Mutual Fund Summary Prospectus (497k)
02 Janvier 2013 - 10:05PM
Edgar (US Regulatory)
iShares MSCI Global Agriculture Producers
Fund
VEGI
•
NYSE ARCA
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 http://us.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 January 1, 2013, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary
Prospectus.
The Securities and Exchange
Commission (“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
AGRICULTURE PRODUCERS FUND
Ticker: VEGI
Stock Exchange: NYSE Arca
Investment Objective
The iShares MSCI Global Agriculture Producers
Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI ACWI Select Agriculture Producers Investable Market Index (the “Underlying
Index”).
Fees and Expenses
The following table describes the fees and
expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”)
provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. “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 used to calculate the Fund's net asset value per share (“NAV”) and 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 fees in an amount equal to the Acquired Fund Fees and Expenses
attributable to the Fund's investments in other iShares funds through December 31, 2014. The contractual waiver may be terminated prior to December 31, 2014 only upon written agreement of the Company and BFA. Acquired Fund Fees and Expenses are
based on estimated amounts for the current fiscal year.
You may also incur usual and customary brokerage
commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:
Annual
Fund Operating Expenses
(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
|
0.39%
|
None
|
None
|
0.01%
|
0.40%
|
(0.01)%
|
0.39%
|
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
|
$40
|
$126
|
$222
|
$503
|
Portfolio Turnover.
The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may
result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, January 31, 2012, to the most recent
fiscal year end, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.
Principal Investment Strategies
The Underlying Index has been developed by MSCI
Inc. (“MSCI”) to measure the combined performance of equity securities of companies primarily engaged in the business of agriculture in both developed and emerging markets. MSCI begins with the MSCI All Country World Investable Market
Index, and then selects securities of companies that are primarily focused on early phase agricultural production, including companies engaged in the production of fertilizers, agricultural chemicals, agricultural products and farm machinery and
related parts.
Additionally, companies involved in the production of packaged
foods and meats are included in the Underlying Index to the extent they derive the majority of their total revenues from agricultural commodity production. Companies that are manufacturers of finished products that rely on agricultural commodities
as raw materials are excluded from the Underlying Index. As of June 30, 2012, the Underlying Index consisted of companies in the following 33 countries or regions: Australia, Belgium, Brazil, Canada, Chile, China, Denmark, Finland, France, Germany,
Hong Kong, India, Indonesia, Israel, Italy, Japan, Malaysia, the Netherlands, New Zealand, Norway, Peru, Poland, Russia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey and the United States. The Fund,
under normal market conditions, will invest at least 40% of its assets in issuers organized or located outside the United States or doing business outside the United States.
BFA uses a “passive” or indexing
approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive
positions when markets decline or appear overvalued.
Indexing may eliminate the chance that the Fund
will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low
in comparison to actively managed investment companies.
BFA uses a representative sampling indexing
strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities
selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar
to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.
The Fund generally invests at least 80% of its
assets in securities of the Underlying Index or in depositary receipts representing securities in the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents,
including 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 may lend securities representing up to
one-third of the
value of the Fund's total assets (including the value of the
collateral received).
The Underlying Index
is sponsored by an organization (the “Index Provider”) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information
regarding the market value of the Underlying Index. The Fund’s Index Provider is MSCI.
Industry Concentration Policy.
The Fund will concentrate its investments (
i.e.
, hold 25% or more of its total assets) in a particular industry or
group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its
agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.
Summary of Principal Risks
As with any investment, you could lose all or
part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share
(“NAV”), trading price, yield, total return and ability to meet its investment objective.
Agricultural Production Sector Risk.
Companies engaged in agricultural production may be adversely affected by changes or trends in commodity prices and labor costs, which may be
influenced by unpredictable factors. Many companies in the
agricultural production sector are subject to government subsidy policies and environmental, health and safety laws and regulations. Any changes to these policies and regulations, or the imposition of tariffs or other trade restraints, may have a
material adverse effect on companies operating in this sector. Adverse weather conditions (such as floods or droughts), natural disasters and other factors, such as disease outbreaks, also may adversely affect companies operating in this
sector.
