2017 Prospectus |
|
► | iShares MSCI Emerging Markets ex China ETF | EMXC | NASDAQ |
Ticker: EMXC | Stock Exchange: NASDAQ |
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 |
Acquired
Fund Fees and Expenses |
Total
Annual Fund Operating Expenses |
Fee Waiver | Total
Annual Fund Operating Expenses After Fee Waiver | ||||||
0.49% | None | None | 0.09% | 0.58% | (0.09)% | 0.49% |
1 Year | 3 Years | |||
$50 | $157 |
■ | Lower levels of liquidity and market efficiency; |
■ | Greater securities price volatility; |
■ | Exchange rate fluctuations and exchange controls; |
■ | Less availability of public information about issuers; |
■ | Limitations on foreign ownership of securities; |
■ | Imposition of withholding or other taxes; |
■ | Imposition of restrictions on the expatriation of the funds or other assets of the Fund; |
■ | Higher transaction and custody costs and delays in settlement procedures; |
■ | Difficulties in enforcing contractual obligations; |
■ | Lower levels of regulation of the securities markets; |
■ | Weaker accounting, disclosure and reporting requirements; and |
■ | Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities and stockholders’ rights in markets in which the Fund invests may differ and/or may not be as extensive or protective as those that apply in the United States. |
■ | The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used in Russia; |
■ | Risks in connection with the maintenance of the Fund’s portfolio securities and cash with foreign sub-custodians and securities depositories, including the risk that appropriate sub-custody arrangements will not be available to the Fund; |
■ | The risk that the Fund’s ownership rights in portfolio securities could be lost through fraud or negligence because ownership in shares of Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system; and |
■ | The risk that the Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government. |
■ | The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used in certain Eastern European countries; |
■ | Risks in connection with the maintenance of the Fund's portfolio securities and cash with foreign sub-custodians and securities depositories, including the risk that appropriate sub-custody arrangements will not be available to the Fund; |
■ | The risk that the Fund's ownership rights in portfolio securities could be lost through fraud or negligence as a result of the fact that ownership in shares of certain Eastern European companies is recorded by the companies themselves and by registrars, rather than a central registration system; |
■ | The risk that the Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and custody, and because certain Eastern European banking institutions and registrars are not guaranteed by their respective governments; and |
■ | Risks in connection with Eastern European countries' dependence on the economic health of Western European countries and the EU as a whole. |
■ | Dividend: Dividend income earned by the Subsidiary will not be subject to Indian tax. However, the Indian company declaring and paying such dividend would be subject to Dividend Distribution Tax at an effective rate of 20.36% (effective starting April 1, 2015) on the amount of the dividend paid out. |
■ | Interest: Interest paid to the Subsidiary in respect of debt obligations of Indian issuers will be subject to Indian income tax. The tax rate in the case of a rupee-denominated debt obligation is 43.26%. However if the Subsidiary is a Securities and Exchange Board of India (“SEBI”) registered foreign portfolio investor, interest income earned from June 1, 2013 to June 30, 2020 on rupee denominated bonds of Indian companies and Indian government securities will be subject to tax at the rate of 5.41%, provided that the rate of interest does not exceed the prescribed rates. In the case of a foreign-currency denominated debt obligation, the tax rate is 21.63%. For approved foreign-currency loans advanced from July 1, 2012 to June 30, 2020, the tax rate on interest is 5.41% and for approved foreign currency long-term bonds issued from October 1, 2014 to June 30, 2020, the tax rate on interest is 5.41%. Finance Act 2017 (“FA 17”) has reduced the withholding tax rate on rupee-denominated bonds issued before July 1, 2020 to 5.41%. |
