2021 PROSPECTUS - BLACKROCK
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SEPTEMBER 1, 2021
2021 Prospectus
iShares Trust
• iShares U.S. Technology ETF | IYW | NYSE ARCA
The Securities and Exchange Commission (“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®
iShares, Inc.
iShares Trust
iShares U.S. ETF Trust
Supplement dated January 3, 2022 (the “Supplement”)
to each Summary Prospectus, Prospectus and
Statement of Additional Information (the “SAI”),
for each of the Funds listed in Appendix A (each, a “Fund”)
The information in this Supplement updates information in, and
should be read in conjunction with the respective Summary
Prospectus, Prospectus and the SAI, as applicable, for each Fund.
The following changes for the Fund went effective on January 1,
2022.
As of January 1, 2022, Paul Whitehead has replaced Alan Mason as
Portfolio Manager for each Fund listed on Appendix A. References to
Mr. Mason as a Portfolio Manager of each Fund are hereby removed
from the Summary Prospectus, Prospectus and SAI.
The other Portfolio Managers for each Fund will continue to be
primarily responsible for the day-to-day management of such Fund in
addition to Mr. Whitehead. Information regarding the other Portfolio
Managers for each Fund can be found in such Fund’s Summary
Prospectus, Prospectus and SAI.
In addition, the following changes are made to each Fund’s Summary
Prospectus, Prospectus, and SAI:
In the sections “Management – Portfolio Managers” of each Fund’s
Summary Prospectus and Prospectus, Paul Whitehead is added to
the list of Portfolio Managers primarily responsible for the
day-to-day management of the Fund. Mr. Whitehead has been a
Portfolio Manager of each Fund since 2022.
In the section “Management – Portfolio Managers” of each Fund’s
Prospectus, the following is added:
Paul Whitehead has been with BlackRock since 1996, including his
years with Barclays Global Investors, which merged with BlackRock in
2009. Mr. Whitehead has been employed by BlackRock as a Managing
Director since 2010 and a Director from 2009 to 2010. Mr. Whitehead
was employed by Barclays Global Investors as Principal from 2002 to
2009. Mr. Whitehead has been a Portfolio Manager of the Fund since
2022.In the section “Portfolio Managers” of each Fund’s SAI, the following
is added to the table listing each Portfolio Manager’s other types of
portfolios and/or accounts:
Paul Whitehead*
Types of Accounts Number Total Assets
Registered Investment Companies N/A N/A
Other Pooled Investment Vehicles N/A N/A
Other Accounts N/A N/A
*Information for Mr. Whitehead is provided as of November 30, 2021.
In the section “Portfolio Managers” of each Fund’s SAI, the following
is added to the table listing each Portfolio Manager’s portfolios or
accounts with respect to which the investment management fees are
based on the performance of those portfolios or accounts:
Paul Whitehead*
Number of Other
Accounts with
Performance Fees
Managed by Portfolio Aggregate of Total
Types of Accounts Manager Assets
Registered Investment
Companies N/A N/A
Other Pooled Investment
Vehicles N/A N/A
Other Accounts N/A N/A
*Information for Mr. Whitehead is provided as of November 30, 2021.For the Funds listed in the below table, in the section “Portfolio Managers”
of the applicable Fund’s SAI, the following is added to the table listing each
Portfolio Manager’s beneficial ownership of shares of the Funds for which
they are primarily responsible for the day-to-day management:
Paul Whitehead*
Dollar Range
$10,001 $50,001 $100,001 $500,001
$1 to to to to to Over
Fund $10,000 $50,000 $100,000 $500,000 $1 mil $1 mil
iShares Core Dividend
Growth ETF X
iShares MSCI EAFE
Min Vol Factor ETF X
iShares Global Clean
Energy ETF X
iShares Cybersecurity
and Tech ETF X
iShares Core S&P
Small-Cap ETF X
iShares Global
Financials ETF X
iShares Global Tech ETF X
iShares US Energy ETF X
iShares MSCI USA
Multifactor ETF X
iShares MSCI USA
Momentum Factor
ETF X
iShares MSCI USA
Quality Factor ETF X
iShares MSCI USA
Value Factor ETF X
*Information for Mr. Whitehead is provided as of November 30, 2021.
