World Library  
Flag as Inappropriate
Email this Article

IShares

 

IShares

iShares are a family of exchange-traded funds (ETFs) managed by BlackRock. The first iShares were known as WEBS but were since rebranded.

Each iShares fund tracks a bond or stock market index. The following stock exchanges list iShares funds: London Stock Exchange, American Stock Exchange, New York Stock Exchange, BATS Exchange, Hong Kong Stock Exchange, Toronto Stock Exchange, Australian Securities Exchange and several European and Asian stock exchanges. iShares is the largest issuer of ETFs in the US and globally.[1][2]

Contents

  • History 1
  • Selected funds 2
  • See also 3
  • References 4
  • External links 5

History

In 1993, State Street, in cooperation with American Stock Exchange, had launched Standard & Poor's Depositary Receipts (NYSE Arca: SPY) (now the 'SPDR S&P 500'), which were traded in real time and tracked the S&P 500 index. This was the first ETF to trade in the United States, and it continues to trade to this day.

In response, MSCI foreign stock market indices. WEBS, an acronym for World Equity Benchmark Shares, were developed in cooperation with Barclays Global Investors, the fund manager. Unlike the SPDR fund that was a unit investment trust, the underlying vehicle of the WEBS were mutual funds.[3]

In 2000, Barclays put a significant strategic effort behind growing the ETF market, and launched over 40 new funds with an extensive education and marketing effort behind them, branding them iShares. The effort was led by Lee Kranefuss, who worked closely with the inventor of the ETF, Nate Most, who was by that time Chairman of the WEBs Board and an adviser to Barclays on the iShares effort. (Most had retired from the American Stock Exchange some years earlier and settled in California). WEBS were soon renamed the iShares MSCI Series as part of that program.

On 7 November 2006, iShares announced the purchase of the INDEXCHANGE ETF unit of HypoVereinsbank for €240 million. This solidified the iShares position in Europe as the leading ETF provider.

Barclays added currency hedging features to the Canadian iShares, to distinguish them from US products in response to the elimination of limits on foreign holdings by Canadians in an RRSP. Barclays hedges currency changes in the Canadian - US exchange rate for the S&P 500 and the MSCI EAFE.

On 16 March 2009, Barclays confirmed that it was planning to sell iShares to CVC Capital Partners, a private equity firm that had agreed to pay more than $4 billion.[4] However, under a 45-day "go shop" clause, a later bid by BlackRock was announced on 11 June 2009 for the whole of the parent division Barclays Global Investors including iShares, in a mixed cash-stock deal worth around US$13.5 billion (37.8 million shares of common stock and US$6.6 billion in cash).

iShares has increased the number of its "iShares Core" funds.[5][6][7][8]

Selected funds

See also

References

  1. ^ Morgan Stanley research, May 2006
  2. ^ Wagler, Benjamin (2012-09-17). "Ballast". ballastmag.com. Retrieved 2012-09-23. 
  3. ^ Gastineau, Gary (2002). The Exchange-Traded Funds Manual. John Wiley and Sons. p. 35.  
  4. ^ BBC News (2009-03-16). Barclays shares up on sales talk. BBC News, 16 March 2009. Retrieved from http://news.bbc.co.uk/2/hi/business/7945470.stm.
  5. ^ "Just How 'Core' Is iShares' 'Core' Series of ETFs?". 
  6. ^ BlackRock Broadens Its iShares Core Lineup
  7. ^ BlackRock Cuts Europe ETF Fees in Race With Vanguard for Assets - Bloomberg Bloomberg
  8. ^ "iShares Core ETFs Gain Institutional Fans - Yahoo Finance". Yahoo Finance. 

External links

  • Official US iShares ETF site
  • Official UK iShares ETF site
  • Official Canadian iShares ETF site
  • Official Australian iShares ETF site
  • Changes to the XSP, XIN Canadian iShares, and the XSB and XRB Canadian iShares
  • Local iShares ETF Catalog iShares browser by Net Assets and other fundamentals
  • Dividend ETFs Issued by iShares
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 



Copyright © World Library Foundation. All rights reserved. eBooks from World eBook Library are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.