■ | Securities Transaction Tax: All transactions entered on a recognized stock exchange in India are subject to a Securities Transaction Tax (“STT”). STT has been introduced under Section 98 of the Finance (No.2) Act, 2004 on transactions relating to sale, purchases and redemption of investments made by purchasers or sellers of Indian securities and equity oriented mutual fund units. The current STT as levied on the transaction value as follows: |
■ | 0.1% payable by the buyer and 0.1% by the seller on the value of transactions of delivery based transfer of an equity share in an Indian company entered in a recognized stock exchange; |
■ | 0.001% on the value of transactions of delivery based sale of a unit of an equity oriented mutual fund entered in a recognized stock exchange, payable by the seller; |
■ | 0.025% on the value of transactions of non-delivery based sale of an equity share in an Indian company or a unit of an equity oriented mutual fund, entered in a recognized stock exchange payable by the seller; |
■ | 0.05% on the value of transactions of derivatives being options, entered in a recognized stock exchange. STT is to be paid by the seller; |
■ | 0.01% on the value of transactions of sale of derivatives being futures, entered in a recognized stock exchange. STT is to be paid by the seller; |
■ | 0.001% on the value of transactions of sale of units of an equity-oriented fund to the Mutual Fund, payable by the seller in accordance with the Finance Act, 2013; |
■ | 0.125% on the value of transactions of sale of derivatives being options, where the option is exercised, entered in a recognized stock exchange. STT is to be paid by buyer; |
■ | The Finance Act, 2012 has exempted from tax the capital gains (under the ITA) arising from the sale of unlisted shares by existing shareholders of a Sub-Fund in an initial public offer. However, such sale is subject to STT at 0.2% of the sale consideration payable by the seller. |
■ | Capital Gains: The taxation of capital gains would be as follows: (i) long-term capital gains (being gains on sale of shares held for a period of more than 12 months) listed on a recognized stock exchange would not be taxable in India provided STT has been |
■ | With respect to a foreign entity that holds the Indian assets directly, if the transferor of shares or interests in such a foreign entity (along with its associated enterprises), at any time in the 12 months preceding the year of transfer neither holds the right of control or management in the foreign entity, nor holds voting power or share capital or interest exceeding 5% of the total voting power or total share capital in such foreign entity. |
■ | With respect to a foreign entity that holds the Indian assets indirectly, if the transferor of shares or interests in such foreign entity (along with its associated enterprises), at any time in the 12 months preceding the year of transfer does not hold the right of control or management in relation to the foreign entity, which would entitle them to the right of control or management in the foreign entity which directly holds the Indian assets; or does not hold voting power or share capital or interest exceeding 5% of the total voting power or total share capital in the foreign entity, which results in holding the same share capital or voting power in the entity which directly holds the Indian assets. |
■ | any arrangement where the aggregate tax benefit to all the parties of the arrangement in the relevant financial year does not exceed INR 30 Million; |
■ | FIIs that choose not to take any benefit under any tax treaty entered with India and have invested in listed or unlisted securities with prior permission of the competent authority in accordance with the applicable regulations; |
■ | non-resident investor in an FII who has invested in an FII, directly or indirectly, by way of an offshore derivative instrument or otherwise; or |
■ | any income derived from the transfer of investments made prior to August 30, 2010. |
Approximate
Value of a Creation Unit |
Creation
Unit Size |
Standard
Creation/ Redemption Transaction Fee |
Maximum
Additional Charge for Creations* |
Maximum
Additional Charge for Redemptions* | ||||
$5,000,000 | 100,000 | $17,325 | 7% | 2% |
