 |
August 30, 2024 |
| |
(as revised June 27, 2025) |
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Summary Prospectus |
●
iShares Asia/Pacific Dividend
ETF | DVYA |
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 reports, online at https://www.blackrock.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 August 30, 2024, 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
https://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® ASIA/PACIFIC DIVIDEND ETF
Ticker: DVYAStock Exchange: NYSE Arca
Investment Objective
The iShares Asia/Pacific Dividend ETF (the
“Fund”) seeks to track the investment results of an index composed of relatively high dividend paying equities in Asia/Pacific
developed markets.
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. The Fund may incur “Acquired Fund Fees and
Expenses.” Acquired Fund Fees and Expenses reflect the Fund's pro rata share of the fees and expenses incurred indirectly by the Fund as a result of 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 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 its management fees in an amount equal to
the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through August 31, 2025. The contractual
waiver may be terminated prior to August 31, 2025 only upon written agreement of the Company and BFA.
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)1 | ||||||
| Management
Fees |
Distribution and Service (12b-1)
Fees |
Other
Expenses2 |
Acquired
Fund Fees and Expenses2 |
Total
Annual Fund Operating
Expenses |
Fee
Waiver and/or
Expense
Reimbursement2 |
Total
Annual Fund Operating Expenses
After Fee Waiver
and/or
Expense
Reimbursement |
| 0.49% |
None |
0.00% |
0.00% |
0.49% |
(0.00)% |
0.49% |
1Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.
2The 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 |
| $50 |
$157 |
$274 |
$616 |
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 62% of the average value of its portfolio.
Principal
Investment Strategies
The Fund seeks to track the investment results of the
Dow Jones Asia/Pacific Select Dividend 50 Index (the “Underlying Index”), which is provided by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”). The Underlying Index measures the
performance of 50 high dividend-paying companies in Australia, Hong Kong, Japan, New Zealand, and
Singapore, selected according to indicated annual dividend (“IAD”) yield, subject to screening and buffering criteria and weighting constraints. IAD yield is defined as a stock’s IAD (not including
any special dividends) divided by its price.
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The starting universe for the Underlying
Index comprises the S&P BMI indexes for the jurisdictions listed above, excluding real estate
investment trusts. To be eligible for the Underlying Index as a new constituent, an issuer must (i) have paid dividends in each of the previous three years; (ii) have a current year trailing 12-month dividend-per-share ratio that is greater
than or equal to its three-year average dividend-per-share ratio; and (iii) have a five-year average
dividend coverage ratio that is greater than or equal to two-thirds of the five-year average dividend coverage ratio of the corresponding S&P BMI country index, or greater than 118%, whichever is greater. In addition, the security must
have (x) a non-negative trailing 12-month earnings per share; (y) a float-adjusted market
capitalization of at least $600 million, or at least $400 million for current constituents; and (z) a three-month average daily trading value of at least $3 million, or at least $1.5 million for current constituents. Current
constituents are included in the eligible universe regardless of their dividend growth rate, coverage ratio
or current year earnings per share.
To select the 50 constituents, the Index
Provider ranks the eligible securities by IAD yield and first includes all non-constituent stocks that are
ranked in the top 25 and then adds all current constituents in the top 80 in rank order until the count reaches 50. No more than 25 companies from any eligible country can be included.
The Underlying Index is reconstituted annually with constituent weights determined based on tilted IAD yield, which is calculated by multiplying the constituent's IAD yield (capped at
20%) by the square root of its fair market capitalization. In implementing the capping methodology, SPDJI
considers two or more companies as belonging to the same issuer, the ultimate issuer, where more than 20%
of all voting shares in a subsidiary are controlled by the same issuer control group. The capping methodology also limits the weight of ultimate issuers to 10% and the aggregate weight of constituents within each Global Industry
Classification Standard sector to 30%.
