0001193125-22-060832.txt : 20220301 0001193125-22-060832.hdr.sgml : 20220301 20220301134453 ACCESSION NUMBER: 0001193125-22-060832 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20220301 DATE AS OF CHANGE: 20220301 EFFECTIVENESS DATE: 20220301 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: 22696326 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 S000036907 iShares International High Yield Bond ETF C000112950 iShares International High Yield Bond ETF HYXU 497K 1 d280632d497k.htm FORM 497K Form 497K
March 1, 2022
   
    
2022 Summary Prospectus
•  iShares International High Yield Bond ETF | HYXU | 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 reports, 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 March 1, 2022, 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.
The Securities and Exchange Commission 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® INTERNATIONAL HIGH YIELD BOND ETF
Ticker: HYXU Stock Exchange: Cboe BZX
Investment Objective
The iShares International High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds.
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: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.
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 		  Total Annual
Fund
Operating
Expenses
0.40%   None   0.00%   0.40%
1 The amount rounded to 0.00%.
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
$41   $128   $224   $505
S-1

 

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 33% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to track the investment results of the Markit iBoxx Global Developed Markets ex-US High Yield Index (the “Underlying Index”), which is a rules-based index consisting of high yield (as determined by Markit Indices Limited (the “Index Provider” or “Markit”)) corporate bonds denominated in euros, British pounds sterling and Canadian dollars. The Underlying Index is designed to provide a broad representation of the global ex-U.S. dollar high yield corporate bond market. High yield bonds are also known as “junk bonds.” The Underlying Index is made up of corporate bonds that are issued by companies domiciled in countries classified as developed markets by the Index Provider. Bonds must be from issuers with at least $1 billion face value of debt outstanding. The Underlying Index is a market value weighted index with a cap on each issuer of 3%. There is no limit to the number of issues in the Underlying Index. As of October 31, 2021, a significant portion of the Underlying Index is represented by securities of
companies in the financials, industrials and telecommunications industries or sectors. The components of the Underlying Index are likely to change over time.
The Fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended (the “1933 Act”).
The Fund, under normal market conditions, will invest at least 40% of its assets in issuers organized or located outside the U.S. or doing business outside the U.S.
The maturities of the securities in the Underlying Index range from 1-15 years. As of October 31, 2021, the weighted average maturity of the securities in the Underlying Index was 7.97 years, and the weighted average life of these securities (which includes the impact of calls) was 5.24 years.
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
S-2

 

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 value and industry weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings 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 will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. The Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating investments not included in the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.
The Underlying Index is sponsored by Markit, 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), 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.
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 Creations and Redemptions section of this prospectus (the “Prospectus”)) may engage in creation or redemption transactions
S-3

 

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.
Call Risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund's income, or in securities with greater risks or with other less favorable features.
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, market segment or asset class.
Credit Risk. Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer's or counterparty's financial condition and on the terms of an obligation.
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. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund's overall NAV. 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, 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
S-4

 

the Fund’s Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.
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, and 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, or which are exposed to, the affected region.
High Yield Securities Risk. Securities that are rated below investment-grade (commonly referred to as “junk bonds,” which may include those bonds rated below “BBB-” by S&P Global Ratings and Fitch Ratings, Inc. (“Fitch”) or below “Baa3” by Moody's Investors Service, Inc. (“Moody's”)), or are unrated, may be deemed speculative, may involve greater levels of risk than higher-rated
securities of similar maturity and may be more likely to default.
Illiquid Investments Risk. The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.
Income Risk. The Fund's income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds.
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,
S-5

 

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.
Industrials Sector Risk. Companies in the industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and changes in general economic conditions, among other factors.
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 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.
Interest Rate Risk. During periods of very low or negative interest rates, the
Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. Because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities. The historically low interest rate environment heightens the risks associated with rising interest rates.
Issuer Risk. The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the
S-6

 

financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.
Management Risk. As the Fund 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 issues, 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.
Non-U.S. Issuers Risk. Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is
specifically exposed to European 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, European Economic Risk and North American 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.
S-7

 

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.
Structural Risk. The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.
Telecommunications Sector Risk. Companies in the telecommunications sector may be affected by industry competition, substantial capital requirements, government regulation and obsolescence of telecommunications products and services due to technological advancement.
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 distributions, 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, among other reasons. 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 HIGH YIELD SECURITIES MAY EXPERIENCE HIGHER TRACKING ERROR THAN OTHER 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 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.
S-8

 

Performance Information
The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide some indication of the risks of investing in the Fund by showing how the Fund’s average annual returns for 1 and 5 years and since inception compare with those of a broad measure of market performance. 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. If BFA had not waived certain Fund fees during certain periods, the Fund's returns would have been lower.
Year by Year Returns (Years Ended December 31)
The best calendar quarter return during the periods shown above was 12.55% in the 2nd quarter of 2020; the worst was -15.82% in the 1st quarter of 2020.
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-9

 

Average Annual Total Returns
(for the periods ended December 31, 2021)
  One Year   Five Years   Since Fund
Inception
(Inception Date: 4/3/2012)          
Return Before Taxes -3.93%   4.93%   3.49%
Return After Taxes on Distributions1 -5.11%   4.06%   2.43%
Return After Taxes on Distributions and Sale of Fund Shares1 -2.33%   3.44%   2.23%
Markit iBoxx Global Developed Markets ex-US High Yield Index (Index returns do not reflect deductions for fees, expenses, or taxes) -3.74%   5.29%   3.71%
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-10

 

Management
Investment Adviser and Sub-Adviser. The Fund's investment adviser is BFA. The Fund’s sub-adviser is BlackRock International Limited (“BIL” or the “Sub-Adviser”).
Portfolio Managers. James Mauro and Karen Uyehara (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Mr. Mauro and Ms. Uyehara have been Portfolio Managers of the Fund since 2012 and 2021, respectively.
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-11

 

[THIS PAGE INTENTIONALLY LEFT BLANK]

 

[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-HYXU-0322
Investment Company Act file No.: 811-09102
 GRAPHIC 2 g280632br2015.gif GRAPHIC begin 644 g280632br2015.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 3 g280632hyxu.jpg GRAPHIC begin 644 g280632hyxu.jpg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end GRAPHIC 4 g280632img591319c02.gif GRAPHIC begin 644 g280632img591319c02.gif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g280632img9ffc23b41.jpg GRAPHIC begin 644 g280632img9ffc23b41.jpg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end GRAPHIC 6 g280632ishares2019sm.jpg GRAPHIC begin 644 g280632ishares2019sm.jpg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end