iShares S&P Mid Cap 400 Swap UCITS ETFIndex, costs, backtest, listings and taxation

One email when new issuers, new metrics and new articles land. Double opt-in, zero spam, one-click unsubscribe.

The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the net total return of the S&P MidCap 400, the Fund’s benchmark index (Index). The Fund is passively managed and invests in financial derivative instruments (FDIs). In particular, it will enter into unfunded total return swaps in order to achieve its investment objective. A swap agreement is typically used to achieve a specified return determined by an underlying such as a return on an index. The Fund will also invest in a portfolio of global developed market equity securities (shares) the return on which will be paid to the counterparties to meet the Fund’s payment obligations under the terms of the unfunded total return swaps. Where investment in total return swaps is not possible or practicable, the Fund may also gain exposure to the Index through investment in other FDIs such as options and non-deliverable futures, through investment in other funds and / or through investment in shares that, as far as possible and practicable, represent the component securities of the Index. The Index is designed to measure the performance of 400 companies from the mid-capitalisation segment of the United States equity market, according to the index provider’s size, liquidity and free float criteria. Companies are included in the Index based on a free float market capitalisation weighted basis. Free float means that only shares available in the market rather than all of a company’s issued shares are used in calculating the Index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions. The Fund intends to track the performance of the Index by gaining an indirect exposure to it via FDIs, particularly unfunded total return swaps. The price of equity securities fluctuates daily and may be influenced by factors affecting the performance of the individual companies issuing the equities, as well as by daily stock market movements, and broader economic and political developments which in turn may affect the value of your investment. The price of a derivative changes on a daily basis depending on the value of the underlying reference asset(s) which in turn may affect the value of your investment. A change in the value of underlying reference assets can have a greater impact on the value of derivatives than if the assets were held directly since derivatives can be more sensitive to changes in the value of underlying reference assets. The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).

Keep reading the KID section ▾

The depositary of the Fund is State Street Custodial Services (Ireland) Limited. Using unfunded total return swaps may result in a ‘swap spread’, which is the overall economic impact of the swaps and is reflected in the Fund’s NAV. The weighted average swap spread in respect of the Fund is available on the BlackRock website at www.blackrock.com Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares VI plc. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the iShares website at: www.ishares.com or by calling +49 89427295800 or from your broker or financial adviser.

Your shares will be accumulating shares (i.e. income will be included in their value). Your shares will be denominated in US Dollar, the Fund's base currency. The shares are listed and traded on various stock exchanges. In normal circumstances, only authorised participants may buy and sell shares directly with the Fund. Investors who are not authorised participants (e.g. select financial institutions) can generally only buy or sell the shares on the secondary market (e.g. via a broker on a stock exchange) at the then prevailing market price. The value of the shares are related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The prevailing market price at which the shares trade on the secondary market may deviate from the value of the Shares. Indicative net asset value is published on relevant stock exchanges websites.

Intended retail investor:The Fund is intended for retail investors with the ability to bear losses up to the amount invested in the Fund (see “How long should I hold it and can I take my money out early?”).

Insurance benefits:The Fund does not offer any insurance benefits.