2020 Summary Prospectus - iShares
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JULY 31, 2020
(as revised August 17, 2020)
2020 Summary Prospectus
• iShares Asia 50 ETF | AIA | NASDAQ
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 report, online at https://
www.ishares.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 July 31, 2020, 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 www.iShares.com.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities
and Exchange Commission (“SEC”), paper copies of the Fund’s shareholder reports
will no longer be sent by mail, unless you specifically request paper copies of the
reports from your financial intermediary, such as a broker-dealer or bank. Instead,
the reports will be made available on a website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be
affected by this change and you need not take any action. If you hold accounts
through a financial intermediary, you may contact your financial intermediary to
enroll in electronic delivery. Please note that not all financial intermediaries may offer
this service.
You may elect to receive all future reports in paper free of charge. If you hold
accounts through a financial intermediary, you can follow the instructions included
with this disclosure, if applicable, or contact your financial intermediary to request
that you continue to receive paper copies of your shareholder reports. Please note
that not all financial intermediaries may offer this service. Your election to receive
reports in paper will apply to all funds held with your financial intermediary.
The SEC 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 50 ETF
Ticker: AIA Stock Exchange: NASDAQ
Investment Objective
The iShares Asia 50 ETF (the “Fund”) seeks to track the investment results of an index
composed of 50 of the largest Asian equities.
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 Trust
(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory
Agreement”) provides that BFA will pay all operating expenses of the Fund, except the
management fees, interest expenses, taxes, expenses incurred with respect to the
acquisition and disposition of portfolio securities and the execution of portfolio
transactions, including brokerage commissions, distribution fees or expenses, litigation
expenses and any extraordinary expenses.
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)
Total Annual
Distribution and Fund
Management Service (12b-1) Other Operating
Fees Fees Expenses1 Expenses
0.50% None 0.00% 0.50%
1
The 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
$51 $160 $280 $628
S-1Portfolio Turnover. The Fund may pay not try to “beat” the index it tracks and
transaction costs, such as does not seek temporary defensive
commissions, when it buys and sells positions when markets decline or
securities (or “turns over” its portfolio). appear overvalued.
A higher portfolio turnover rate may Indexing may eliminate the chance that
indicate higher transaction costs and the Fund will substantially outperform
may result in higher taxes when Fund the Underlying Index but also may
shares are held in a taxable account. reduce some of the risks of active
These costs, which are not reflected in management, such as poor security
the Annual Fund Operating Expenses or selection. Indexing seeks to achieve
in the Example, affect the Fund’s lower costs and better after-tax
performance. During the most recent performance by aiming to keep portfolio
fiscal year, the Fund’s portfolio turnover turnover low in comparison to actively
rate was 6% of the average value of its managed investment companies.
portfolio.
BFA uses a representative sampling
Principal Investment indexing strategy to manage the Fund.
Strategies “Representative sampling” is an
indexing strategy that involves investing
The Fund seeks to track the investment
in a representative sample of securities
results of the S&P Asia 50TM (the
that collectively has an investment
“Underlying Index”), which is a float-
profile similar to that of an applicable
adjusted, market capitalization-
underlying index. The securities
weighted index that is designed to
selected are expected to have, in the
measure the performance of the 51
aggregate, investment characteristics
leading companies listed in four Asian
(based on factors such as market
countries or regions: Hong Kong,
capitalization and industry weightings),
Singapore, South Korea and Taiwan, as
fundamental characteristics (such as
determined by S&P Dow Jones Indices
return variability and yield) and liquidity
LLC (the “Index Provider” or “SPDJI”).
measures similar to those of an
As of March 31, 2020, the Underlying
applicable underlying index. The Fund
Index had a total market capitalization
may or may not hold all of the securities
of approximately $2.81 trillion. The
in the Underlying Index.
Underlying Index includes large-
capitalization blue-chip companies. As The Fund generally will invest at least
of March 31, 2020, a significant portion 90% of its assets in the component
of the Underlying Index is represented securities of the Underlying Index and in
by securities of companies in the investments that have economic
communication services, financials and characteristics that are substantially
information technology industries or identical to the component securities of
sectors. The components of the the Underlying Index (i.e., depositary
Underlying Index are likely to change receipts representing securities of the
over time. Underlying Index) and may invest up to
10% of its assets in certain futures,
BFA uses a “passive” or indexing
options and swap contracts, cash and
approach to try to achieve the Fund’s
cash equivalents, including shares of
investment objective. Unlike many
money market funds advised by BFA or
investment companies, the Fund does
S-2its affiliates, as well as in securities not The order of the below risk factors does
included in the Underlying Index, but not indicate the significance of any
which BFA believes will help the Fund particular risk factor.