As of November 30, 2021, Mr. Whitehead did not beneficially own any
shares of a Fund for which he is primarily responsible for the day-to-day
management which is not listed in the above table.Appendix A Supplement to the Summary Prospectus and Prospectus both dated as of March 1, 2021, and to the Statement of Additional Information dated as of March 1, 2021 (as revised October 29, 2021): iShares Commodity Curve Carry Strategy ETF iShares GSCI Commodity Dynamic Roll Strategy ETF Supplement to the Summary Prospectus and Prospectus both dated as of March 1, 2021, and to the Statement of Additional Information dated as of March 1, 2021 (as revised January 3, 2022): iShares Bloomberg Roll Select Commodity Strategy ETF iShares Gold Strategy ETF Supplement to the Summary Prospectus and Prospectus both dated as of July 30, 2021, and to the Statement of Additional Information dated as of July 30, 2021 (as revised January 3, 2022): iShares Asia 50 ETF iShares Emerging Markets Infrastructure ETF iShares Global 100 ETF iShares Global Comm Services ETF iShares Global Consumer Discretionary ETF iShares Global Healthcare ETF iShares Global Materials ETF iShares Global Tech ETF iShares Global Timber & Forestry ETF iShares International Dividend Growth ETF iShares Latin America 40 ETF Supplement to the Summary Prospectus and Prospectus both dated as of July 30, 2021 (as revised October 18, 2021), and to the Statement of Additional Information dated as of July 30, 2021 (as revised January 3, 2022): iShares Global Clean Energy ETF Supplement to the Summary Prospectus and Prospectus both dated as of July 30, 2021 (as revised October 13, 2021), and to the Statement of Additional Information dated as of July 30, 2021 (as revised January 3, 2022): iShares India 50 ETF
Supplement to the Summary Prospectus and Prospectus both dated as of July 30, 2021, and to the Statement of Additional Information dated as of July 30, 2021 (as revised January 3, 2022): iShares Biotechnology ETF iShares Core S&P 500 ETF iShares Core S&P Mid-Cap ETF iShares Core S&P Small-Cap ETF iShares Core S&P Total U.S. Stock Market ETF iShares Core S&P U.S. Growth ETF iShares Core S&P U.S. Value ETF iShares ESG Screened S&P 500 ETF iShares ESG Screened S&P Mid-Cap ETF iShares ESG Screened S&P Small-Cap ETF iShares Europe ETF iShares Expanded Tech Sector ETF iShares Expanded Tech-Software Sector ETF iShares Factors US Growth Style ETF iShares Factors US Value Style ETF iShares Focused Value Factor ETF iShares Global Consumer Staples ETF iShares Global Energy ETF iShares Global Financials ETF iShares Global Industrials ETF iShares Global Infrastructure ETF iShares Global Utilities ETF iShares International Developed Property ETF iShares International Developed Small Cap Value Factor ETF iShares JPX-Nikkei 400 ETF iShares Micro-Cap ETF iShares Mortgage Real Estate ETF iShares North American Natural Resources ETF iShares North American Tech-Multimedia Networking ETF iShares Residential and Multisector Real Estate ETF iShares Russell 1000 ETF iShares Russell 1000 Growth ETF iShares Russell 1000 Value ETF iShares Russell 2000 ETF iShares Russell 2000 Growth ETF iShares Russell 2000 Value ETF iShares Russell 3000 ETF iShares Russell Mid-Cap ETF iShares Russell Mid-Cap Growth ETF iShares Russell Mid-Cap Value ETF
iShares Russell Top 200 ETF iShares Russell Top 200 Growth ETF iShares Russell Top 200 Value ETF iShares S&P 100 ETF iShares S&P 500 Growth ETF iShares S&P 500 Value ETF iShares S&P Mid-Cap 400 Growth ETF iShares S&P Mid-Cap 400 Value ETF iShares S&P Small-Cap 600 Growth ETF iShares S&P Small-Cap 600 Value ETF iShares Semiconductor ETF iShares U.S. Aerospace & Defense ETF iShares U.S. Broker-Dealers & Securities Exchanges ETF iShares U.S. Healthcare Providers ETF iShares U.S. Home Construction ETF iShares U.S. Insurance ETF iShares U.S. Medical Devices ETF iShares U.S. Oil & Gas Exploration & Production ETF iShares U.S. Oil Equipment & Services ETF iShares U.S. Pharmaceuticals ETF iShares U.S. Real Estate ETF iShares U.S. Regional Banks ETF iShares U.S. Telecommunications ETF iShares US Small Cap Value Factor ETF Supplement to the Summary Prospectus and Prospectus both dated as of July 30, 2021 (as revised October 20, 2021), and to the Statement of Additional Information dated as of July 30, 2021 (as revised January 3, 2022): iShares U.S. Infrastructure ETF Supplement to the Summary Prospectus and Prospectus both dated as of July 30, 2021 (as revised October 1, 2021), and to the Statement of Additional Information dated as of July 30, 2021 (as revised January 3, 2022): iShares Preferred and Income Securities ETF Supplement to the Summary Prospectus and Prospectus both dated as of July 30, 2021, and to the Statement of Additional Information dated as of July 30, 2021 (as revised September 10, 2021): iShares Currency Hedged JPX-Nikkei 400 ETF
Supplement to the Summary Prospectus and Prospectus both dated as of July 30, 2021, and to the Statement of Additional Information dated as of July 30, 2021 (as revised January 3, 2022): iShares Russell 2500 ETF Supplement to the Summary Prospectus and Prospectus both dated as of September 1, 2021, and to the Statement of Additional Information dated as of September 1, 2021 (as revised September 10, 2021): iShares Asia/Pacific Dividend ETF iShares Emerging Markets Dividend ETF Supplement to the Summary Prospectus and Prospectus both dated as of September 1, 2021, and to the Statement of Additional Information dated as of September 1, 2021 (as revised September 10, 2021): iShares Global REIT ETF iShares International Select Dividend ETF Supplement to the Summary Prospectus and Prospectus both dated as of September 1, 2021, and to the Statement of Additional Information dated as of September 1, 2021 (as revised January 3, 2022): iShares Cohen & Steers REIT ETF iShares Core Dividend Growth ETF iShares Core High Dividend ETF iShares Core U.S. REIT ETF iShares Dow Jones U.S. ETF iShares International Developed Real Estate ETF iShares Morningstar Growth ETF iShares Morningstar Mid-Cap ETF iShares Morningstar Mid-Cap Growth ETF iShares Morningstar Mid-Cap Value ETF iShares Morningstar Small-Cap ETF iShares Morningstar Small-Cap Growth ETF iShares Morningstar Small-Cap Value ETF iShares Morningstar U.S. Equity ETF iShares Morningstar Value ETF iShares MSCI KLD 400 Social ETF iShares MSCI USA ESG Select ETF iShares Select Dividend ETF
