December 1, 2020 | |
2020 Prospectus |
• | iShares MSCI EAFE Min Vol Factor ETF | EFAV | CBOE BZX |
(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 1 |
Total
Annual Fund Operating Expenses |
Fee Waiver |
Total
Annual Fund Operating Expenses After Fee Waiver | |||||
( |
1 |
The amount rounded to 0.00%. |
1 |
One Year |
Five Years |
Since Fund Inception | |||
(Inception Date:
|
|||||
Return Before Taxes | |||||
Return
After Taxes on Distributions
1 |
|||||
Return
After Taxes on Distributions and Sale of Fund Shares
1 |
|||||
MSCI EAFE Minimum
Volatility (USD) Index
(Index
returns do not reflect deductions for fees, expenses, or
taxes) |
1 |
■ |
General Impact.
This
outbreak has resulted in travel restrictions, closed international
borders, enhanced health screenings at ports of entry and elsewhere,
disruption of and delays in healthcare service preparation and delivery,
prolonged quarantines, cancellations, supply chain disruptions, lower
consumer demand, temporary closures of stores, restaurants and other
commercial establishments, layoffs, defaults and other significant
economic impacts, as well as general concern and
uncertainty. |
■ |
Market Volatility.
The
outbreak has also resulted in extreme volatility, severe losses, and
disruptions in markets which can adversely impact the Fund and its
investments, including impairing hedging activity to the extent a Fund
engages in such activity, as expected correlations between related markets
or instruments may no longer apply. In addition, to the extent the Fund
invests in short-term instruments that have negative yields, the Fund’s
value may be impaired as a result. Certain issuers of equity securities
have cancelled or announced the suspension of dividends. The outbreak has,
and may continue to, negatively affect the credit ratings of some fixed
income securities and their issuers. |
■ |
Market Closures.
Certain
local markets have been or may be subject to closures, and there can be no
assurance that trading will continue in any local markets in which the
Fund may invest, when any resumption of trading will occur or, once such
markets resume trading, whether they will face further closures. Any
suspension of trading in markets in which the Fund invests will have an
impact on the Fund and its investments and will impact the Fund’s ability
to purchase or sell securities in such markets. |
■ |
Operational Risk.
The
outbreak could also impair the information technology and other
operational systems upon which the Fund’s service providers, including
BFA, rely, and could otherwise disrupt the ability of employees of the
Fund’s service providers to perform critical tasks relating to the Fund,
for example, due to the service providers’ employees performing tasks in
alternate locations than under normal operating conditions or the illness
of certain employees of the Fund’s service providers. |
■ |
Governmental
Interventions.
Governmental
and quasi-governmental authorities and regulators throughout the world
have responded to the outbreak and the resulting economic disruptions with
a variety of fiscal and monetary policy changes, including direct capital
infusions into companies and other issuers, new monetary policy tools, and
lower interest rates. An unexpected or sudden reversal of these policies,
or the ineffectiveness of such policies, is likely to increase market
volatility, which could adversely affect the Fund’s
investments. |
■ |
Pre-Existing Conditions.
Public
health crises caused by the outbreak may exacerbate other pre-existing
political, social and economic risks in certain countries or
globally. |
■ | A lack of market liquidity and market efficiency; |
■ | Greater securities price volatility; |
■ | Exchange rate fluctuations and exchange controls; |
■ | Less availability of public information about issuers; |
■ | Limitations on foreign ownership of securities; |
■ | Imposition of withholding or other taxes; |
■ | Imposition of restrictions on the expatriation of the funds or other assets of the Fund; |
■ | Higher transaction and custody costs and delays in settlement procedures; |
■ | Difficulties in enforcing contractual obligations; |
■ | Lower levels of regulation of the securities markets; |
■ | Weaker accounting, disclosure and reporting requirements; and |
■ | Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities and stockholders’ rights in markets in which the Fund invests may differ from and/or may not be as extensive or protective as those that apply in the U.S. |
iShares MSCI EAFE Min Vol
Factor ETF | |||||||||
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
Year Ended 07/31/17 |
Year Ended 07/31/16 | |||||
Net asset value, beginning
of year |
$ 71.90 | $ 72.92 | $ 70.34 | $ 67.93 | $ 67.51 | ||||
Net
investment income
(a) |
1.86 | 2.15 | 2.15 | 2.04 | 2.09 | ||||
Net
realized and unrealized gain (loss)
(b) |
(4.26) | (1.01) | 2.28 | 3.18 | 0.00
(c) | ||||
Net increase (decrease) from investment operations | (2.40) | 1.14 | 4.43 | 5.22 | 2.09 | ||||
Distributions
(d) |
|||||||||
From net investment income | (2.71) | (2.16) | (1.85) | (2.81) | (1.67) | ||||
Total distributions | (2.71) | (2.16) | (1.85) | (2.81) | (1.67) | ||||
Net asset value, end of
year |
$ 66.79 | $ 71.90 | $ 72.92 | $ 70.34 | $ 67.93 | ||||
Total Return |
|||||||||
Based on net asset value | (3.51)% | 1.68% | 6.36% | 8.09% | 3.19% | ||||
Ratios to Average Net
Assets |
|||||||||
Total expenses | 0.32% | 0.32% | 0.31% | 0.32% | 0.32% | ||||
Total expenses after fees waived | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | ||||
Total expenses excluding professional fees for foreign withholding tax claims | N/A | 0.32% | N/A | 0.32% | N/A | ||||
Net investment income | 2.65% | 3.04% | 2.96% | 3.09% | 3.19% | ||||
Supplemental Data
|
|||||||||
Net assets, end of year (000) | $10,559,196 | $11,295,536 | $8,852,315 | $7,238,327 | $7,947,758 | ||||
Portfolio
turnover rate
(e) |
23% | 22% | 23% | 28% | 22% | ||||
(a) Based
on average shares outstanding. | |||||||||
(b) The
amounts reported for a share outstanding may not accord with the change in
aggregate gains and losses in securities for the fiscal period due to the
timing of capital share transactions in relation to the fluctuating market
values of the Fund’s underlying securities. | |||||||||
(c) Rounds
to less than $0.01. | |||||||||
(d) Distributions
for annual periods determined in accordance with U.S. federal income tax
regulations. | |||||||||
(e) Portfolio
turnover rate excludes in-kind transactions. |
Call: | 1-800-iShares
or 1-800-474-2737 (toll free) Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time) |
Email: | [email protected] |
Write: | c/o
BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |