0001193125-20-220983.txt : 20200817 0001193125-20-220983.hdr.sgml : 20200817 20200814184305 ACCESSION NUMBER: 0001193125-20-220983 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20200817 DATE AS OF CHANGE: 20200814 EFFECTIVENESS DATE: 20200817 FILER: COMPANY DATA: COMPANY CONFORMED NAME: iShares, Inc. CENTRAL INDEX KEY: 0000930667 IRS NUMBER: 510396525 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 033-97598 FILM NUMBER: 201107292 BUSINESS ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: (415) 670-2000 MAIL ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: iSHARES INC DATE OF NAME CHANGE: 20070126 FORMER COMPANY: FORMER CONFORMED NAME: ISHARES INC DATE OF NAME CHANGE: 20000516 FORMER COMPANY: FORMER CONFORMED NAME: WEBS INDEX FUND INC DATE OF NAME CHANGE: 19970211 0000930667 S000032498 iShares MSCI Global Min Vol Factor ETF C000100213 iShares MSCI Global Min Vol Factor ETF ACWV 497K 1 d947207d497k.htm FORM 497K Form 497K
December 30, 2019
  (as revised August 17, 2020)
    
2019 Summary Prospectus
•  iShares MSCI Global Min Vol Factor ETF | ACWV | CBOE BZX
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus (including amendments and supplements) and other information about the Fund, including the Fund’s statement of additional information and shareholder report, online at https://www.ishares.com/prospectus. You can also get this information at no cost by calling 1-800-iShares (1-800-474-2737) or by sending an e-mail request to iSharesETFs@blackrock.com, or from your financial professional. The Fund’s prospectus and statement of additional information, both dated December 30, 2019, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus. Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at www.iShares.com.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission (“SEC”), paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
The SEC has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

 

iSHARES® MSCI GLOBAL MIN VOL
FACTOR ETF
Ticker: ACWV Stock Exchange: Cboe BZX
Investment Objective
The iShares MSCI Global Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets.
Fees and Expenses
The following table describes the fees and expenses that you will incur if you buy, hold and sell 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 the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund's pro rata share of the fees and expenses incurred by investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund's prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fee such that the Fund’s total annual fund operating expenses after fee waiver will not exceed 0.20% through December 31, 2023. The contractual waiver may be terminated prior to December 31, 2023 only upon written agreement of the Company and BFA.
You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
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
Expenses1 		  Acquired Fund Fees
and Expenses1 		  Total Annual
Fund
Operating
Expenses 		  Fee Waiver   Total Annual
Fund
Operating
Expenses
After
Fee Waiver
0.32%   None   0.00%   0.00%   0.32%   (0.12)%   0.20%
1 The amount rounded to 0.00%.
S-1

 

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:
1 Year   3 Years   5 Years   10 Years
$20   $64   $127   $354
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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to track the investment results of the MSCI ACWI Minimum Volatility (USD) Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”) to measure the combined performance of equity securities in both developed and emerging markets that, in the aggregate, have lower volatility relative to the large- and mid-cap developed and emerging markets. The Underlying Index is designed by selecting securities from the MSCI All Country World Index (the “Parent Index”), which is a capitalization-weighted index, and then follows a
rules-based methodology to optimize the Underlying Index and determine weights for securities in the index having the lowest total risk. Under a rules-based methodology, securities and weighting of the index are established based on pre-established parameters and discretionary factors are not relied on. Generally, rules-based methodologies include specified requirements for security eligibility, maximum and minimum weightings by security and, in some cases by sector and country, established rules relating to handling of special dividends and other distributions, and treatment of corporate events. In order to determine weightings by security within the Underlying Index, MSCI seeks to construct a portfolio of lowest absolute volatility using its multi-factor risk model. The portfolio is then further refined by an optimization tool that aims to determine the lowest absolute volatility based on the projected “riskiness” of securities in the Parent Index while subjected to constraints based on established minimum and maximum weightings of index constituents and sectors as well as factor constraints (for example, liquidity and financial leverage) as measured by MSCI. As of August 31, 2019, the Underlying Index consisted of securities of companies in 38 countries or regions.
 
