bond ETF is 0.50%. Prior to March 2, 2015, it was 0.65%. |
3 | Effective October 9, 2014, for the iShares Emerging Markets Local Currency Bond ETF, BFA has voluntarily agreed to waive a portion of its management fee in order to limit the management fee to 0.50%. Any such voluntary waiver or reimbursement may be eliminated by BFA at any time, without notice. For the fiscal year ended October 31, 2014, BFA waived $36,951 of its management fees. Effective March 2, 2015, the management fee for the iShares Emerging Markets Local Currency Bond ETF is 0.50%. Prior to March 2, 2015, it was 0.60%. |
4 | For the iShares International High Yield Bond ETF, BFA has contractually agreed to waive a portion of its management fee for its investment advisory services to the iShares International High Yield Bond ETF in order to limit the Total Annual Fund Operating Expenses to 0.40% of average daily net assets until February 28, 2017. The contractual waiver may be terminated prior to February 28, 2017 only upon written agreement of the Company and BFA. For the fiscal years ended October 31, 2014 and October 31, 2013, BFA waived $197,284 and $58,847 of its management fees, respectively. |
5 | For the iShares Global High Yield Corporate Bond ETF, BFA has contractually agreed to waive a portion of its management fee for its investment advisory services to the iShares Global High Yield Corporate Bond ETF in order to limit the Total Annual Fund Operating Expenses to 0.40% of average daily net assets until February 28, 2017. The contractual waiver may be terminated prior to February 28, 2017 only upon written agreement of the Company and BFA. For the fiscal years ended October 31, 2014 and October 31, 2013, BFA waived $140,648 and $82,385 of its management fees, respectively. |
James Mauro | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 78 | $157,000,000,000 | ||
Other Pooled Investment Vehicles | 15 | 18,000,000,000 | ||
Other Accounts | 9 | 13,000,000,000 | ||
Accounts with Incentive-Based Fee Arrangements | 1 | 1,000,000,000 |
Scott Radell | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 83 | $156,500,000,000 | ||
Other Pooled Investment Vehicles | 4 | 3,000,000,000 | ||
Other Accounts | 5 | 3,200,000,000 | ||
Accounts with Incentive-Based Fee Arrangements | 2 | 1,700,000,000 |
James Mauro | ||||
Types of Accounts | Number
of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 1 | $1,000,000,000 |
Scott Radell | ||||
Types of Accounts | Number
of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 1 | $900,000,000 | ||
Other Accounts | 1 | 800,000,000 |
Fund | Fund
Inception Date |
Custody,
Administration, Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2014 |
Custody,
Administration, Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2013 |
Custody,
Administration, Transfer Agency Expenses Paid During Fiscal Year Ended Oct. 31, 2012 | ||||
iShares Emerging Markets Corporate Bond ETF | 04/17/12 | $ 11,113 | $ 11,537 | $ 4,263 | ||||
iShares Emerging Markets High Yield Bond ETF | 04/03/12 | 34,232 | 36,840 | 8,657 | ||||
iShares Emerging Markets Local Currency Bond ETF | 10/18/11 | 272,841 | 265,969 | 39,993 | ||||
iShares International High Yield Bond ETF | 04/03/12 | 27,834 | 13,173 | 7,320 | ||||
iShares Global High Yield Corporate Bond ETF | 04/03/12 | 16,040 | 12,904 | 5,614 |
Fund | Fund
Inception Date |
Distributor
Compensation Paid From November 1, 2012 to October 31, 20141 |
Distributor
Compensation Paid From November 1, 2012 to October 31, 20131 |
Distributor
Compensation Paid From April 1, 2012 to October 31, 20121 |
Distributor
Compensation Paid From November 1, 2011 to March 31, 20122 | |||||
iShares Emerging Markets Corporate Bond ETF | 04/17/12 | $5,122 | $8,663 | $4,403 | N/A | |||||
iShares Emerging Markets High Yield Bond ETF | 04/03/12 | 5,122 | 8,663 | 4,403 | N/A | |||||
iShares Emerging Markets Local Currency Bond ETF | 10/18/11 | 5,122 | 8,663 | 4,403 | $3,355 | |||||
iShares International High Yield Bond ETF | 04/03/12 | 5,122 | 8,663 | 4,403 | N/A | |||||
iShares Global High Yield Corporate Bond ETF | 04/03/12 | 5,122 | 8,663 | 4,403 | N/A |
1 | BRIL serves as the distributor to the Funds effective April 1, 2012. These fees reflect payments made to SEI, acting as an agent of the Distributor. |
2 | SEI served as the distributor to the Funds through March 31, 2012. |
Fund | Fiscal Year ended October 31, 2014 | Fiscal Year ended October 31, 2013 | ||
iShares Emerging Markets Corporate Bond ETF | 20% | 33% | ||
iShares Emerging Markets High Yield Bond ETF | 24% | 57% | ||
iShares Emerging Markets Local Currency Bond ETF | 43% | 41% | ||
iShares International High Yield Bond ETF | 25% | 33% | ||
iShares Global High Yield Corporate Bond ETF | 21% | 20% |
Fund | Shares
Per Creation Unit |
Value
Per Creation Unit (U.S.$) | ||
iShares Emerging Markets Corporate Bond ETF | 100,000 | $ 5,067,000 | ||
iShares Emerging Markets High Yield Bond ETF | 100,000 | 5,012,000 | ||
iShares Emerging Markets Local Currency Bond ETF | 200,000 | 9,506,000 | ||
iShares International High Yield Bond ETF | 100,000 | 5,276,000 | ||
iShares Global High Yield Corporate Bond ETF | 100,000 | 5,145,000 |
Fund | Standard
Creation Transaction Fee |
Maximum
Additional Charge* | ||
iShares Emerging Markets Corporate Bond ETF | $ 100 | 3.0% | ||
iShares Emerging Markets High Yield Bond ETF | 100 | 3.0% | ||
iShares Emerging Markets Local Currency Bond ETF | 2,000 | 7.0% | ||
iShares International High Yield Bond ETF | 1,900 | 3.0% | ||
iShares Global High Yield Corporate Bond ETF | 1,250 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Fund | Standard
Redemption Transaction Fee |
Maximum
Additional Charge* | ||
iShares Emerging Markets Corporate Bond ETF | $ 100 | 2.0% | ||
iShares Emerging Markets High Yield Bond ETF | 100 | 2.0% | ||
iShares Emerging Markets Local Currency Bond ETF | 2,000 | 2.0% | ||
iShares International High Yield Bond ETF | 1,900 | 2.0% | ||
iShares Global High Yield Corporate Bond ETF | 1,250 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard transaction fee. |
Fund | Non-Expiring | |
iShares Emerging Markets Corporate Bond ETF | $ 262,109 | |
iShares Emerging Markets High Yield Bond ETF | 8,103,223 | |
iShares Emerging Markets Local Currency Bond ETF | 5,235,569 | |
iShares Global High Yield Corporate Bond ETF | 11,224 |
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