iShares U.S. Basic Materials ETF iShares U.S. Consumer Discretionary ETF iShares U.S. Consumer Staples ETF iShares U.S. Dividend and Buyback ETF iShares U.S. Energy ETF iShares U.S. Financial Services ETF iShares U.S. Financials ETF iShares U.S. Healthcare ETF iShares U.S. Industrials ETF iShares U.S. Technology ETF iShares U.S. Transportation ETF iShares U.S. Utilities ETF Supplement to the Summary Prospectus dated as of November 3, 2021, and to the Prospectus dated as of October 25, 2021, and to the Statement of Additional Information dated as of October 25, 2021 (as revised January 3, 2022): iShares ESG MSCI USA Min Vol Factor ETF Supplement to the Summary Prospectus, Prospectus and Statement of Additional Information each dated as of December 1, 2021: iShares Core MSCI Europe ETF iShares Core MSCI Pacific ETF iShares Currency Hedged MSCI ACWI ex U.S. ETF iShares Currency Hedged MSCI EAFE ETF iShares Currency Hedged MSCI EAFE Small-Cap ETF iShares MSCI Kokusai ETF Supplement to the Prospectus and Statement of Additional Information both dated as of December 1, 2021: iShares Core Aggressive Allocation ETF iShares Core Conservative Allocation ETF iShares Core Growth Allocation ETF iShares Core Moderate Allocation ETF iShares ESG Aware Aggressive Allocation ETF iShares ESG Aware Conservative Allocation ETF iShares ESG Aware Growth Allocation ETF iShares ESG Aware Moderate Allocation ETF
Supplement to the Summary Prospectus and Prospectus both dated as of December 1, 2021, and to the Statement of Additional Information dated as of December 1, 2021 (as revised (as revised December 20, 2021): iShares Cloud 5G and Tech ETF iShares Core MSCI EAFE ETF iShares Core MSCI International Developed Markets ETF iShares Core MSCI Total International Stock ETF iShares Cybersecurity and Tech ETF iShares Genomics Immunology and Healthcare ETF iShares MSCI ACWI ETF iShares MSCI ACWI ex U.S. ETF iShares MSCI ACWI Low Carbon Target ETF iShares MSCI All Country Asia ex Japan ETF iShares MSCI China A ETF iShares MSCI Global Multifactor ETF iShares Robotics and Artificial Intelligence Multisector ETF iShares Self-Driving EV and Tech ETF iShares Virtual Work and Life Multisector ETF Supplement to the Summary Prospectus and Prospectus both dated as of December 1, 2021 (as revised December 20, 2021), and to the Statement of Additional Information dated as of December 1, 2021 (as revised December 20, 2021): iShares Exponential Technologies ETF Supplement to the Summary Prospectus and Prospectus both dated as of December 1, 2021, and to the Statement of Additional Information dated as of December 1, 2021 (as revised January 3, 2022): iShares China Large-Cap ETF iShares MSCI EAFE ETF iShares MSCI EAFE Growth ETF iShares MSCI EAFE Min Vol Factor ETF iShares MSCI EAFE Small-Cap ETF iShares MSCI EAFE Value ETF iShares MSCI Europe Financials ETF iShares MSCI Europe Small-Cap ETF iShares MSCI Intl Momentum Factor ETF iShares MSCI Intl Multifactor ETF iShares MSCI Intl Quality Factor ETF iShares MSCI Intl Size Factor ETF
iShares MSCI Intl Small-Cap Multifactor ETF iShares MSCI Intl Value Factor ETF iShares MSCI USA Mid-Cap Multifactor ETF iShares MSCI USA Min Vol Factor ETF iShares MSCI USA Momentum Factor ETF iShares MSCI USA Multifactor ETF iShares MSCI USA Quality Factor ETF iShares MSCI USA Size Factor ETF iShares MSCI USA Small-Cap Min Vol Factor ETF iShares MSCI USA Small-Cap Multifactor ETF iShares MSCI USA Value Factor ETF iShares U.S. Tech Breakthrough Multisector ETF Supplement to the Summary Prospectus, Prospectus and Statement of Additional Information each dated as of December 30, 2021: iShares Core MSCI Emerging Markets ETF iShares Currency Hedged MSCI Canada ETF iShares Currency Hedged MSCI Emerging Markets ETF iShares Currency Hedged MSCI Eurozone ETF iShares Currency Hedged MSCI Germany ETF iShares Currency Hedged MSCI Japan ETF iShares Currency Hedged MSCI United Kingdom ETF iShares ESG Advanced MSCI EAFE ETF iShares ESG Advanced MSCI EM ETF iShares ESG Advanced MSCI USA ETF iShares ESG Aware MSCI EAFE ETF iShares ESG Aware MSCI EM ETF iShares ESG Aware MSCI USA ETF iShares ESG Aware MSCI USA Small-Cap ETF iShares ESG MSCI EM Leaders ETF iShares ESG MSCI USA Leaders ETF iShares MSCI Argentina and Global Exposure ETF iShares MSCI Australia ETF iShares MSCI Austria ETF iShares MSCI Belgium ETF iShares MSCI Brazil ETF iShares MSCI Brazil Small-Cap ETF iShares MSCI BRIC ETF iShares MSCI Canada ETF iShares MSCI Chile ETF iShares MSCI China ETF iShares MSCI China Small-Cap ETF iShares MSCI Colombia ETF
iShares MSCI Denmark ETF iShares MSCI Emerging Markets Asia ETF iShares MSCI Emerging Markets ETF iShares MSCI Emerging Markets ex China ETF iShares MSCI Emerging Markets Min Vol Factor ETF iShares MSCI Emerging Markets Multifactor ETF iShares MSCI Emerging Markets Small-Cap ETF iShares MSCI Eurozone ETF iShares MSCI Finland ETF iShares MSCI France ETF iShares MSCI Frontier and Select EM ETF iShares MSCI Germany ETF iShares MSCI Germany Small-Cap ETF iShares MSCI Global Agriculture Producers ETF iShares MSCI Global Energy Producers ETF iShares MSCI Global Gold Miners ETF iShares MSCI Global Metals & Mining Producers ETF iShares MSCI Global Min Vol Factor ETF iShares MSCI Global Silver and Metals Miners ETF iShares MSCI Global Sustainable Development Goals ETF iShares MSCI Hong Kong ETF iShares MSCI India ETF iShares MSCI India Small-Cap ETF iShares MSCI Indonesia ETF iShares MSCI Ireland ETF iShares MSCI Israel ETF iShares MSCI Italy ETF iShares MSCI Japan Equal Weighted ETF iShares MSCI Japan ETF iShares MSCI Japan Small-Cap ETF iShares MSCI Japan Value ETF iShares MSCI Kuwait ETF iShares MSCI Malaysia ETF iShares MSCI Mexico ETF iShares MSCI Netherlands ETF iShares MSCI New Zealand ETF iShares MSCI Norway ETF iShares MSCI Pacific ex Japan ETF iShares MSCI Peru ETF iShares MSCI Philippines ETF iShares MSCI Poland ETF iShares MSCI Qatar ETF iShares MSCI Russia ETF
iShares MSCI Saudi Arabia ETF
iShares MSCI Singapore ETF
iShares MSCI South Africa ETF
iShares MSCI South Korea ETF
iShares MSCI Spain ETF
iShares MSCI Sweden ETF
iShares MSCI Switzerland ETF
iShares MSCI Taiwan ETF
iShares MSCI Thailand ETF
iShares MSCI Turkey ETF
iShares MSCI UAE ETF
iShares MSCI United Kingdom ETF
iShares MSCI United Kingdom Small-Cap ETF
iShares MSCI USA Equal Weighted ETF
iShares MSCI World ETF
Supplement to the Prospectus and the Statement of Additional
Information both dated as of December 20, 2021:
iShares MSCI China Multisector Tech ETF
Supplement to the Prospectus and the Statement of Additional
Information both dated as of December 22, 2021:
iShares Paris-Aligned Climate MSCI USA ETF
If you have any questions, please call 1-800-iShares (1-800-474-2737).