S-2

 

The Underlying Index will include large- and mid-capitalization companies and may change over time. As of August 31, 2019, a significant portion of the Underlying Index is represented by securities of companies in the financials industry or sector. The components of the Underlying Index are likely to change over time.
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 aiming to keep 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 that of an applicable 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 an applicable underlying index. The Fund may or may not hold all of the securities in the Underlying Index.
The Fund generally will invest at least 90% of its assets in the component securities of the Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of the Underlying Index (i.e., depositary receipts representing securities of the Underlying Index) and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.
The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received).
The Underlying Index is sponsored by MSCI, which 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.
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
S-3

 

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 certain risks, including 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. The order of the below risk factors does not indicate the significance of any particular risk factor.
Asset Class Risk. Securities and other assets in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.
Authorized Participant Concentration Risk. Only an Authorized Participant (as defined in the Creation and Redemptions section of the Prospectus) may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration
risk may be heightened for exchange-traded funds (“ETFs”), such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.
Calculation Methodology Risk. The Underlying Index relies on various sources of information to assess the criteria of issuers included in the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can offer assurances that the Underlying Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers.
Concentration Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities and/or other assets of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.
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 or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the Fund's NAV may change quickly and without warning.
Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund, the Fund's adviser, distributor, the Index Provider and other service providers, market makers,
S-4

 

Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.
Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The Underlying Index is comprised of common stocks, which generally subject their holders to more risks than preferred stocks and debt securities because common stockholders’ claims are subordinated to those of holders of preferred stocks and debt securities upon the bankruptcy of the issuer.
Financials Sector Risk. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, interest rates, credit rating downgrades, and decreased liquidity in credit markets. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financials sector as
a whole, cannot be predicted. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.
Geographic Risk. A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region.
Index-Related Risk. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition.
Infectious Illness Risk. An outbreak of an infectious respiratory illness, COVID-19, caused by a novel coronavirus has resulted in travel restrictions, disruption of healthcare systems, prolonged quarantines, cancellations, supply chain
S-5

 

disruptions, lower consumer demand, layoffs, ratings downgrades, defaults and other significant economic impacts. Certain markets have experienced temporary closures, extreme volatility, severe losses, reduced liquidity and increased trading costs. These events will have an impact on the Fund and its investments and could impact the Fund’s ability to purchase or sell securities or cause elevated tracking error and increased premiums or discounts to the Fund’s NAV. Other infectious illness outbreaks in the future may result in similar impacts.
Issuer Risk. The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.
Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large-capitalization companies has trailed the overall performance of the broader securities markets.
Management Risk. As the Fund will not fully replicate the Underlying Index, it is subject to the risk that BFA's investment 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 more prolonged market downturns. Local, regional or
global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.
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 disruptions in the creation/redemption process. 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. Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments. In addition, the securities of mid-capitalization companies may be more volatile and less liquid than those of large-capitalization companies.
National Closed Market Trading Risk. To the extent that the underlying securities and/or other assets held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). These deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other ETFs.
S-6

 

Non-U.S. Securities Risk. Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting issuers of non-U.S. securities or non-U.S. markets. In addition, non-U.S. securities markets may trade a small number of securities and may be unable to respond effectively to changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. The Fund is specifically exposed to Asian Economic Risk.
Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund and BFA seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.
Passive Investment Risk. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
Reliance on Trading Partners Risk. The Fund invests in countries or regions whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its
holdings of securities of certain issuers, the Fund is specifically exposed to Asian Economic Risk, North American Economic Risk and U.S. Economic Risk.
Risk of Investing in Developed Countries. The Fund’s investment in developed country issuers may subject the Fund to regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a significant portion of the global economy and have generally experienced slower economic growth than some less developed countries. Certain developed countries have experienced security concerns, such as terrorism and strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or availability of certain commodities.
Risk of Investing in Russia. Investing in Russian securities involves significant risks, including legal, regulatory and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the settlement of portfolio transactions and loss of the Fund’s ownership rights in its portfolio securities as a result of the system of share registration and custody in Russia. A number of jurisdictions, including the U.S., Canada and the European Union (the “EU”), have imposed economic sanctions on certain Russian individuals and Russian corporate entities. Additionally, Russia
S-7