* | As a percentage of the net asset value per Creation Unit, inclusive, in the case of redemptions, of the standard redemption transaction fee. |
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 |
Fund | Ticker | Listing Exchange | ||
iShares MSCI Emerging Markets ex China ETF (the “Fund”) | EMXC | NASDAQ |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
a. | Purchase securities of other investment companies, except to the extent permitted by the Investment Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1); provided that such policy will only be in effect if the Fund ceases to invest its assets in reliance on Section 12(d)(1)(G) in the iShares MSCI India ETF (or a different underlying fund), as applicable. |
b. | Make short sales of securities or maintain a short position, except to the extent permitted by the Fund's Prospectus and SAI, as amended from time to time, and applicable law. |
Name (Age) | Position | Principal
Occupation(s) During the Past 5 Years |
Other
Directorships Held by Director | |||
Robert
S. Kapito1 (60) |
Director
(since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’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). | Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Mark
K. Wiedman2 (46) |
Director (since 2013). | Senior Managing Director, BlackRock, Inc. (since 2014); Managing Director, BlackRock, Inc. (2007-2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2016); Global Head of iShares (2011-2016); Head of Corporate Strategy, BlackRock, Inc. (2009-2011). | Trustee of iShares Trust (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. and its affiliates. |
2 | Mark K. 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 | |||
Cecilia
H. Herbert (68) |
Director
(since 2005); Independent Board Chair (since 2016). |
Trustee and Member of the Finance, Technology and Quality Committee of Stanford Health Care (since 2016); Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; 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. | Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Forward Funds (14 portfolios) (since 2009); Trustee of Salient MF Trust (4 portfolios) (since 2015). | |||
Jane
D. Carlin (61) |
Director
(since 2015); Risk Committee Chair (since 2016). |
Consultant (since 2012); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (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); Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard
L. Fagnani (62) |
Director
(since 2017); Equity Plus Committee Chair (since 2017). |
Partner, KPMG LLP (2002-2016). | Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
Charles
A. Hurty (73) |
Director
(since 2005); Audit Committee Chair (since 2006). |
Retired; Partner, KPMG LLP (1968-2001). | Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002). | |||
John
E. Kerrigan (61) |
Director
(since 2005); Securities Lending Committee Chair (since 2016). |
Chief Investment Officer, Santa Clara University (since 2002). | Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew
E. Lawton (58) |
Director
(since 2017); 15(c) Committee Chair (since 2017). |
Senior Managing Director of New York Life Insurance Company (2010-2015). | Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
Name (Age) | Position | Principal
Occupation(s) During the Past 5 Years |
Other
Directorships Held by Director | |||
John
E. Martinez (56) |
Director
(since 2003); Fixed Income Plus Committee Chair (since 2016). |
Director of Real Estate Equity Exchange, Inc. (since 2005). | Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav
V. Rajan (52) |
Director
(since 2011); Nominating and Governance Committee Chair (since 2017). |
Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Trustee
of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011); Director, Cavium, Inc. (since 2013). |
Name (Age) | Position | Principal
Occupation(s) During the Past 5 Years | ||
Martin
Small (41) |
President (since 2016). | Managing Director, BlackRock, Inc. (since 2010); Head of U.S. iShares (since 2015); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014). | ||
Jack
Gee (57) |
Treasurer
and Chief Financial Officer (since 2008). |
Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009). | ||
Charles
Park (49) |
