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September 1, 2012
(as revised July 1, 2013)
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2012 Summary Prospectus
iShares International Developed Real Estate ETF
IFGL NASDAQ
Before
you invest, you may want to review the Funds prospectus, which contains more information about the Fund and its risks. You can find the Funds prospectus (including amendments and supplements) and other information about the Fund,
including the Funds 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 Funds prospectus and statement of additional information, both dated September 1, 2012, 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
®
INTERNATIONAL DEVELOPED REAL ESTATE ETF
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Ticker: IFGL
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Stock Exchange: NASDAQ
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Investment Objective
The
iShares International Developed Real Estate ETF (the Fund) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. 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 Trust (the
Trust) 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:
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Annual Fund Operating Expenses
(ongoing expenses that
you pay each year as a
percentage of the value of your investments)
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Management
Fees
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Distribution and
Service (12b-1)
Fees
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Other
Expenses
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Total Annual
Fund
Operating
Expenses
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0.48%
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None
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None
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0.48%
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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
Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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$49
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$154
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$269
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$604
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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 Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 11% of the average value of its portfolio.
S-1
Principal Investment Strategies
The Underlying Index measures the stock performance of companies engaged in the ownership and development of real estate markets in developed countries (except for the United States) as defined by FTSE EPRA/NAREIT.
As of March 31, 2012, the Underlying Index was comprised of stocks of companies in the following markets: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Italy, Japan, the Netherlands, New Zealand,
Norway, Poland, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. As of March 31, 2012, the Underlying Index had a total market capitalization of approximately $450.5 billion. Components primarily include real estate
investment trusts (REITs). 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 Funds 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 90% of its assets in securities of the Underlying Index and in
depositary receipts representing securities of 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 Funds 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 Funds Index Provider is FTSE International Limited (FTSE).
S-2
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 Funds performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Funds 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 Funds portfolio may underperform in comparison to the general securities markets or other asset classes.
Concentration Risk
.
To the extent that the Funds investments are concentrated in a particular issuer or issuers in a particular country, group of countries, region, market, industry,
group of industries, sector or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.
Currency Risk
.
Because the Funds NAV is determined in U.S. dollars, the Funds 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.
Geographic Risk
.
A natural or other
disaster could occur in a geographic region in which the Fund invests.
Global Real Estate Risk
.
Since the Fund concentrates its
assets in the global real estate industry, the Fund will be impacted by the performance of the global real estate markets.
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 could have an adverse effect on the
Funds ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact
on the Fund and its Shareholders.
Issuer Risk
.
Fund performance depends on the performance of individual securities to which the
Fund has exposure. Changes to 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 BFAs
S-3
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 FUNDS SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.
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
Asian Economic
Risk
and
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.
Real Estate Investment Risk
.
The Fund invests in
companies that invest in real estate, such as REITs or real estate holding companies, which exposes investors in the Fund to the risks of owning real estate directly, as well as to risks that relate specifically to the way in which real estate
companies are organized and operated.
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 Funds 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.
Structural Risk
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The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.
Tracking Error Risk
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Tracking error is the divergence of the Funds performance from that of the Underlying Index. Tracking error may
occur because of imperfect correlation between the Funds holdings of portfolio securities and those in the Underlying Index, pricing differences, the Funds holding of cash, differences on timing of the accrual of dividends, changes to
the Underlying Index or the need to meet various 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 sales price the Fund could receive for a security may differ
from the Funds 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 Funds portfolio may change on days when shareholders will not be able to purchase or sell the Funds shares.
S-4
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 Funds performance is shown under the heading
Total Return
Information
in the
Supplemental Information
section of the Funds prospectus (the Prospectus).
Year by Year Returns
1
(Years Ended
December 31)
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The Funds total return for the six months ended June 30, 2012 was 14.92%.
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The best calendar quarter return during the periods shown above was 38.69% in the 2nd quarter of 2009; the worst was
-25.89% in
the 4th quarter of 2008.
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)
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One Year
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Since Fund
Inception
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(Inception Date: 11/12/2007)
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Return Before Taxes
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-15.98%
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-9.92%
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Return After Taxes on Distributions
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-16.62%
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-11.13%
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Return After Taxes on Distributions and Sale of Fund Shares
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-9.84%
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-8.63%
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FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index
(Index returns do not reflect deductions for fees, expenses, or taxes)
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-15.64%
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-9.92%
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1
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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 investors 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.
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S-5
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 100,000 shares or
multiples thereof (Creation Units) to authorized participants who have entered into agreements with the Funds 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 intermediarys website for more information.
S-6
For more information visit www.iShares.com or call 1-800-474-2737
Investment Company Act File No.: 811-09729
IS-SP-IFGL-0713
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