iShares® is a registered trademark of BlackRock Fund Advisors and its affiliates.
IS-A-PM-0122
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IMPORTANT NOTICE REGARDING CHANGE IN
INVESTMENT POLICY
iShares®
iShares Trust
Supplement dated September 1, 2021 (the “Supplement”)
to the Summary Prospectus and Prospectus
each dated September 1, 2021
for the iShares U.S. Technology ETF (IYW) (the “Fund”)
The information in this Supplement updates information in, and
should be read in conjunction with, the Summary Prospectus and
Prospectus for the Fund.
Change in the Fund’s Underlying Index
Prior to September 20, 2021, the Fund’s Underlying Index is Dow
Jones U.S. Technology Capped Index
Change in the Fund’s “Principal Investment Strategies”
Prior to September 20, 2021, the first paragraph of the section of the
Summary Prospectus and Prospectus entitled “Principal Investment
Strategies” for The Fund is the following, instead of the current first
four paragraphs:
The Fund seeks to track the investment results of the Dow Jones U.S.
Technology Capped Index (the “Underlying Index”), which is designed
to measure the performance of U.S. companies in the technology
industry. The Underlying Index uses a capping methodology to limit the
weight of the securities of any single company (as determined by S&P
Dow Jones Indices LLC (the “Index Provider” or “SPDJI”)) to a maximum
of 22.5% of the Underlying Index. Additionally, the capping
methodology limits the sum of the weights of the securities of all
issuers that individually constitute more than 5% of the weight of the
Underlying Index to a maximum of 50% of the weight of the Underlying
Index in the aggregate. In order to implement this capping
methodology, the Underlying Index constrains at quarterly rebalance:
(i) the weight of any single issuer to a maximum of 22.50%, and (ii) the
aggregate weight of all issuers that individually exceed 4.50% of the
index weight to a maximum of 45%. In implementing this capping
methodology, SPDJI may consider two or more companies as belonging
to the same issuer where there is reasonable evidence of common
control. The Underlying Index includes large-, mid- and small-
capitalization companies and may change over time. As of April 30,2020, a significant portion of the Underlying Index is represented by securities of companies in the technology industry or sector. The components of the Underlying Index are likely to change over time. Prior to September 20, 2021, the last paragraph of the section of the Summary Prospectus and Prospectus entitled “Principal Investment Strategies” for the Fund is the following, instead of the current last paragraph of the section: The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. Changes to the “Average Annual Returns” table Prior to September 20, 2021, references to the “Russell 1000 Technology RIC 22.5/45 Capped Index,” each footnote “3” call and footnote “3” in the “Average Annual Total Returns” table on page S-8 of the Summary Prospectus and Prospectus are deleted. Changes to “More Information About the Fund” Prior to September 20, 2021, the second paragraph in the section of the Prospectus entitled “More Information About the Fund” is deleted in its entirety. Change in the Fund’s “Index Provider” Prior to September 20, 2021, the section entitled “Index Provider” on page 27 of the Prospectus of the Fund is the following, instead of the current two paragraphs: SPDJI is the Index Provider for the Underlying Index and is not affiliated with the Trust, BFA, State Street, the Distributor or any of their respective affiliates. SPDJI is a resource for index-based concepts, data and research. SPDJI provides financial, economic and investment information and analytical services to the financial community. SPDJI calculates and maintains the S&P Global 1200, which includes the S&P 500® for the U.S., the S&P Europe 350 for Continental Europe, Ireland and the U.K., the S&P/TOPIX 150 for Japan, the S&P Asia 50, the S&P/TSX 60TM for Canada, the S&P/ ASX 50 and the S&P Latin America 40. SPDJI also publishes the S&P MidCap 400®, S&P SmallCap 600®, S&P Total Market Index and S&P U.S. REIT for the U.S. SPDJI calculates and maintains the S&P Global Broad Market Index (BMI) Series, a set of rules-based equity
benchmarks covering developed and emerging countries around the world. Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company. BFA or its affiliates have entered into a license agreement with SPDJI to use the Underlying Index. BFA or its affiliates sublicense rights in the Underlying Index to the Trust at no charge. Change in the Fund’s Disclaimers Prior to September 20, 2021, the paragraph at the bottom of page i of the Prospectus of the Fund is the following, instead of the current paragraph: The “Dow Jones U.S. Technology Capped IndexTM” is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by BlackRock Fund Advisors or its affiliates. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); iShares® and BlackRock® are registered trademarks of BlackRock Fund Advisors and its affiliates, and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by iShares Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties makes any representation regarding the advisability of investing in such product(s), nor do they have any liability for any errors, omissions, or interruptions of the Dow Jones U.S. Technology Capped Index. Prior to September 20, 2021, the section entitled “Disclaimers” on page 27 of the Prospectus for the Fund is the following, instead of the current five paragraphs: The Underlying Index is a product of SPDJI, and has been licensed for use by BFA or its affiliates. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); iShares® and BlackRock® are registered trademarks of BFA and its affiliates; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices make no representation or warranty, express or implied, to the owners of shares of the Fund or
any member of the public regarding the advisability of investing in securities generally or in the Fund in particular or the ability of the Underlying Index to track general market performance. S&P Dow Jones Indices’ only relationship to the Trust and BFA and their affiliates with respect to the Underlying Index is the licensing of the Underlying Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its third party licensors. The Underlying Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the Trust, BFA or its affiliates or the Fund. S&P Dow Jones Indices have no obligation to take the needs of BFA or its affiliates or the owners of shares of the Fund into consideration in determining, composing or calculating the Underlying Index. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of shares of the Fund or the timing of the issuance or sale of such shares or in the determination or calculation of the equation by which shares of the Fund are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of shares of the Fund. There is no assurance that investment products based on the Underlying Index will accurately track index performance or provide positive investment returns. SPDJI is not an investment adviser. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice. S&P DOW JONES INDICES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE UNDERLYING INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY BFA OR ITS AFFILIATES, OWNERS OF SHARES OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE UNDERLYING INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR
CONSEQUENTIAL DAMAGES INCLUDING, BUT NOT LIMITED TO,
LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL,
EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR
OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY
AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES
INDICES AND BFA OR ITS AFFILIATES, OTHER THAN THE LICENSORS
OF S&P DOW JONES INDICES.