Chief Compliance 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); Chief Compliance Officer of BFA (since 2006). | ||
Benjamin
Archibald (42) |
Secretary (since 2015). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2010-2013); Secretary of the BlackRock-advised mutual funds (since 2012). | ||
Steve
Messinger (55) |
Executive
Vice President (since 2016). |
Managing Director, BlackRock, Inc. (2007-2014 and since 2016); Managing Director, Beacon Consulting Group (2014-2016). |
Name (Age) | Position | Principal
Occupation(s) During the Past 5 Years | ||
Scott
Radell (48) |
Executive
Vice President (since 2012). |
Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). | ||
Alan
Mason (56) |
Executive
Vice President (since 2016). |
Managing Director, BlackRock, Inc. (since 2009). |
Name | Fund | Dollar
Range of Equity Securities in the Fund |
Aggregate
Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director or Advisory Board Member in Family of Investment Companies | |||
Robert S. Kapito | None | None | None | |||
Mark K. 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 | Over $100,000 | |||||
iShares National Muni Bond ETF | Over $100,000 | |||||
iShares New York Muni Bond ETF | Over $100,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | Over $100,000 | Over $100,000 | |||
iShares China Large-Cap ETF | $50,001-$100,000 | |||||
iShares Core Dividend Growth ETF | $10,001-$50,000 | |||||
iShares Core High Dividend ETF | $1-$10,000 | |||||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 |
Name | Fund | Dollar
Range of Equity Securities in the Fund |
Aggregate
Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director or Advisory Board Member in Family of Investment Companies | |||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $1-$10,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $10,001-$50,000 | |||||
iShares Core S&P U.S. Growth ETF | $50,001-$100,000 | |||||
iShares Core S&P U.S. Value ETF | $50,001-$100,000 | |||||
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 Japan ETF | $10,001-$50,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares U.S. Preferred Stock ETF | $10,001-$50,000 | |||||
Jane D. Carlin | iShares Core MSCI EAFE ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core S&P Small-Cap ETF | $50,001-$100,000 | |||||
iShares Global Tech ETF | $10,001-$50,000 | |||||
Richard L. Fagnani | Not Applicable | Not Applicable | Not Applicable | |||
Charles A. Hurty | iShares China Large-Cap ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core Growth Allocation ETF | Over $100,000 | |||||
iShares Core High Dividend ETF | Over $100,000 | |||||
iShares Core Moderate Allocation ETF | $50,001-$100,000 | |||||
iShares Core MSCI Emerging Markets ETF | $50,001-$100,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P U.S. Value ETF | $10,001-$50,000 | |||||
iShares Edge MSCI Min Vol USA ETF | Over $100,000 | |||||
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 Russell 2000 ETF | $10,001-$50,000 | |||||
iShares U.S. Basic Materials ETF | $10,001-$50,000 | |||||
iShares U.S. Energy ETF | $10,001-$50,000 | |||||
iShares U.S. Technology ETF | Over $100,000 | |||||
Name | Fund | Dollar
Range of Equity Securities in the Fund |
Aggregate
Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director or Advisory Board Member in Family of Investment Companies | |||
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 Muni Bond ETF | Over $100,000 | |||||
Drew E. Lawton | iShares MSCI Frontier 100 ETF | $50,001-$100,000 | $50,001-$100,000 | |||
John E. Martinez | iShares Core MSCI Total International Stock ETF | $1-$10,000 | Over $100,000 | |||
iShares Core S&P 500 ETF | Over $100,000 | |||||
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 | |||||
iShares Short Maturity Bond ETF | Over $100,000 | |||||
iShares TIPS Bond ETF | $50,001-$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 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 | |||||
iShares U.S. Preferred Stock ETF | Over $100,000 |
Name | iShares
MSCI Emerging Markets ex China ETF |
Pension
or Retirement Benefits Accrued As Part of Company Expenses1 |
Estimated
Annual Benefits Upon Retirement1 |
Total
Compensation From the Fund and Fund Complex2 | ||||
Independent Directors: | ||||||||