track the Underlying Index. The Fund Asset Class Risk. Securities and other
seeks to track the investment results of assets in the Underlying Index or in the
the Underlying Index before fees and Fund’s portfolio may underperform in
expenses of the Fund. comparison to the general financial
The Fund may lend securities markets, a particular financial market or
representing up to one-third of the other asset classes.
value of the Fund’s total assets Authorized Participant Concentration
(including the value of any collateral Risk. Only an Authorized Participant (as
received). defined in the Creations and
The Underlying Index is a product of Redemptions section of this prospectus
SPDJI, which is independent of the Fund (the “Prospectus”)) may engage in
and BFA. The Index Provider determines creation or redemption transactions
the composition and relative weightings directly with the Fund, and none of
of the securities in the Underlying Index those Authorized Participants is
and publishes information regarding the obligated to engage in creation and/or
market value of the Underlying Index. redemption transactions. The Fund has
Industry Concentration Policy. The a limited number of institutions that
Fund will concentrate its investments may act as Authorized Participants on
(i.e., hold 25% or more of its total an agency basis (i.e., on behalf of other
assets) in a particular industry or group market participants). To the extent that
of industries to approximately the same Authorized Participants exit the
extent that the Underlying Index is business or are unable to proceed with
concentrated. For purposes of this creation or redemption orders with
limitation, securities of the U.S. respect to the Fund and no other
government (including its agencies and Authorized Participant is able to step
instrumentalities) and repurchase forward to create or redeem, Fund
agreements collateralized by U.S. shares may be more likely to trade at a
government securities are not premium or discount to NAV and
considered to be issued by members of possibly face trading halts or delisting.
any industry. Authorized Participant concentration
risk may be heightened for exchange-
Summary of Principal Risks traded funds (“ETFs”), such as the Fund,
that invest in securities issued by non-
As with any investment, you could lose
U.S. issuers or other securities or
all or part of your investment in the
instruments that have lower trading
Fund, and the Fund’s performance could
volumes.
trail that of other investments. The Fund
is subject to certain risks, including the Communication Services Sector Risk.
principal risks noted below, any of Companies in the communications
which may adversely affect the Fund’s sector may be affected by industry
net asset value per share (“NAV”), competition, substantial capital
trading price, yield, total return and requirements, government regulation,
ability to meet its investment objective. cyclicality of revenues and earnings,
S-3obsolescence of communications shareholders. While the Fund has
products and services due to established business continuity plans
technological advancement, a potential and risk management systems seeking
decrease in the discretionary income of to address system breaches or failures,
targeted individuals and changing there are inherent limitations in such
consumer tastes and interests. plans and systems. Furthermore, the
Concentration Risk. The Fund may be Fund cannot control the cybersecurity
susceptible to an increased risk of loss, plans and systems of the Fund’s Index
including losses due to adverse events Provider and other service providers,
that affect the Fund’s investments more market makers, Authorized Participants
than the market as a whole, to the or issuers of securities in which the
extent that the Fund’s investments are Fund invests.
concentrated in the securities and/or Equity Securities Risk. Equity
other assets of a particular issuer or securities are subject to changes in
issuers, country, group of countries, value, and their values may be more
region, market, industry, group of volatile than those of other asset
industries, sector or asset class. classes. The Underlying Index is
Currency Risk. Because the Fund’s comprised of common stocks, which
NAV is determined in U.S. dollars, the generally subject their holders to more
Fund’s NAV could decline if the currency risks than preferred stocks and debt
of a non-U.S. market in which the Fund securities because common
invests depreciates against the U.S. stockholders’ claims are subordinated
dollar or if there are delays or limits on to those of holders of preferred stocks
repatriation of such currency. Currency and debt securities upon the bankruptcy
exchange rates can be very volatile and of the issuer.