Shares of the Fund are not sponsored, endorsed or promoted by
NYSE Arca. NYSE Arca makes no representation or warranty, express
or implied, to the owners of shares of the Fund or any member of the
public regarding the ability of the Fund to track the total return
performance of the Underlying Index or the ability of the Underlying
Index to track stock market performance. NYSE Arca is not
responsible for, nor has it participated in, the determination of the
compilation or the calculation of the Underlying Index, nor in the
determination of the timing of, prices of, or quantities of shares of
the Fund to be issued, nor in the determination or calculation of the
equation by which the shares are redeemable. NYSE Arca has no
obligation or liability to owners of shares of the Fund in connection
with the administration, marketing or trading of shares of the Fund.
NYSE Arca does not guarantee the accuracy and/or the
completeness of the Underlying Index or any data included therein.
NYSE Arca makes no warranty, express or implied, as to results to be
obtained by the Trust on behalf of the Fund as licensee, licensee’s
customers and counterparties, owners of shares of the Fund, or any
other person or entity from the use of the Underlying Index or any
data included therein in connection with the rights licensed as
described herein or for any other use. NYSE Arca makes no express
or implied warranties and hereby expressly disclaims all warranties
of merchantability or fitness for a particular purpose with respect to
the Underlying Index or any data included therein. Without limiting
any of the foregoing, in no event shall NYSE Arca have any liability
for any direct, indirect, special, punitive, consequential or any other
damages (including lost profits) even if notified of the possibility of
such damages.
If you have any questions, please call 1-800-iShares (1-800-474-2737).
iShares® is a registered trademark of BlackRock Fund Advisors and its affiliates.
IS-A-IYW-0921
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Table of Contents
Table of Contents
Fund Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-1
More Information About the Fund . . . . . . . . . 1
A Further Discussion of Principal Risks . . 2
A Further Discussion of Other Risks . . . . . . 11
Portfolio Holdings Information . . . . . . . . . . . . . 12
Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Shareholder Information . . . . . . . . . . . . . . . . . . . . 16
Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Index Provider . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Disclaimers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
“Russell” and “Russell 1000® Index” are registered trademarks of FTSE Russell and have been licensed for use
for certain purposes by BlackRock Fund Advisors or its affiliates. All rights in the Russell 1000 Technology RIC
22.5/45 Capped Index and the Russell 1000 Index (including any subset or parent index thereof) vest in the
London Stock Exchange Group Plc and its group undertakings (collectively, the “LSE Group”), which owns the
Indexes. “FTSE®”, “Russell®” and “FTSE Russell®” are trade marks of the relevant LSE Group company and
are used by any other LSE Group company under license. iShares® and BlackRock® are registered
trademarks of BlackRock Fund Advisors and its affiliates.
iTable of Contents
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iSHARES® U.S. TECHNOLOGY ETF
Ticker: IYW Stock Exchange: NYSE Arca
Investment Objective
The iShares U.S. Technology ETF (the “Fund”) seeks to track the investment results of
an index composed of U.S. equities in the technology sector.
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
0.41% None 0.00% 0.41%
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
$42 $132 $230 $518
S-1Table of Contents
Portfolio Turnover. The Fund may pay Underlying Index may exceed these
transaction costs, such as commissions, constraints due to fluctuations in
when it buys and sells securities (or market value, corporate actions, or
“turns over” its portfolio). A higher other events that change the index
portfolio turnover rate may indicate composition between quarterly
higher transaction costs and may result rebalance dates.
in higher taxes when Fund shares are
Substantially all of the Underlying
held in a taxable account. These costs,
Index is expected to be represented by
which are not reflected in the Annual
securities of companies in the
Fund Operating Expenses or in the
technology industry or sector. The
Example, affect the Fund’s
components of the Underlying Index are
performance. During the most recent
likely to change over time.
fiscal year, the Fund’s portfolio turnover
rate was 12% of the average value of its BFA uses a “passive” or indexing
portfolio. approach to try to achieve the Fund’s
investment objective. Unlike many
Principal Investment investment companies, the Fund does
Strategies not try to “beat” the index it tracks and
The Fund seeks to track the investment does not seek temporary defensive
results of the Russell 1000 Technology positions when markets decline or
RIC 22.5/45 Capped Index (the appear overvalued.