The Underlying Index is reviewed daily based on each ultimate issuer's weight. Daily capping is performed if the
aggregate weight of all ultimate issuers with an individual weight greater than 4.8% exceeds 24% of the
Underlying Index's total weight. If that threshold is breached, the current ultimate issuer weights are
recapped, with the weights of ultimate issuers capped at 10% and the aggregate weight of all ultimate
issuers with an individual weight greater than 4.5% capped at 22.5% of the Underlying Index's total weight.
IAD yields and tilted yield weights are not recalculated if the capping thresholds are breached throughout
the year.
The Underlying Index includes large-, mid- and small-capitalization companies and may change over time. As of April 30,
2024, a significant portion of the Underlying Index is represented by securities of companies in the
financials, industrials, and real estate industries or sectors. The components of the Underlying Index are
likely to change over time.
BFA uses an 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 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 capitalization and industry weightings),
fundamental characteristics (such as return variability 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 generally will invest at least 80% of its assets in
the component securities of its Underlying Index and in investments that have economic characteristics that
are substantially identical to the component securities of its Underlying Index
(i.e., depositary
receipts representing securities of the Underlying Index) and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its
affiliates (“BlackRock Cash
Funds”), as well as in securities not 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 the percentage of investments 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 Fund may lend securities representing up to one-third of the value of the Fund's
total assets (including the value of any collateral received).
The Underlying Index is sponsored by SPDJI, 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) 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 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
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objective. Certain key risks are prioritized
below (with others following in alphabetical order), but the relative significance of any risk is difficult
to predict and may change over time. You should review each risk factor carefully.
Risk of Investing in Asia. Investments in
securities of issuers in certain Asian countries involve risks that are specific to Asia, including certain
legal, regulatory, political and economic risks. Certain Asian countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a
result of religious, ethnic, socio-economic and/or political unrest. In particular, escalated tensions
involving North Korea and any outbreak of hostilities involving North Korea, or even the threat of an
outbreak of hostilities, could have a severe adverse effect on Asian economies. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to
price changes for these products. The market for securities in this region may also be directly influenced
by the flow of international capital, and by the economic and market conditions of neighboring
countries. Many Asian economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. Some Asian economies are highly dependent on trade, institution of tariffs or
other trade barriers and economic conditions in other countries can impact these economies.
Risk of Investing in Australia. Investing in Australian issuers
subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific
to Australia. The Australian economy depends heavily on energy, agricultural and mining exports and, as a
result, is susceptible to fluctuations in the commodity markets. Australia also depends on trading with key
trading partners.
Dividend-Paying Stock Risk. Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are
not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks
held by the Fund will not declare dividends in the future or will reduce or eliminate the payment of
dividends (including reducing or eliminating anticipated accelerations or increases in the payment of
dividends), which may adversely affect the Fund.
Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as
well as due to general industry or market conditions. Common stock is subordinated to preferred securities
and debt in a company’s capital structure. Common stock has the lowest priority, and the greatest
risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.
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, pandemics or other public health issues, recessions, the prospect or
occurrence of a sovereign default or other financial crisis, 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.
Index-Related Risk. The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including information that may be
based on assumptions and estimates. Neither the Fund nor BFA can offer assurances that the Index
Provider’s methodology or sources of information will provide an accurate assessment of included
components. Errors in index data, index computations or the construction of the Underlying Index in
accordance with its methodology may occur, and the Index Provider may not identify or correct them promptly
or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or
other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause
the Underlying Index to vary from its normal or expected composition.
Asset Class Risk. The securities and other assets
in the Underlying Index or in the Fund’s portfolio may underperform in comparison to financial
markets generally, a particular financial market, another index, or other asset classes.
Assets Under Management (AUM)
Risk. From time to time, an Authorized Participant (as defined below in Authorized Participant Concentration Risk), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund may invest in the Fund and hold its investment for a specific
period of time to allow the Fund to achieve size or scale. There can be no assurance that any such entity
would not redeem its investment or that the size of the Fund would be maintained at such levels, which could
negatively impact the Fund.