Robert H. Silver3 | $0 | Not Applicable | Not Applicable | $81,250 | ||||
John E. Kerrigan | 0 | Not Applicable | Not Applicable | 325,000 | ||||
Charles A. Hurty | 0 | Not Applicable | Not Applicable | 340,000 | ||||
Cecilia H. Herbert | 0 | Not Applicable | Not Applicable | 361,764 | ||||
John E. Martinez | 0 | Not Applicable | Not Applicable | 336,764 | ||||
Madhav V. Rajan | 0 | Not Applicable | Not Applicable | 325,000 | ||||
Jane D. Carlin | 0 | Not Applicable | Not Applicable | 325,000 | ||||
Interested Directors: | ||||||||
Robert S. Kapito | $0 | Not Applicable | Not Applicable | $0 | ||||
Mark K. Wiedman | 0 | Not Applicable | Not Applicable | 0 | ||||
Advisory Board Members: | ||||||||
Drew E. Lawton | $0 | Not Applicable | Not Applicable | $75,0004 | ||||
Richard L. Fagnani5 | 0 | Not Applicable | Not Applicable | Not Applicable |
1 | No Director or officer is entitled to any pension or retirement benefits from the Company. |
2 | Includes compensation for service on the Boards of Trustees or the Advisory Board for iShares Trust and iShares U.S. ETF Trust. |
3 | Served as an Independent Director through March 31, 2016. |
4 | Total compensation is shown for Drew E. Lawton for the period from October 18, 2016 (date of his appointment to the Advisory Board of the Company, iShares Trust and iShares U.S. ETF Trust) to December 31, 2016. |
5 | Compensation is not shown for Richard L. Fagnani because he was appointed to serve as an Advisory Board Member effective April 1, 2017. |
Diane Hsiung | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 268 | $876,219,605,843 | ||
Other Pooled Investment Vehicles | 2 | 23,079,738 | ||
Other Accounts | 0 | 0 |
Jennifer Hsui | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 288 | $906,489,073,305 | ||
Other Pooled Investment Vehicles | 4 | 1,572,358,381 | ||
Other Accounts | 2 | 488,297,008 |
Alan Mason | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 359 | $969,170,500,971 | ||
Other Pooled Investment Vehicles | 288 | 622,347,011,454 | ||
Other Accounts | 217 | 79,660,106,601 |
Greg Savage | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 403 | $981,724,928,181 | ||
Other Pooled Investment Vehicles | 2 | 1,549,278,642 | ||
Other Accounts | 18 | 12,946,610,462 |
Diane Hsiung | ||||
Types of Accounts | Number
of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Jennifer Hsui | ||||
Types of Accounts | Number
of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Alan Mason | ||||
Types of Accounts | Number
of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Greg Savage | ||||
Types of Accounts | Number
of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate
of Total Assets | ||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Shares
Per Creation Unit |
Value
Per Creation Unit (U.S.$) | |
100,000 | $5,000,000 |
Standard
Creation Transaction Fee |
Maximum
Additional Charge* | |
$17,325 | 7% |
* | As a percentage of the net asset value per Creation Unit. |
Standard
Redemption Transaction Fee |
Maximum
Additional Charge* | |
$17,325 | 2% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
• | Capital gains resulting from the sale of Indian securities (including depositary receipts issued by Indian companies) acquired prior to April 1, 2017 will not be subject to tax in India, provided the Subsidiary does not have a Permanent Establishment (“PE”) in India. Capital gains resulting from sale of shares in Indian companies acquired on or after April 1, 2017 will be subject to tax in India as per the domestic tax rates (provided below). If the Subsidiaries are able to satisfy the conditions under the limitation of benefits article introduced by the Protocol, capital gains on shares acquired on or after April 1, 2017 and sold prior to April 1, 2019 may be taxed at 50% of the applicable Indian tax rate; |
• | Dividends on shares received from an Indian company on which dividend distribution tax has been paid are exempt from tax in the hands of the shareholders. However, the Indian company distributing dividends is subject to a dividend distribution tax at the rate of 20.36%; and |