“Underlying Index”), which measures
Indexing may eliminate the chance that
the performance of the technology
the Fund will substantially outperform
sector of the U.S. equity market, as
the Underlying Index but also may
defined by FTSE Russell (the “Index
reduce some of the risks of active
Provider” or “Russell”). The Underlying
management, such as poor security
Index includes large- and mid-
selection. Indexing seeks to achieve
capitalization companies.
lower costs and better after-tax
The Underlying Index is a subset of the performance by aiming to keep portfolio
Russell 1000 Index, which is a float- turnover low in comparison to actively
adjusted capitalization-weighted index managed investment companies.
of equity securities issued by
approximately the 1,000 largest issuers BFA uses a representative sampling
in the Russell 3000 Index. The Russell indexing strategy to manage the Fund.
3000 Index measures the performance “Representative sampling” is an
of the broad U.S. equity market, as indexing strategy that involves investing
defined by Russell. in a representative sample of securities
The Underlying Index uses a capping that collectively has an investment
methodology to constrain at quarterly profile similar to that of an applicable
rebalance: (i) the weights of any single underlying index. The securities
issuer (as determined by Russell) to a selected are expected to have, in the
maximum of 22.5%, and (ii) the aggregate, investment characteristics
aggregate weight of all issuers that (based on factors such as market
individually exceed 4.5% of the index capitalization and industry weightings),
weight to a maximum of 45%. The fundamental characteristics (such as
weight of one or more securities in the
S-2Table of Contents
return variability and yield) and liquidity (i.e., hold 25% or more of its total
measures similar to those of an assets) in a particular industry or group
applicable underlying index. The Fund of industries to approximately the same
may or may not hold all of the securities extent that the Underlying Index is
in the Underlying Index. concentrated. For purposes of this
The Fund generally will invest at least limitation, securities of the U.S.
80% of its assets in the component government (including its agencies and
securities of its Underlying Index and in instrumentalities) and repurchase
investments that have economic agreements collateralized by U.S.
characteristics that are substantially government securities are not
identical to the component securities of considered to be issued by members of
its Underlying Index (i.e., depositary any industry.
receipts representing securities of the Summary of Principal Risks
Underlying Index) and may invest up to
20% of its assets in certain futures, As with any investment, you could lose
options and swap contracts, cash and all or part of your investment in the
cash equivalents, including shares of Fund, and the Fund’s performance could
money market funds advised by BFA or trail that of other investments. The Fund
its affiliates, as well as in securities not is subject to certain risks, including the
included in the Underlying Index, but principal risks noted below, any of
which BFA believes will help the Fund which may adversely affect the Fund’s
track the Underlying Index. Cash and net asset value per share (“NAV”),
cash equivalent investments associated trading price, yield, total return and
with a derivative position will be treated ability to meet its investment objective.
as part of that position for the purposes The order of the below risk factors does
of calculating investments not included not indicate the significance of any
in the Underlying Index. The Fund seeks particular risk factor.
to track the investment results of the Asset Class Risk. Securities and other
Underlying Index before fees and assets in the Underlying Index or in the
expenses of the Fund. Fund’s portfolio may underperform in
The Fund may lend securities comparison to the general financial
representing up to one-third of the value markets, a particular financial market or
of the Fund’s total assets (including the other asset classes.
value of any collateral received). Authorized Participant Concentration
The Underlying Index is sponsored by Risk. Only an Authorized Participant (as
Russell, which is part of the London defined in the Creations and
Stock Exchange Group and is Redemptions section of this prospectus
independent of the Fund and BFA. The (the “Prospectus”)) may engage in
Index Provider determines the creation or redemption transactions
composition and relative weightings of directly with the Fund, and none 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
a limited number of institutions that
Industry Concentration Policy. The may act as Authorized Participants on
Fund will concentrate its investments an agency basis (i.e., on behalf of other
S-3Table of Contents
market participants). To the extent that Equity Securities Risk. Equity
Authorized Participants exit the securities are subject to changes in
business or are unable to proceed with value, and their values may be more
creation or redemption orders with volatile than those of other asset
respect to the Fund and no other classes. The Underlying Index is
Authorized Participant is able to step composed of common stocks, which
forward to create or redeem, Fund generally subject their holders to more
shares may be more likely to trade at a risks than preferred stocks and debt
premium or discount to NAV and securities because common
possibly face trading halts or delisting. stockholders’ claims are subordinated
Concentration Risk. The Fund may be to those of holders of preferred stocks
susceptible to an increased risk of loss, and debt securities upon the bankruptcy
including losses due to adverse events of the issuer.
that affect the Fund’s investments more Index-Related Risk. There is no
than the market as a whole, to the guarantee that the Fund’s investment
extent that the Fund’s investments are results will have a high degree of
concentrated in the securities and/or correlation to those of the Underlying
other assets of a particular issuer or Index or that the Fund will achieve its
issuers, country, group of countries, investment objective. Market
region, market, industry, group of disruptions and regulatory restrictions
industries, sector, market segment or could have an adverse effect on the
asset class. Fund’s ability to adjust its exposure to
Cybersecurity Risk. Failures or the required levels in order to track the
breaches of the electronic systems of Underlying Index. Errors in index data,
the Fund, the Fund’s adviser, distributor, index computations or the construction
the Index Provider and other service of the Underlying Index in accordance
providers, market makers, Authorized with its methodology may occur from
Participants or the issuers of securities time to time and may not be identified
in which the Fund invests have the and corrected by the Index Provider for
ability to cause disruptions, negatively a period of time or at all, which may
impact the Fund’s business operations have an adverse impact on the Fund and
and/or potentially result in financial its shareholders. Unusual market
losses to the Fund and its shareholders. conditions may cause the Index
While the Fund has established business Provider to postpone a scheduled
continuity plans and risk management rebalance, which could cause the
systems seeking to address system Underlying Index to vary from its normal
breaches or failures, there are inherent or expected composition.
limitations in such plans and systems. Infectious Illness Risk. An outbreak of
Furthermore, the Fund cannot control an infectious respiratory illness, COVID-
the cybersecurity plans and systems of 19, caused by a novel coronavirus has
the Fund’s Index Provider and other resulted in travel restrictions, disruption
service providers, market makers, of healthcare systems, prolonged
Authorized Participants or issuers of quarantines, cancellations, supply chain
securities in which the Fund invests. disruptions, lower consumer demand,
layoffs, ratings downgrades, defaults
and other significant economic impacts.