Authorized Participant Concentration Risk. An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the
Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on
an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in
creation or redemption transactions. To the extent that Authorized Participants exit the business or do not
place creation or redemption orders for the Fund and no other Authorized Participant places orders, Fund
shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or
delisting.
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 or other assets of one or more issuers, countries or other
geographic units, markets, industries, project types, or asset classes.
Currency Risk. Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of a non-U.S. market
S-3
in which the Fund invests depreciates against
the U.S. dollar or if there are delays or limits on the repatriation of foreign currency. 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. In addition, the Fund may incur costs in connection with conversions
between U.S. dollars and foreign currencies.
Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund, its adviser, distributor, Index Provider, other
service providers, counterparties, or issuers of assets in which the Fund invests may cause disruptions
that negatively impact 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. The Fund cannot control the cybersecurity plans and systems of its
service providers, counterparties, and other third parties whose activities affect the Fund. In addition,
cyber incidents may adversely impact the issuers of securities in which the Fund invests, which may cause
such investments to lose value.
Financial Companies Risk. Financial services companies are subject to extensive governmental regulation and intervention, which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of
capital and liquid assets they must maintain and their size, among other things. Financial services
companies also may be significantly affected by, among other things, interest rates, economic conditions,
volatility in financial markets, credit rating downgrades, adverse public perception, exposure concentration
and counterparty risk.
Industrial Companies Risk. Industrial companies face a number of risks, including supply chain and distribution disruptions, business interruptions, product obsolescence, third-party
vendor risks, cyber attacks, trade disputes, product recalls, liability claims, scarcity of materials or
parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies.
The performance of such companies may also be affected by technological developments, labor relations,
legislative and regulatory changes, government spending policies, and changes in domestic and international
economies.
Issuer Risk. The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other
assets may decline, or perform differently from the market as a whole, due to changes in the financial
condition or credit rating of the issuer or counterparty.
Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential
compared with smaller-capitalization companies. The performance of large-capitalization companies could
trail the overall performance of the broader securities markets.
Management Risk. The Fund generally does not attempt to take defensive positions under any market conditions, including declining markets. As the Fund will not fully replicate the
Underlying Index and may hold securities or other assets not
included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not
produce the intended results. 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 Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares (including through a trading halt), losses from
trading in secondary markets, periods of high volatility, and disruptions in the process of creating and
redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s shares trading in
the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio
holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares
at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund shares.
National Closed Market Trading Risk. To the extent that securities or other assets held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the
securities exchange on which the Fund’s shares trade is open, there are likely to be deviations
between such asset’s current price and its last quoted price (i.e., the quote from the closed foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign
market or when a foreign market is closed for unscheduled reasons. These deviations could result in
premiums or discounts to the Fund’s NAV that may be greater than those experienced by other funds.
Non-U.S. Securities Risk. Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory, political, economic, and market risks than
securities issued by U.S. issuers. These risks include greater market volatility, less market liquidity,
higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign investment or
currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less
publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and
settlement procedures, and holiday schedules may limit the Fund's ability to engage in portfolio
transactions. To the extent that investments are made in a limited number of countries, events in those
countries will have a more significant impact on the Fund. The Fund is specifically exposed to Asian Economic Risk and Australasian 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.
S-4
Real
Estate Companies Risk. Real estate companies, which include real estate investment trusts (“REITs”), real estate holding and operating companies, and real estate management or development companies, expose investors to the risks of owning real estate directly as well as to the risks from the way
that such companies operate. Real estate is highly sensitive to general and local economic conditions and
can be subject to intense competition and periodic overbuilding. Other real estate risks include decreases
in property values, tax increases, zoning changes, casualty or condemnation losses, environmental
liabilities, regulatory limitations on rent or eviction, and defaults by borrowers or tenants. Real estate
companies may be heavily invested in one geographic region, industry or property type. They also may be
highly leveraged, which can magnify losses, and interest rate increases can make it difficult to obtain financing and service debt.