can change quickly and unpredictably. Financials Sector Risk. Performance of
As a result, the Fund’s NAV may change companies in the financials sector may
quickly and without warning. be adversely impacted by many factors,
Custody Risk. Less developed including, among others, changes in
securities markets are more likely to government regulations, economic
experience problems with the clearing conditions, and interest rates, credit
and settling of trades, as well as the rating downgrades, and decreased
holding of securities by local banks, liquidity in credit markets. The extent to
agents and depositories. which the Fund may invest in a
company that engages in securities-
Cybersecurity Risk. Failures or related activities or banking is limited by
breaches of the electronic systems of applicable law. The impact of changes in
the Fund, the Fund’s adviser, capital requirements and recent or
distributor, the Index Provider and other future regulation of any individual
service providers, market makers, financial company, or of the financials
Authorized Participants or the issuers of sector as a whole, cannot be predicted.
securities in which the Fund invests In recent years, cyberattacks and
have the ability to cause disruptions, technology malfunctions and failures
negatively impact the Fund’s business have become increasingly frequent in
operations and/or potentially result in this sector and have caused significant
financial losses to the Fund and its
S-4losses to companies in this sector, Fund’s ability to purchase or sell
which may negatively impact the Fund. securities or cause elevated tracking
error and increased premiums or
Geographic Risk. A natural disaster discounts to the Fund’s NAV. Other
could occur in a geographic region in infectious illness outbreaks in the future
which the Fund invests, which could may result in similar impacts.
adversely affect the economy or the
business operations of companies in the Information Technology Sector Risk.
specific geographic region, causing an Information technology companies face
adverse impact on the Fund’s intense competition and potentially
investments in, or which are exposed to, rapid product obsolescence. They are
the affected region. also heavily dependent on intellectual
property rights and may be adversely
Index-Related Risk. There is no affected by the loss or impairment of
guarantee that the Fund’s investment those rights. Companies in the
results will have a high degree of information technology sector are
correlation to those of the Underlying facing increased government and
Index or that the Fund will achieve its regulatory scrutiny and may be subject
investment objective. Market to adverse government or regulatory
disruptions and regulatory restrictions action. Companies in the software
could have an adverse effect on the industry may be adversely affected by,
Fund’s ability to adjust its exposure to among other things, the decline or
the required levels in order to track the fluctuation of subscription renewal rates
Underlying Index. Errors in index data, for their products and services and
index computations or the construction actual or perceived vulnerabilities in
of the Underlying Index in accordance their products or services.
with its methodology may occur from
time to time and may not be identified Issuer Risk. The performance of the
and corrected by the Index Provider for Fund depends on the performance of
a period of time or at all, which may individual securities to which the Fund
have an adverse impact on the Fund has exposure. Changes in the financial
and its shareholders. Unusual market condition or credit rating of an issuer of
conditions may cause the Index those securities may cause the value of
Provider to postpone a scheduled the securities to decline.
rebalance, which could cause the Lack of Natural Resources Risk.
Underlying Index to vary from its normal Certain economies to which the Fund
or expected composition. may be exposed have few natural
Infectious Illness Risk. An outbreak of resources. Any fluctuation or shortage
an infectious respiratory illness, COVID- in the commodity markets could have a
19, caused by a novel coronavirus has negative impact on those economies.
resulted in travel restrictions, disruption Large-Capitalization Companies Risk.
of healthcare systems, prolonged Large-capitalization companies may be
quarantines, cancellations, supply chain less able than smaller capitalization
disruptions, lower consumer demand, companies to adapt to changing market
layoffs, ratings downgrades, defaults conditions. Large-capitalization
and other significant economic impacts. companies may be more mature and
Certain markets have experienced subject to more limited growth potential
temporary closures, extreme volatility, compared with smaller capitalization
severe losses, reduced liquidity and companies. During different market
increased trading costs. These events cycles, the performance of large-
will have an impact on the Fund and its capitalization companies has trailed the
investments and could impact the
S-5overall performance of the broader assets in securities issued by or
securities markets. representing a small number of issuers.
Management Risk. As the Fund will not As a result, the Fund’s performance
fully replicate the Underlying Index, it is may depend on the performance of a
subject to the risk that BFA’s small number of issuers.
investment strategy may not produce Non-U.S. Securities Risk. Investments
the intended results. in the securities of non-U.S. issuers are
Market Risk. The Fund could lose subject to the risks associated with
money over short periods due to short- investing in those non-U.S. markets,
term market movements and over such as heightened risks of inflation or
longer periods during more prolonged nationalization. The Fund may lose
market downturns. Local, regional or money due to political, economic and
global events such as war, acts of geographic events affecting issuers of
terrorism, the spread of infectious non-U.S. securities or non-U.S.