• | Interest paid to the Subsidiary in respect of the debt obligations of Indian issuers will be subject to Indian income tax. The tax rate, in the case of rupee-denominated debt obligations, is 43.26%. However if the Subsidiary is a Securities and Exchange Board of India (“SEBI”) registered foreign portfolio investor, interest income earned from June 1, 2013 to June 30, 2020 on rupee-denominated bonds of Indian companies and Government securities, will be subject to tax at the rate of 5.41%, provided that the rate of interest does not exceed the prescribed rates. In the case of foreign currency-denominated debt obligations, the tax rate is 21.63%. For approved foreign currency loans advanced from July 1, 2012 to June 30, 2020, the tax rate on interest is 5.41% and for approved foreign currency long-term bonds issued from October 1, 2014 to June 30, 2020, the tax rate on interest is 5.41%. Finance Act 17 (“FA 17”) reduced the withholding tax rate on rupee-denominated bonds issued before July 1, 2020 to 5.41%. The Protocol provides for a withholding rate of 7.5% on the interest payments made on or after April 1, 2017. |
• | Long-term capital gains (being gains on sale of shares held for a period of more than twelve months) listed on a recognized stock exchange would not be taxable in India provided Securities Transaction Tax (“STT”) has been paid on the same (as discussed below). FA 17 introduced an additional requirement of payment of STT at the time of acquisition of shares in order to avail the long term capital gain exemption. This additional condition is applicable |
with respect to certain notified transactions. However, it is not applicable to shares acquired by Qualified Institutional Buyers, which includes Category I and II Foreign Portfolio Investors; |
• | Short-term capital gains (being gains on sale of shares held for a period of twelve months or less) from the sale of Indian shares listed on a recognized stock exchange will be taxed at the rate of 16.223% provided STT has been paid on the same; |
• | Long-term capital gains (being gains on sale of shares held for a period of more than 24 months) arising to the Subsidiary from the sale of unlisted securities will be taxed at the rate of 10.815% (without indexation) and short-term capital gains (being gains on sale of shares held for a period of 24 months or less) will be taxed at the rate of 43.26%;* |
• | Capital gains realized on sale of listed equity shares not executed on a recognized stock exchange in India would be taxed at the rate of 10.815% for long-term gains (being gains on sale of shares held for a period of more than 12 months) and at 43.26% in the case of short-term gains (being gains on sale of shares held for a period of 12 months or less);* and |
• | Capital gains arising from the transfer of depositary receipts outside India between non-resident investors will not be subject to tax in India. |
* | However, as the Subsidiary is a SEBI registered foreign portfolio investor, the rates will be 10.816% and 32.45%, respectively. |
• | 0.1% payable by the buyer and 0.1% by the seller on the value of transactions of delivery based transfer of an equity share in an Indian company entered in a recognized stock exchange; |
• | 0.001% on the value of transactions of delivery based sale of a unit of an equity oriented mutual fund entered in a recognized stock exchange, payable by the seller; |
• | 0.025% on the value of transactions of non-delivery based sale of an equity share in an Indian company or a unit of an equity oriented mutual fund, entered in a recognized stock exchange payable by the seller; |
• | 0.05% on the value of transactions of derivatives being options, entered in a recognized stock exchange. STT is to be paid by the seller; |
• | 0.01% on the value of transactions of sale of derivatives being futures, entered in a recognized stock exchange. STT is to be paid by the seller; |
• | 0.001% on the value of transactions of sale of units of an equity-oriented fund to the Mutual Fund, payable by the seller in accordance with the Finance Act, 2013; |
• | 0.125% on the value of transactions of sale of derivatives being options, where the option is exercised, entered in a recognized stock exchange. STT is to be paid by buyer; |
• | The Finance Act, 2012 has exempted from tax the capital gains (under the ITA) arising from the sale of unlisted shares by existing shareholders of a Sub-Fund in an initial public offer. However, such sale is subject to STT at 0.2% of the sale consideration payable by the seller. |