Asset Class Risk.
Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.
Capital Goods Sector Risk.
The capital goods sector may be affected by fluctuations in the business cycle. Many capital goods are sold internationally and companies in this sector are subject to market conditions in other
countries and regions.
Commodity Risk.
The Fund invests in companies that are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have an adverse impact on those companies.
Concentration Risk.
To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences
affecting that issuer, region, country, market, industry or asset class.
Consumer Staples Sector Risk.
The consumer staples sector may be
affected by marketing campaigns, changes in consumer demands,
government regulations and changes in commodity prices.
Currency
Risk
.
Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests
depreciates against the U.S. dollar.
Custody
Risk
.
Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks,
agents and depositories.
Equity
Securities Risk
.
Equity securities are subject to changes in value and their values may be more volatile than other asset classes.
Geographic
Risk
.
A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular 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 will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions are
likely to have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index.
Industrials Sector Risk.
The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic
conditions, among other factors.
Issuer
Risk
.
Fund performance 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.
Management
Risk
.
As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the
intended results.
Market Risk
.
The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.
Market Trading
Risk
.
The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary
markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.
Materials Sector Risk
.
The Fund may invest significantly in companies in the materials sector. Companies in the materials sector may be adversely impacted by the volatility of
commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors.
Non-Diversification Risk
.
The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may
depend on the performance of a small number of issuers.
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 a non-U.S. issuer or market. The Fund is specifically exposed to
North American Economic
Risk
.
Passive Investment Risk
.
The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.
Privatization
Risk
.
Some countries in which the Fund invests have privatized, or have begun the process of privatizing, certain entities and industries. Privatized
entities may lose money or be re-nationalized.
Reliance on Trading Partners Risk
.
The Fund invests in countries 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. The Fund is specifically exposed to
U.S. Economic Risk
.
Risk of Investing in Emerging Markets
.
The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more
likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and
greater risk associated with custody of securities.
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.
Securities Lending Risk.
The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a
timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger
adverse tax consequences for the Fund.
Security
Risk
.
Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause
uncertainty in these markets and may adversely affect their economies and the Fund's investments.
Structural
Risk
.
The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.
Tracking Error
Risk
.
Tracking error is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences
between the securities held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund’s holding of cash, differences in timing of the accrual of dividends, changes to the
Underlying Index or the need to meet 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.
Valuation
Risk
.
The sale price the Fund could receive for a security may differ from the Fund's valuation of the security and may differ from the value used by
the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders
will not be able to purchase or sell the Fund's shares.
Performance Information
As of the date of the Prospectus, the Fund has
been in operation for less than one full calendar year and therefore does not report its performance information.
Management
Investment Adviser.
BlackRock Fund Advisors.
Portfolio Managers.
Rene Casis, Diane Hsiung, Jennifer Hsui and Greg Savage (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio
management team. Mr. Casis, Ms. Hsiung, Ms. Hsui and Mr. Savage have been Portfolio Managers of the Fund since 2012.
Purchase and Sale of Fund Shares
The Fund is an exchange-traded fund (commonly
referred to as an “ETF”). Individual Fund shares may only be purchased and sold on a national securities exchange through a broker-dealer. The price of Fund shares is based on market price, and because ETF shares trade at market prices
rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund will only issue or redeem shares that have been aggregated into blocks of 100,000 shares or multiples thereof (“Creation
Units”) to authorized participants who have entered into agreements with the Fund's distributor. The Fund generally will issue or redeem Creation Units in return for a designated portfolio of securities (and an amount of cash) that the Fund
specifies each day.
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 individual retirement account (“IRA”).
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.
For more information
visit www.iShares.com or call 1-800-474-2737
Investment Company Act file No.: 811-09102
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