illness or other public health issue, markets. In addition, non-U.S. securities
recessions, or other events could have a markets may trade a small number of
significant impact on the Fund and its securities and may be unable to
investments and could result in respond effectively to changes in
increased premiums or discounts to the trading volume, potentially making
Fund’s NAV. prompt liquidation of holdings difficult
or impossible at times. The Fund is
Market Trading Risk. The Fund faces specifically exposed to Asian
numerous market trading risks, Economic Risk and Asian Structural
including the potential lack of an active Risk.
market for Fund shares, losses from
trading in secondary markets, periods of Operational Risk. The Fund is exposed
high volatility and disruptions in the to operational risks arising from a
creation/redemption process. ANY OF number of factors, including, but not
THESE FACTORS, AMONG OTHERS, limited to, human error, processing and
MAY LEAD TO THE FUND’S SHARES communication errors, errors of the
TRADING AT A PREMIUM OR Fund’s service providers, counterparties
DISCOUNT TO NAV. or other third-parties, failed or
inadequate processes and technology
National Closed Market Trading Risk. or systems failures. The Fund and BFA
To the extent that the underlying seek to reduce these operational risks
securities and/or other assets held by through controls and procedures.
the Fund trade on foreign exchanges or However, these measures do not
in foreign markets that may be closed address every possible risk and may be
when the securities exchange on which inadequate to address significant
the Fund’s shares trade is open, there operational risks.
are likely to be deviations between the
current price of such an underlying Passive Investment Risk. The Fund is
security and the last quoted price for not actively managed, and BFA generally
the underlying security (i.e., the Fund’s does not attempt to take defensive
quote from the closed foreign market). positions under any market conditions,
These deviations could result in including declining markets.
premiums or discounts to the Fund’s Privatization Risk. Some countries in
NAV that may be greater than those which the Fund invests have privatized,
experienced by other ETFs. or have begun the process of
Non-Diversification Risk. The Fund privatizing, certain entities and
may invest a large percentage of its industries. Privatized entities may lose
money or be re-nationalized.
S-6Reliance on Trading Partners Risk. subject the Fund to exposure to
The Fund invests in countries or regions Chinese companies. China may be
whose economies are heavily subject to considerable degrees of
dependent upon trading with key economic, political and social instability.
partners. Any reduction in this trading China is an emerging market and
may have an adverse impact on the demonstrates significantly higher
Fund’s investments. volatility from time to time in
Risk of Investing in Asia. Investments comparison to developed markets. Over
in securities of issuers in certain Asian the last few decades, the Chinese
countries involve risks that are specific government has undertaken reform of
to Asia, including certain legal, economic and market practices and has
regulatory, political and economic risks. expanded the sphere of private
Certain Asian countries have ownership of property in China.
experienced expropriation and/or However, Chinese markets generally
nationalization of assets, confiscatory continue to experience inefficiency,
taxation, political instability, armed volatility and pricing anomalies resulting
conflict and social instability as a result from governmental influence, a lack of
of religious, ethnic, socio-economic publicly available information and/or
and/or political unrest. In particular, political and social instability. Internal
escalated tensions involving North social unrest or confrontations with
Korea and any outbreak of hostilities other neighboring countries, including
involving North Korea, or even the military conflicts in response to such
threat of an outbreak of hostilities, events, may also disrupt economic
could have a severe adverse effect on development in China and result in a
Asian economies. Some economies in greater risk of currency fluctuations,
this region are dependent on a range of currency non-convertibility, interest rate
commodities, and are strongly affected fluctuations and higher rates of
by international commodity prices and inflation. China has experienced
particularly vulnerable to price changes security concerns, such as terrorism
for these products. The market for and strained international relations.
securities in this region may also be Additionally, China is alleged to have
directly influenced by the flow of participated in state-sponsored
international capital, and by the cyberattacks against foreign companies
economic and market conditions of and foreign governments. Actual and
neighboring countries. Many Asian threatened responses to such activity,
economies have experienced rapid including purchasing restrictions,
growth and industrialization, and there sanctions, tariffs or cyberattacks on the
is no assurance that this growth rate Chinese government or Chinese
will be maintained. Some Asian companies, may impact China’s
economies are highly dependent on economy and Chinese issuers of
trade, institution of tariffs or other trade securities in which the Fund invests.
barriers and economic conditions in Incidents involving China’s or the
other countries can impact these region’s security may cause uncertainty
economies. in Chinese markets and may adversely
affect the Chinese economy and the
Risk of Investing in China. Fund’s investments. Export growth
Investments in Chinese securities, continues to be a major driver of
including certain Hong Kong-listed China’s rapid economic growth.