• | With respect to a foreign entity that holds the Indian assets directly, if the transferor of share or interest in such a foreign entity (along with its associated enterprises), at any time in the twelve months preceding the year of transfer neither holds the right of control or management in the foreign entity, nor holds voting power or share capital or interest exceeding 5% of the total voting power or total share capital in such foreign entity. |
• | With respect to a foreign entity that holds the Indian assets indirectly, if the transferor of share or interest in such foreign entity (along with its associated enterprises), at any time in the twelve months preceding the year of transfer does not hold the right of control or management in relation to the foreign entity, which would entitle them to the right of control or management in the foreign entity which directly holds the Indian assets; or does not hold voting power or share capital or interest exceeding 5% of the total voting power or total share capital in the foreign entity, which results in holding the same share capital or voting power in the entity which directly holds the Indian assets. |
• | any arrangement where the aggregate tax benefit to all the parties of the arrangement in the relevant financial year does not exceed INR 30 Million; |
• | FIIs that choose not to take any benefit under any tax treaty entered with India and have invested in listed or unlisted securities with prior permission of the competent authority in accordance with the applicable regulations; |
• | non-resident investor in an FII who has invested in an FII, directly or indirectly, by way of an offshore derivative instrument or otherwise; or |
• | any income derived from the transfer of investments made prior to August 30, 2010. |
1 | iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI All Peru Capped ETF, iShares MSCI EAFE ESG Optimized ETF, iShares MSCI EM ESG Optimized ETF, iShares MSCI Global Impact ETF, iShares MSCI KLD 400 Social ETF, iShares MSCI USA ESG Optimized ETF and iShares MSCI USA ESG Select ETF have separate Fund Proxy Voting Policies. |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Remuneration and benefits |
• | Social, ethical and environmental issues |
• | General corporate governance matters |
• | establishing an appropriate corporate governance structure; |
• | supporting and overseeing management in setting strategy; |
• | ensuring the integrity of financial statements; |
• | making decisions regarding mergers, acquisitions and disposals; |
• | establishing appropriate executive compensation structures; and |
• | addressing business issues including social, ethical and environmental issues when they have the potential to materially impact company reputation and performance. |
• | current employment at the company or a subsidiary; |
• | former employment within the past several years as an executive of the company; |
• | providing substantial professional services to the company and/or members of the company’s management; |
• | having had a substantial business relationship in the past three years; |
• | having, or representing a shareholder with, a substantial shareholding in the company; |
• | being an immediate family member of any of the aforementioned; and |
• | interlocking directorships. |
• | BlackRock has adopted a proxy voting oversight structure whereby the Corporate Governance Committees oversee the voting decisions and other activities of the Corporate Governance Group, and particularly its activities with respect to voting in the relevant region of each Corporate Governance Committee’s jurisdiction. |
• | The Corporate Governance Committees have adopted Guidelines for each region, which set forth the firm’s views with respect to certain corporate governance and other issues that typically arise in the proxy voting context. The Corporate Governance Committees receive periodic reports regarding the specific votes cast by the Corporate Governance Group and regular updates on material process issues, procedural changes and other matters of concern to the Corporate Governance Committees. |
