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August 1, 2012
(as revised July 1, 2013)
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2012 Summary Prospectus
iShares Global Healthcare ETF
IXJ NYSE ARCA
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 August 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
®
GLOBAL HEALTHCARE ETF
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Ticker: IXJ
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Stock Exchange: NYSE Arca
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Investment Objective
The iShares Global Healthcare ETF (the Fund) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Global 1200 Healthcare Sector
Index
TM
(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 6% of the average value of its portfolio.
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Principal Investment Strategies
The Underlying Index measures the performance of companies that Standard & Poors Financial Services LLC, a subsidiary of The McGraw-Hill Companies (S&P) deems to be a part of the
healthcare sector of the economy and that S&P believes are important to global markets. It is a subset of the S&P Global
1200
TM
. Components primarily include biotechnology, healthcare, medical
equipment and pharmaceuticals companies, and may change over time. As of March 31, 2012, the Underlying Index was comprised of stocks of companies in the following countries: Australia, Belgium, Canada, Denmark, France, Germany, Ireland, Japan,
the Netherlands, Switzerland, the United Kingdom and the United States.
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 S&P.
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,
S-2
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.
Biotechnology Sector Risk.
Biotechnology companies face intense competition and the potential
for rapid product obsolescence. Biotechnology companies may be adversely affected by the loss or impairment of intellectual property rights or changes in government regulations.
Concentration Risk.
To the extent that the Funds investments are concentrated in a particular region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse
occurrences affecting that region, country, market, industry 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.
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.
Healthcare Sector Risk
.
The healthcare sector may be affected by government regulations and government healthcare programs, increases or
decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection and the expiration of a patent may adversely affect their profitability.
Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.
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.
S-3
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 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.
Medical Equipment Industry Risk.
Many companies in the medical equipment
industry are affected by the expiration of patents, litigation based on product liability, industry competition, product obsolescence and regulatory approvals, 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 Funds 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
European Economic Risk
and
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.
Pharmaceuticals Industry Risk.
Companies in the pharmaceuticals industry may be affected by
industry competition, dependencies on a limited number of products, obsolescence of products, government approvals and regulations, loss or impairment of intellectual property rights and litigation regarding product liability.
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.
Security
Risk
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Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a countrys or regions security may cause uncertainty in these markets and may adversely
S-4
affect their economies and the Funds investments.
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
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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.
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
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(Years Ended December 31)
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The Funds total return for the six months ended June 30, 2012 was 8.68%.
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The best calendar quarter return during the periods shown above was 12.40% in the 3rd quarter of 2009; the worst was -12.50% in
the 2nd quarter of 2002.
Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).
S-5
Average Annual Total Returns
(for the periods ended December 31, 2011)
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One Year
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Five Years
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Ten Years
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(Inception Date: 11/13/2001)
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Return Before Taxes
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10.61%
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1.77%
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2.73%
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Return After Taxes on Distributions
1
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10.25%
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1.45%
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2.50%
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Return After Taxes on Distributions and Sale of Fund Shares
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7.37%
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1.48%
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2.32%
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S&P Global 1200 Healthcare Sector Index
TM
(Index returns do not reflect deductions for fees, expenses, or
taxes)
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10.58%
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1.73%
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2.80%
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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 sale of Fund shares
may exceed Fund returns before taxes and/or returns after taxes on distributions.
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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 50,000 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.
S-6
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.
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For more information visit www.iShares.com or call 1-800-474-2737
Investment Company Act File No.: 811-09729
IS-SP-IXJ-0713
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