Now, for the first time, the stocks of the NASDAQ Biotechnology Index^® are trading as one security – the iShares NASDAQ Biotechnology Index Fund (also called iShares NASDAQ Biotech index stock), and interest from both institutional and retail investors has been tremendous.

Tracks like an index fund, works like a stock.

Designed to track the performance of the NASDAQ Biotechnology Index, the iShares NASDAQ Biotech index stock provides investors with cost-effective exposure to a diverse pool of securities within the biotech sector. Trading under the symbol IBB, the iShares NASDAQ Biotech index stock enables investors to use the same trading strategies associated with stocks-including market orders, limit orders, or buying on margin.¹

Can be bought or sold whenever the market is open. Just like stocks.
Because the iShares NASDAQ Biotech index stock trades like ordinary shares of stock, it's easy to buy and sell through any brokerage account. So if you know how to trade a stock (i.e., by calling your financial advisor), you already know how to trade the iShares NASDAQ Biotech index stock.

Settles just like a stock trade.
The iShares NASDAQ Biotech index stock settles just like stock trades. You can use stop and limit orders. Plus, it can be sold short and bought on margin. And unlike traditional mutual fund transactions, which are typically executed at the end of the day, the iShares NASDAQ Biotech index stock can be bought or sold throughout the day.

Shields investors from the costs of shareholder activity in funds.
The iShares NASDAQ Biotech index stock is intended to closely track the NASDAQ Biotechnology Index and, as such, the portfolio is not actively managed. Therefore, it is less likely to experience the costly trading of securities and portfolio turnover that can result in potentially high capital gains distributions for actively managed portfolios. The advantage? The trading activity of other investors isn't likely to affect your investment.²

• Want to learn more?
• Summary of Product Advantages
• Eligibility Criteria and List of Companies

The iShares NASDAQ Biotechnology Index Fund is distributed by SEI Investments Distribution Co. (SEI). Barclays Global Fund Advisors (BGFA) serves as an advisor to the iShares NASDAQ Biotechnology Index Fund. Barclays Global Investor Services (BGIS) provides marketing and sales support to SEI. BGFA and BGIS are subsidiaries of Barclays Global Investors, N.A., none of which are affiliated with SEI.

For complete information, including charges and expenses, request a prospectus by calling 1-800-iSHARES (1-800-474-2737). Read it carefully before you invest.

iShares are investment company shares that trade on stock exchanges and track stock indexes.

In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility. Products of technology companies are subject to severe competition and rapid obsolescence.

Although the iShares NASDAQ Biotechnology Index Fund may be bought and sold on the exchange through any brokerage account, the iShares NASDAQ Biotechnology Index Fund are not individually redeemable from the Fund. Investors may acquire the iShares NASDAQ Biotechnology Index Fund, and tender the iShares NASDAQ Biotechnology Index Fund for redemption, through the Fund in Creation Unit aggregations only.

iShares are not sponsored, endorsed, sold or promoted by The Nasdaq Stock Market, Inc., nor does this company make any representation regarding the advisability of investing in iShares.

©Copyright 2001, The Nasdaq Stock Market, Inc. All Rights Reserved. 2/2001 The Nasdaq Stock Market and NASDAQ are registered service/trademarks of The Nasdaq Stock Market, Inc. iShares is a servicemark of Barclays Global Investors, N.A. The Nasdaq Stock Market is an affiliate of the National Association of Securities Dealers, Inc.

The NASDAQ Biotechnology Index is composed and calculated by NASDAQ without regard to the iShares NASDAQ Biotechnology Index Fund.

Not FDIC insured · has no bank guarantee · May lose value