S-4Table of Contents
Certain markets have experienced compared with smaller capitalization
temporary closures, extreme volatility, companies. During different market
severe losses, reduced liquidity and cycles, the performance of large-
increased trading costs. These events capitalization companies has trailed the
will have an impact on the Fund and its overall performance of the broader
investments and could impact the securities markets.
Fund’s ability to purchase or sell Management Risk. As the Fund will not
securities or cause elevated tracking fully replicate the Underlying Index, it is
error and increased premiums or subject to the risk that BFA’s
discounts to the Fund’s NAV. Other investment strategy may not produce
infectious illness outbreaks in the future the intended results.
may result in similar impacts.
Market Risk. The Fund could lose
Information Technology Sector Risk. money over short periods due to short-
Information technology companies face term market movements and over
intense competition and potentially longer periods during more prolonged
rapid product obsolescence. They are market downturns. Local, regional or
also heavily dependent on intellectual global events such as war, acts of
property rights and may be adversely terrorism, the spread of infectious
affected by the loss or impairment of illness or other public health issues,
those rights. Companies in the recessions, or other events could have a
information technology sector are significant impact on the Fund and its
facing increased government and investments and could result in
regulatory scrutiny and may be subject increased premiums or discounts to the
to adverse government or regulatory Fund’s NAV.
action. Companies in the software
industry may be adversely affected by, Market Trading Risk. The Fund faces
among other things, the decline or numerous market trading risks,
fluctuation of subscription renewal rates including the potential lack of an active
for their products and services and market for Fund shares, losses from
actual or perceived vulnerabilities in trading in secondary markets, periods of
their products or services. high volatility and disruptions in the
creation/redemption process. ANY OF
Issuer Risk. The performance of the THESE FACTORS, AMONG OTHERS,
Fund depends on the performance of MAY LEAD TO THE FUND’S SHARES
individual securities to which the Fund TRADING AT A PREMIUM OR DISCOUNT
has exposure. Changes in the financial TO NAV.
condition or credit rating of an issuer of
those securities may cause the value of Non-Diversification Risk. The Fund
the securities to decline. may invest a large percentage of its
assets in securities issued by or
Large-Capitalization Companies Risk. representing a small number of issuers.
Large-capitalization companies may be As a result, the Fund’s performance may
less able than smaller capitalization depend on the performance of a small
companies to adapt to changing market number of issuers.
conditions. Large-capitalization
companies may be more mature and Operational Risk. The Fund is exposed
subject to more limited growth potential to operational risks arising from a
number of factors, including, but not
S-5Table of Contents
limited to, human error, processing and adversely affected by the loss or
communication errors, errors of the impairment of those rights. Companies
Fund’s service providers, counterparties in the technology sector are facing
or other third parties, failed or increased government and regulatory
inadequate processes and technology scrutiny and may be subject to adverse
or systems failures. The Fund and BFA government or regulatory action.
seek to reduce these operational risks Telecommunications Sector Risk.
through controls and procedures. Companies in the telecommunications
However, these measures do not sector may be affected by industry
address every possible risk and may be competition, substantial capital
inadequate to address significant requirements, government regulation
operational risks. and obsolescence of
Passive Investment Risk. The Fund is telecommunications products and
not actively managed, and BFA generally services due to technological
does not attempt to take defensive advancement.
positions under any market conditions, Tracking Error Risk. The Fund may be
including declining markets. subject to tracking error, which is the
Risk of Investing in the U.S. Certain divergence of the Fund’s performance
changes in the U.S. economy, such as from that of the Underlying Index.
when the U.S. economy weakens or Tracking error may occur because of
when its financial markets decline, may differences between the securities and
have an adverse effect on the securities other instruments held in the Fund’s
to which the Fund has exposure. portfolio and those included in the
Securities Lending Risk. The Fund may Underlying Index, pricing differences,
engage in securities lending. Securities transaction costs incurred by the Fund,
lending involves the risk that the Fund the Fund’s holding of uninvested cash,
may lose money because the borrower differences in timing of the accrual of or
of the loaned securities fails to return the valuation of dividends or interest,
the securities in a timely manner or at the requirements to maintain pass-
all. The Fund could also lose money in through tax treatment, portfolio
the event of a decline in the value of transactions carried out to minimize the
collateral provided for loaned securities distribution of capital gains to
or a decline in the value of any shareholders, acceptance of custom
investments made with cash collateral. baskets, changes to the Underlying
These events could also trigger adverse Index or the costs to the Fund of
tax consequences for the Fund. complying with various new or existing
regulatory requirements. This risk may
Technology Sector Risk. Technology be heightened during times of increased
companies, may have limited product market volatility or other unusual
lines, markets, financial resources or market conditions. Tracking error also
personnel. Technology companies may result because the Fund incurs fees
typically face intense competition and and expenses, while the Underlying
potentially rapid product obsolescence. Index does not.
They are also heavily dependent on
intellectual property rights and may be
S-6Table of Contents
Performance 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.
Year by Year Returns1 (Years Ended December 31)
60%
46.92% 47.52%
45% 36.58%
30% 26.48%
19.49%
11.78% 13.69%
15%
3.66%
0%
-0.13% -0.96%
-15%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
1
The Fund’s year-to-date return as of June 30, 2021 was 16.93%.