securities, subject the Fund to risks Reduction in spending on Chinese
specific to China. Investments in certain products and services, institution of
Hong Kong-listed securities may also additional tariffs or other trade barriers
S-7(including as a result of heightened Risk of Investing in Emerging
trade tensions or a trade war between Markets. The Fund’s investments in
China and the U.S., or in response to emerging market issuers may be
actual or alleged Chinese cyber activity) subject to a greater risk of loss than
or a downturn in any of the economies investments in issuers located or
of China’s key trading partners may operating in more developed markets.
have an adverse impact on the Chinese Emerging markets may be more likely to
economy. Chinese companies, including experience inflation, political turmoil
Chinese companies that are listed on and rapid changes in economic
U.S. exchanges, are not subject to the conditions than more developed
same degree of regulatory markets. Companies in many emerging
requirements, accounting standards or markets are not subject to the same
auditor oversight as companies in more degree of regulatory requirements,
developed countries, and as a result, accounting standards or auditor
information about the Chinese oversight as companies in more
securities in which the Fund invests may developed countries, and as a result,
be less reliable or complete. There may information about the securities in
be significant obstacles to obtaining which the Fund invests may be less
information necessary for investigations reliable or complete. Emerging markets
into or litigation against Chinese often have less reliable securities
companies and shareholders may have valuations and greater risk associated
limited legal remedies. The Fund is not with custody of securities than
actively managed and does not select developed markets. There may be
investments based on investor significant obstacles to obtaining
protection considerations. information necessary for investigations
Risk of Investing in Developed into or litigation against companies and
Countries. The Fund’s investment in shareholders may have limited legal
developed country issuers may subject remedies. The Fund is not actively
the Fund to regulatory, political, managed and does not select
currency, security, economic and other investments based on investor
risks associated with developed protection considerations.
countries. Developed countries tend to Risk of Investing in South Korea.
represent a significant portion of the Investments in South Korean issuers
global economy and have generally may subject the Fund to legal,
experienced slower economic growth regulatory, political, currency, security,
than some less developed countries. and economic risks that are specific to
Certain developed countries have South Korea. In addition, economic and
experienced security concerns, such as political developments of South Korea’s
terrorism and strained international neighbors, including escalated tensions
relations. Incidents involving a country’s involving North Korea and any outbreak
or region’s security may cause of hostilities involving North Korea, or
uncertainty in its markets and may even the threat of an outbreak of
adversely affect its economy and the hostilities, may have a severe adverse
Fund’s investments. In addition, effect on the South Korean economy.
developed countries may be adversely Securities Lending Risk. The Fund may
impacted by changes to the economic engage in securities lending. Securities
conditions of certain key trading lending involves the risk that the Fund
partners, regulatory burdens, debt may lose money because the borrower
burdens and the price or availability of of the loaned securities fails to return
certain commodities. the securities in a timely manner or at
S-8all. The Fund could also lose money in market conditions. Tracking error also
the event of a decline in the value of may result because the Fund incurs fees
collateral provided for loaned securities and expenses, while the Underlying
or a decline in the value of any Index does not. INDEX ETFs THAT
investments made with cash collateral. TRACK INDICES WITH SIGNIFICANT
These events could also trigger adverse WEIGHT IN EMERGING MARKETS
tax consequences for the Fund. ISSUERS MAY EXPERIENCE HIGHER
Structural Risk. The countries in which TRACKING ERROR THAN OTHER INDEX
ETFs THAT DO NOT TRACK SUCH
the Fund invests may be subject to
INDICES.
considerable degrees of economic,
political and social instability. Valuation Risk. The price the Fund
could receive upon the sale of a security
Tracking Error Risk. The Fund may be or other asset may differ from the
subject to tracking error, which is the Fund’s valuation of the security or other
divergence of the Fund’s performance asset and from the value used by the
from that of the Underlying Index. Underlying Index, particularly for
Tracking error may occur because of securities or other assets that trade in
differences between the securities and low volume or volatile markets or that
other instruments held in the Fund’s are valued using a fair value
portfolio and those included in the methodology as a result of trade
Underlying Index, pricing suspensions or for other reasons. In
differences (including, as applicable, addition, the value of the securities or
differences between a security’s price other assets in the Fund’s portfolio may
at the local market close and the Fund’s change on days or during time periods
valuation of a security at the time of when shareholders will not be able to
calculation of the Fund’s NAV), purchase or sell the Fund’s shares.