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 and U.S. Economic Risk.
Risk of Investing in Developed Countries. The Fund’s investment in developed country issuers will subject the Fund to legal, 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. Certain developed countries have
experienced security concerns, such as war, 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.
Risk of Investing in Hong Kong. Investing in Hong
Kong issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that
are specific to Hong Kong. China is Hong Kong’s largest trading partner for exports and imports. Hong
Kong’s economy and political environment are closely tied to those of China. Changes in the Chinese
economy, trade regulations or currency exchange rates, or a tightening of China’s control over Hong
Kong, may have an adverse impact on Hong Kong’s economy and Hong Kong issuers.
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 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 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.
Small Fund Risk. When the Fund’s size is
small, the Fund may experience low trading volume and wide bid/ask spreads. In addition, the Fund may face
the risk of being delisted if it does not meet certain requirements set by the listing exchange. Any
resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative tax
consequences for its shareholders.
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 due to a number of factors, including differences between the securities and other assets held in
the Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the Underlying
Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual
or the valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders;
tax gains or losses; the requirements for the Fund to maintain pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom baskets; changes to
the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits.
Tracking error risk may be heightened during times of increased market volatility or other unusual market
conditions.
Valuation Risk. The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the Fund’s valuation of the security or
other asset, particularly for securities or other assets that trade in low volume or volatile markets or
that are valued using a fair value methodology. The price received by the Fund also may differ from the
value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants that
create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may
receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the
securities or other assets not been fair valued or been valued using a different methodology. The ability to
value investments may be impacted by technological issues or errors by pricing services or other
third-party service providers.
S-5
Performance
Information
The performance information below illustrates how the
Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund
has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index
and the Underlying Index. Fund returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).
Calendar Year-by-Year Returns
| |
Return (%) |
Period Ended |
| Calendar Year-to-Date Return |
0.68% |
June 30,
2024 |
| During the periods shown in the chart:
|
|
|
| Best Quarter |
18.10% |
June 30,
2020 |
| Worst Quarter |
-34.47% |
Mar.31, 2020
|
Average Annual
Total Returns
(for the periods ended December 31,
2023)
| |
One Year |
Five Years |
Ten Years |
| (Inception Date: 2/23/2012) |
|
|
|
| Return Before Taxes |
13.96% |
3.67% |
1.42% |
| Return After Taxes on Distributions |
11.67% |
1.95% |
-0.09% |
| Return After Taxes on Distributions and Sale of Fund Shares |
8.93% |
2.42% |
0.77% |
| S&P Developed ex-US Broad Market Index1 (Returns do not reflect deductions for
fees, expenses or taxes) |
17.47% |
7.98% |
4.33% |
| Dow Jones Asia/Pacific Select Dividend 50 Index2 (Returns do not reflect deductions for
fees, expenses or taxes) |
14.34% |
4.00% |
1.70% |
1The Fund
has added this broad-based index in response to new regulatory requirements.
2On June 22, 2020, the name of the Fund’s Underlying Index changed from the Dow Jones Asia/Pacific Select Dividend 30 Index to the Dow Jones Asia/Pacific Select Dividend 50 Index. In connection with the name change, the Underlying Index amended its selection methodology.
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 sales 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-6
Management
Investment Adviser. BlackRock Fund Advisors.
Portfolio Managers. Jennifer Hsui, Paul Whitehead, Matt Waldron, Peter Sietsema and Steven White (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Ms. Hsui has been a Portfolio Manager of the Fund since 2012. Mr. Sietsema, Mr. Waldron and
Mr. White have been Portfolio Managers of the Fund since 2025. Effective June 30, 2025, Paul Whitehead will
no longer be a Portfolio Manager for the Fund.
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.
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