• | BlackRock’s Global Corporate Governance Oversight Committee oversees the Global Head, the Corporate Governance Group and the Corporate Governance Committees. The Global Corporate Governance Oversight Committee conducts a review, at least annually, of the proxy voting process to ensure compliance with BlackRock’s risk policies and procedures. |
• | BlackRock maintains a reporting structure that separates the Global Head and Corporate Governance Group from employees with sales responsibilities. In addition, BlackRock maintains procedures intended to ensure that all engagements with corporate issuers or dissident shareholders are managed consistently and without regard to BlackRock’s relationship with the issuer of the proxy or dissident shareholder. Within the normal course of business, the Global Head or Corporate Governance Group may engage directly with BlackRock clients, and with employees with sales responsibilities, in discussions regarding general corporate governance policy matters, and to otherwise ensure that proxy-related client service levels are met. The Global Head or Corporate Governance Group does not discuss any specific voting matter with a client prior to the disclosure of the vote decision to all applicable clients after the shareholder meeting has taken place, except if the client is acting in the capacity as issuer of the proxy or dissident shareholder and is engaging through the established procedures independent of the client relationship. |
• | In certain instances, BlackRock may determine to engage an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest or as otherwise required by applicable law. The independent fiduciary may either vote such proxies or provide BlackRock with instructions as to how to vote such proxies. In the latter case, BlackRock votes the proxy in accordance with the independent fiduciary’s determination. Use of an independent fiduciary has been |
adopted for voting the proxies related to any company that is affiliated with BlackRock or any company that includes BlackRock employees on its board of directors. |
2017 | ||||||
Country | Trade
Date |
Settlement
Date |
Number
of Days to Settle | |||
Brazil | 02/22/17 | 03/02/17 | 8 | |||
02/23/17 | 03/03/17 | 8 | ||||
02/24/17 | 03/06/17 | 11 | ||||
Indonesia | 06/21/17 | 07/03/17 | 12 | |||
06/22/17 | 07/04/17 | 12 | ||||
06/23/17 | 07/05/17 | 12 | ||||
Malaysia | 01/24/17 | 02/01/17 | 8 | |||
01/25/17 | 02/02/17 | 8 | ||||
01/26/17 | 02/03/17 | 8 | ||||
Qatar | 06/20/17 | 06/28/17 | 8 | |||
06/21/17 | 06/29/17 | 8 | ||||
06/22/17 | 06/30/17 | 8 | ||||
South Africa | 03/14/17 | 03/22/17 | 8 | |||
03/15/17 | 03/23/17 | 8 |
2017 | ||||||
Country | Trade
Date |
Settlement
Date |
Number
of Days to Settle | |||
03/16/17 | 03/24/17 | 8 | ||||
03/17/17 | 03/27/17 | 10 | ||||
03/20/17 | 03/28/17 | 8 | ||||
04/07/17 | 04/18/17 | 11 | ||||
04/10/17 | 04/19/17 | 9 | ||||
04/11/17 | 04/20/17 | 9 | ||||
04/12/17 | 04/21/17 | 9 | ||||
04/13/17 | 04/24/17 | 11 | ||||
04/20/17 | 04/28/17 | 8 | ||||
04/21/17 | 05/02/17 | 11 | ||||
04/24/17 | 05/03/17 | 9 | ||||
04/25/17 | 05/04/17 | 9 | ||||
04/26/17 | 05/05/17 | 9 | ||||
04/28/17 | 05/08/17 | 10 | ||||
06/09/17 | 06/19/17 | 10 | ||||
06/12/17 | 06/20/17 | 8 | ||||
06/13/17 | 06/21/17 | 8 | ||||
06/14/17 | 06/22/17 | 8 | ||||
06/15/17 | 06/23/17 | 8 | ||||
08/02/17 | 08/10/17 | 8 | ||||
08/03/17 | 08/11/17 | 8 | ||||
08/04/17 | 08/14/17 | 10 | ||||
08/07/17 | 08/15/17 | 8 | ||||
08/08/17 | 08/16/17 | 8 | ||||
09/18/17 | 09/26/17 | 8 | ||||
09/19/17 | 09/27/17 | 8 | ||||
09/20/17 | 09/28/17 | 8 | ||||
09/21/17 | 09/29/17 | 8 | ||||
09/22/17 | 10/02/17 | 10 | ||||
12/18/17 | 12/27/17 | 9 | ||||
12/19/17 | 12/28/17 | 9 | ||||
12/20/17 | 12/29/17 | 9 | ||||
12/21/17 | 01/03/18 | 13 | ||||
12/22/17 | 01/04/18 | 13 | ||||
South Korea | 09/29/17 | 10/10/17 | 11 | |||
10/02/17 | 10/11/17 | 9 | ||||
Taiwan | 01/23/17 | 02/02/17 | 10 | |||
01/24/17 | 02/03/17 | 10 | ||||
Turkey | 08/28/17 | 09/05/17 | 8 | |||
08/29/17 | 09/06/17 | 8 |
* | These worst-case redemption cycles are based on information regarding regular holidays, which may be out of date. Based on changes in holidays, longer (worse) redemption cycles are possible. |
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