The best calendar quarter return during the periods shown above was 32.14% in the
2nd quarter of 2020; the worst was -17.46% in the 4th quarter of 2018.
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-7Table of Contents
Average Annual Total Returns
(for the periods ended December 31, 2020)
One Year Five Years Ten Years
(Inception Date: 5/15/2000)
Return Before Taxes 47.52% 27.22% 19.28%
Return After Taxes on Distributions1 47.25% 26.95% 19.02%
Return After Taxes on Distributions and Sale of Fund
Shares1 28.22% 22.54% 16.54%
Dow Jones U.S. Technology Capped Index2,3 (Index
returns do not reflect deductions for fees, expenses, or
taxes) 48.14% 27.79% 19.76%
Russell 1000 Technology RIC 22.5/45 Capped Index3
(Index returns do not reflect deductions for fees,
expenses, or taxes) N/A N/A N/A
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.
2
Index returns through June 23, 2019, reflect the performance of the Dow Jones U.S.
Technology Index. Index returns beginning on June 24, 2019 reflect the performance of the
Dow Jones U.S. Technology Capped Index.
3
Effective September 20, 2021, the Fund’s Underlying Index is the Russell 1000 Technology
RIC 22.5/45 Capped Index. Prior to September 20, 2021, the Fund’s Underlying Index is
the Dow Jones U.S. Technology Capped Index. The inception date of the Russell 1000
Technology RIC 22.5/45 Capped Index was July 9, 2021.
S-8Table of Contents
Management Tax Information
Investment Adviser. BlackRock Fund The Fund intends to make distributions
Advisors. that may be taxable to you as ordinary
Portfolio Managers. Jennifer Hsui, Alan income or capital gains, unless you are
Mason, Greg Savage and Amy Whitelaw investing through a tax-deferred
(the “Portfolio Managers”) are primarily arrangement such as a 401(k) plan or
responsible for the day-to-day an IRA, in which case, your distributions
management of the Fund. Each Portfolio generally will be taxed when withdrawn.
Manager supervises a portfolio Payments to Broker-Dealers
management team. Ms. Hsui, Mr.
Mason, Mr. Savage and Ms. Whitelaw
and Other Financial
have been Portfolio Managers of the Intermediaries
Fund since 2012, 2016, 2008 and If you purchase shares of the Fund
2018, respectively. through a broker-dealer or other
financial intermediary (such as a bank),
Purchase and Sale of Fund BFA or other related companies may
Shares pay the intermediary for marketing
The Fund is an exchange-traded fund activities and presentations, educational
(commonly referred to as an “ETF”). training programs, conferences, the
Individual shares of the Fund may only development of technology platforms
be bought and sold in the secondary and reporting systems or other services
market through a broker-dealer. related to the sale or promotion of the
Because ETF shares trade at market Fund. These payments may create a
prices rather than at NAV, shares may conflict of interest by influencing the
trade at a price greater than NAV (a broker-dealer or other intermediary and
premium) or less than NAV (a discount). your salesperson to recommend the
An investor may incur costs attributable Fund over another investment. Ask your
to the difference between the highest salesperson or visit your financial
price a buyer is willing to pay to intermediary’s website for more
purchase shares of the Fund (bid) and information.
the lowest price a seller is willing to
accept for shares of the Fund (ask)
when buying or selling shares in the
secondary market (the “bid-ask
spread”).
S-9Table of Contents
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More Information About the Fund
This Prospectus contains important information about investing in the Fund. Please
read this Prospectus carefully before you make any investment decisions. Additional
information regarding the Fund is available at www.iShares.com.
Effective September 20, 2021, the Fund’s Underlying Index is the Russell 1000
Technology RIC 22.5/45 Capped Index. Prior to September 20, 2021, the Fund’s
Underlying Index is the Dow Jones U.S. Technology Capped Index.
BFA is the investment adviser to the Fund. Shares of the Fund are listed for trading on
NYSE Arca, Inc. (“NYSE Arca”). The market price for a share of the Fund may be
different from the Fund’s most recent NAV.
ETFs are funds that trade like other publicly-traded securities. The Fund is designed to
track an index. Similar to shares of an index mutual fund, each share of the Fund
represents an ownership interest in an underlying portfolio of securities and other
instruments intended to track a market index. Unlike shares of a mutual fund, which
can be bought and redeemed from the issuing fund by all shareholders at a price based
on NAV, shares of the Fund may be purchased or redeemed directly from the Fund at
NAV solely by Authorized Participants and only in aggregations of a specified number of
shares (“Creation Units”). Also unlike shares of a mutual fund, shares of the Fund are
listed on a national securities exchange and trade in the secondary market at market
prices that change throughout the day.
The Fund invests in a particular segment of the securities markets and seeks to track
the performance of a securities index that is not representative of the market as a
whole. The Fund is designed to be used as part of broader asset allocation strategies.
Accordingly, an investment in the Fund should not constitute a complete investment
program.
An index is a financial calculation, based on a grouping of financial instruments, and is
not an investment product, while the Fund is an actual investment portfolio. The
performance of the Fund and the Underlying Index may vary for a number of reasons,
including transaction costs, non-U.S. currency valuations, asset valuations, corporate
actions (such as mergers and spin-offs), timing variances and differences between the
Fund’s portfolio and the Underlying Index resulting from the Fund’s use of
representative sampling or from legal restrictions (such as diversification
requirements) that apply to the Fund but not to the Underlying Index. From time to
time, the Index Provider may make changes to the methodology or other adjustments
to the Underlying Index. Unless otherwise determined by BFA, any such change or
adjustment will be reflected in the calculation of the Underlying Index performance on
a going-forward basis after the effective date of such change or adjustment. Therefore,
the Underlying Index performance shown for periods prior to the effective date of any
such change or adjustment will generally not be recalculated or restated to reflect
such change or adjustment.
“Tracking error” is the divergence of the Fund’s performance from that of the
Underlying Index. Because the Fund uses a representative sampling indexing strategy,
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