transaction costs incurred by the Fund, Authorized Participants who purchase
the Fund’s holding of uninvested cash, or redeem Fund shares on days when
differences in timing of the accrual of or the Fund is holding fair-valued securities
the valuation of dividends or interest, may receive fewer or more shares, or
the requirements to maintain pass- lower or higher redemption proceeds,
through tax treatment, portfolio than they would have received had the
transactions carried out to minimize the Fund not fair-valued securities or used a
distribution of capital gains to different valuation methodology. The
shareholders, acceptance of custom Fund’s ability to value investments may
baskets, changes to the Underlying be impacted by technological issues or
Index or the costs to the Fund of errors by pricing services or other third-
complying with various new or existing party service providers.
regulatory requirements. This risk may
be heightened during times of increased
market volatility or other unusual
S-9Performance Information
The bar chart and table that follow show how the Fund has performed on a calendar
year basis and provide an indication of the risks of investing in the Fund. Both assume
that all dividends and distributions have been reinvested in the Fund. Past performance
(before and after taxes) does not necessarily indicate how the Fund will perform in the
future. Supplemental information about the Fund’s performance is shown under the
heading Total Return Information in the Supplemental Information section of the
Prospectus.
Year-by-Year Returns1 (Years Ended December 31)
60%
43.51%
40%
22.71% 21.84%
18.38%
20% 11.82%
2.64% 1.07%
0%
-6.45%
-20% -13.07% -13.94%
-40%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
1
The Fund’s year-to-date return as of June 30, 2020 was -1.16%.
The best calendar quarter return during the periods shown above was 13.58% in the
4th quarter of 2019; the worst was -18.54% in the 3rd quarter of 2011.
Updated performance information, including the Fund’s current NAV, may be obtained
by visiting our website at www.iShares.com or by calling 1-800-iShares (1-800-474-
2737) (toll free).
S-10Average Annual Total Returns
(for the periods ended December 31, 2019)
One Year Five Years Ten Years
(Inception Date: 11/13/2007)
Return Before Taxes 21.84% 9.50% 7.50%
Return After Taxes on Distributions1 21.19% 8.92% 7.00%
Return After Taxes on Distributions and Sale of Fund
Shares1 13.39% 7.42% 6.01%
S&P Asia 50TM (Index returns do not reflect deductions
for fees, expenses, or taxes) 22.45% 10.12% 8.08%
1
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 sale 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-11Management Tax Information
Investment Adviser. BlackRock Fund The Fund intends to make distributions
Advisors. that may be taxable to you as ordinary
Portfolio Managers. Rachel Aguirre, income or capital gains, unless you are
Jennifer Hsui, Alan Mason, Greg Savage investing through a tax-deferred
and Amy Whitelaw (the “Portfolio arrangement such as a 401(k) plan or
Managers”) are primarily responsible for an IRA, in which case, your distributions
the day-to-day management of the generally will be taxed when withdrawn.
Fund. Each Portfolio Manager Payments to Broker-Dealers
supervises a portfolio management
team. Ms. Aguirre, Ms. Hsui, Mr. Mason,
and Other Financial
Mr. Savage and Ms. Whitelaw have been Intermediaries
Portfolio Managers of the Fund since If you purchase shares of the Fund
2018, 2012, 2016, 2008 and 2018, through a broker-dealer or other
respectively. financial intermediary (such as a bank),
BFA or other related companies may
Purchase and Sale of Fund pay the intermediary for marketing
Shares activities and presentations,
The Fund is an ETF. Individual shares of educational training programs,
the Fund may only be bought and sold in conferences, the development of
the secondary market through a broker- technology platforms and reporting
dealer. Because ETF shares trade at systems or other services related to the
market prices rather than at NAV, sale or promotion of the Fund. These
shares may trade at a price greater than payments may create a conflict of
NAV (a premium) or less than NAV (a interest by influencing the broker-dealer
discount). An investor may incur costs or other intermediary and your
attributable to the difference between salesperson to recommend the Fund
the highest price a buyer is willing to over another investment. Ask your
pay to purchase shares of the Fund (bid) salesperson or visit your financial
and the lowest price a seller is willing to intermediary’s website for more
accept for shares of the Fund (ask) information.
when buying or selling shares in the
secondary market (the “bid-ask
spread”).
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For more information visit www.iShares.com or call 1-800-474-2737
IS-SP-AIA-0820
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Investment Company Act file No.: 811-09729You can also read