 

is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests.
Risk of Investing in the U.S. Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.
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 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 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, such as terrorism and strained international relations. Incidents involving a country's or region's security may cause uncertainty in its markets and may adversely affect its economy 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 Fund may be subject to tracking error, which is the
divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund's valuation of a security at the time of calculation of the Fund's NAV), transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. INDEX ETFs THAT TRACK INDICES WITH SIGNIFICANT WEIGHT IN EMERGING MARKETS ISSUERS MAY EXPERIENCE HIGHER TRACKING ERROR THAN OTHER INDEX ETFs THAT DO NOT TRACK SUCH INDICES.
Valuation Risk. The price the Fund could receive upon the sale of a security or other asset may differ from the Fund's valuation of the security or other asset and from the value used by the Underlying Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value
S-8

 

methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.
Volatility Risk. Although the Underlying Index was created by the Index Provider to seek lower volatility than the Parent Index and the Fund's name reflects the name of the Underlying Index as provided by the Index Provider, there is no guarantee that the Index Provider will be successful 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.
S-9

 

Performance Information
The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund’s performance is shown under the heading Total Return Information in the Supplemental Information section of the Prospectus. If BFA had not waived certain Fund fees during certain periods, the Fund's returns would have been lower.
Year by Year Returns1 (Years Ended December 31)
1 The Fund’s year-to-date return as of September 30, 2019 was 17.80%.
The best calendar quarter return during the periods shown above was 11.66% in the 1st quarter of 2013; the worst was -6.61% in the 4th quarter of 2018.
Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).
S-10

 

Average Annual Total Returns
(for the periods ended December 31, 2018)
  One Year   Five Years   Since Fund
Inception
(Inception Date: 10/18/2011)          
Return Before Taxes -1.35%   7.54%   9.43%
Return After Taxes on Distributions1 -1.93%   6.88%   8.79%
Return After Taxes on Distributions and Sale of Fund Shares1 -0.47%   5.80%   7.46%
MSCI ACWI Minimum Volatility (USD) Index (Index returns do not reflect deductions for fees, expenses or taxes) -1.56%   7.30%   9.16%
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.
S-11

 

Management
Investment Adviser. BlackRock Fund Advisors.
Portfolio Managers. Rachel Aguirre, Jennifer Hsui, Alan Mason, Greg Savage and Amy Whitelaw (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Ms. Hsui, Mr. Mason and Mr. Savage have been Portfolio Managers of the Fund since 2012, 2016 and 2011, respectively. Ms. Aguirre and Ms. Whitelaw have been Portfolio Managers of the Fund since 2018.
Purchase and Sale of Fund Shares
The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).
Tax Information
The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will be taxed when withdrawn.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other related companies may pay the intermediary for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems or other services related to the sale or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
S-12

 

[THIS PAGE INTENTIONALLY LEFT BLANK]

 

[THIS PAGE INTENTIONALLY LEFT BLANK]

 

For more information visit www.iShares.com or call 1-800-474-2737
IS-SP-ACWV-0820
Investment Company Act file No.: 811-09102
 GRAPHIC 2 g947207acwv.jpg GRAPHIC begin 644 g947207acwv.jpg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end GRAPHIC 3 g947207br2015.gif GRAPHIC begin 644 g947207br2015.gif M1TE&.#EA?0 2 / ",?( "'Y! $ $ + !] !( +^A(\0R^T/ MHYPIS8LSJU7[+W$62%[(PI6J=@;="F^'T\ZF#;TNCLYMS]/1=#^@8K0Q>I2EK%";:'EE4JI8Q6]$]I6UWS/N:\SR(D]CU_S.BZWX?6TJ MY>56YK>70S1W%U8H1I5X4J7(-\2WU33V%,G&I=CVJ&8HJ1D'ER@J&,H6B;4) MQGDH])#&9*IE]RIKJ0H8"EE;F=IZFI7;"$H,5L[]NP;A$K[ M&1A]W2R\2O(+]OWOQA.Y;,8+* JB;. GRAPHIC 4 g947207img406985241.jpg GRAPHIC begin 644 g947207img406985241.jpg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end GRAPHIC 5 g947207img766ac71b2.gif GRAPHIC begin 644 g947207img766ac71b2.gif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g947207ishares2019sm.jpg GRAPHIC begin 644 g947207ishares2019sm.jpg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end