Mutual Fund Summary Prospectus (497k)
02 Janvier 2013 - 10:22PM
Edgar (US Regulatory)
iShares MSCI Spain Index Fund
EWP
•
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
®
The following changes will take effect
for the Fund on February 11, 2013 or as soon as practicable thereafter.
|
Current
|
New
|
Fund
Name
|
iShares
MSCI Spain Index Fund
|
iShares
MSCI Spain Capped Index Fund
|
Underlying
Index
|
MSCI
Spain Index
|
MSCI
Spain 25/50 Index
|
Investment
Policy
|
The
iShares MSCI Spain Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Spain Index.
|
The
iShares MSCI Spain Capped Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Spain 25/50 Index.
|
Description
of Underlying Index
|
The
MSCI Spain Index consists of stocks traded primarily on the Madrid Stock Exchange.
|
The
MSCI Spain 25/50 Index consists of stocks traded primarily on the Madrid Stock Exchange. A capping methodology is applied that limits the weight of any single component to a maximum of 25% of the MSCI Spain 25/50 Index. Additionally, the sum of the
components that individually constitute more than 5% of the weight of the MSCI Spain 25/50 Index cannot exceed a maximum of 50% of the weight of the MSCI Spain 25/50 Index in the aggregate.
|
If you have any questions, please call
1-800-iShares (1-800-474-2737).
iSHARES
®
MSCI SPAIN INDEX
FUND
Ticker: EWP
Stock Exchange: NYSE Arca
Investment Objective
The iShares MSCI Spain Index Fund (the
“Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Spain 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.
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
|
Total
Annual
Fund
Operating
Expenses
|
0.53%
|
None
|
None
|
0.53%
|
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
|
$54
|
$170
|
$296
|
$665
|
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. During the most recent fiscal year, the Fund's portfolio
turnover rate was 17% of the average value of its portfolio.
Principal Investment Strategies
The Underlying Index consists of stocks traded
primarily on the Madrid Stock Exchange. Components primarily include financial, telecommunications and utilities companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may 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
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 will at all times invest at least 80% of
its assets in the securities of its Underlying Index and in depositary receipts (“DRs”) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the
Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as
cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates.
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 Inc. (“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.
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.
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.
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.
Equity Securities Risk
.
Equity securities are subject to changes in value and their values may be more volatile than other asset classes.
Financial Sector Risk
.
Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic
conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or
future regulation on any individual financial company or on the sector as a whole cannot be predicted.
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.
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.
Mid-Capitalization Companies Risk
.
Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments, and their securities
may be more volatile and less liquid.
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 Spanish issuer or market. The Fund is specifically exposed to
European 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.
Reliance on Trading Partners Risk
.
The Fund invests in a country whose economy is 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
European Economic Risk
.
Risk of Investing in Spain
.
Investments in Spanish issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to Spain. Among other
things, Spain’s economy has been characterized by slow growth over the past few years due to factors such as low housing sales and construction declines, and the international credit crisis.
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
.
The geographic area in which the Fund invests has experienced security concerns. Incidents involving a country's or region's security may cause
uncertainty in Spanish markets and may adversely affect its economy and the Fund's investments.
Structural
Risk
.
The country 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
.
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. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS
TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS.
Utilities Sector Risk.
The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising
costs of financing capital construction and the cost of complying with regulations, among other factors.
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
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 Fund's prospectus (the “Prospectus”).
Year by Year Returns
1
(Years Ended December 31)
1
|
The Fund’s total return
for the nine months ended September 30, 2012 was -5.57%.
|
The best calendar quarter return during the
periods shown above was 35.67% in the 2nd quarter of 2009; the worst was -21.90% in the 3rd quarter of 2011.
Updated performance information is available at
www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).
Average Annual Total Returns
(for the periods ended December 31, 2011)
|
One
Year
|
Five
Years
|
Ten
Years
|
(Inception
Date: 3/12/1996)
|
|
|
|
Return
Before Taxes
|
-10.05%
|
-5.79%
|
7.34%
|
Return
After Taxes on Distributions
1
|
-10.58%
|
-5.98%
|
7.13%
|
Return
After Taxes on Distributions and Sale of Fund Shares
1
|
-4.21%
|
-4.16%
|
6.88%
|
MSCI
Spain Index
(Index returns do not reflect deductions for fees, expenses, or taxes)
|
-12.28%
|
-6.27%
|
6.88%
|
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.
|
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 2011, 2008, 2012 and 2008, respectively.
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 75,000 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 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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