2021 SUMMARY PROSPECTUS - BLACKROCK
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JULY 30, 2021
2021 Summary Prospectus
• iShares Russell 1000 Value ETF | IWD | NYSE ARCA
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 reports, 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 30, 2021, 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.
The Securities and Exchange Commission 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® RUSSELL 1000 VALUE ETF
Ticker: IWD Stock Exchange: NYSE Arca
Investment Objective
The iShares Russell 1000 Value ETF (the “Fund”) seeks to track the investment results
of an index composed of large- and mid-capitalization U.S. equities that exhibit value
characteristics.
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
0.19% None 0.00% 0.19%
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
$19 $61 $107 $243
S-1Portfolio Turnover. The Fund may pay investment objective. Unlike many
transaction costs, such as commissions, investment companies, the Fund does
when it buys and sells securities (or not try to “beat” the index it tracks and
“turns over” its portfolio). A higher does not seek temporary defensive
portfolio turnover rate may indicate positions when markets decline or
appear overvalued.
higher transaction costs and may result
in higher taxes when Fund shares are Indexing may eliminate the chance that
held in a taxable account. These costs, the Fund will substantially outperform
which are not reflected in the Annual the Underlying Index but also may
reduce some of the risks of active
Fund Operating Expenses or in the
management, such as poor security
Example, affect the Fund’s selection. Indexing seeks to achieve
performance. During the most recent lower costs and better after-tax
fiscal year, the Fund’s portfolio turnover performance by aiming to keep portfolio
rate was 18% of the average value of its turnover low in comparison to actively
portfolio. managed investment companies.
BFA uses a representative sampling
Principal Investment indexing strategy to manage the Fund.
Strategies “Representative sampling” is an
The Fund seeks to track the investment indexing strategy that involves investing
results of the Russell 1000® Value Index in a representative sample of securities
(the “Underlying Index”), which that collectively has an investment
measures the performance of large- and profile similar to that of an applicable
mid-capitalization value sectors of the underlying index. The securities
U.S. equity market, as defined by FTSE selected are expected to have, in the
Russell (the “Index Provider” or aggregate, investment characteristics
“Russell”). The Underlying Index is a (based on factors such as market
subset of the Russell 1000® Index, capitalization and industry weightings),
which measures the performance of the fundamental characteristics (such as
large- and mid-capitalization sector of return variability and yield) and liquidity
the U.S. equity market, as defined by measures similar to those of an
Russell. As of March 31, 2021, the applicable underlying index. The Fund
Underlying Index represented may or may not hold all of the securities
approximately 51% of the total market in the Underlying Index.
value of the Russell 1000 Index. The The Fund generally will invest at least
Underlying Index measures the 80% of its assets in the component
performance of equity securities of securities of its Underlying Index and in
Russell 1000 Index issuers with lower investments that have economic
price-to-book ratios and lower characteristics that are substantially
forecasted growth relative to all issuers identical to the component securities of
whose securities are included in the its Underlying Index (i.e., depositary
Russell 1000 Index. As of March 31, receipts representing securities of the
2021, a significant portion of the Underlying Index) and may invest up to
Underlying Index is represented by 20% of its assets in certain futures,
securities of companies in the financials options and swap contracts, cash and
and industrials industries or sectors. cash equivalents, including shares of
The components of the Underlying Index money market funds advised by BFA or
are likely to change over time. its affiliates, as well as in securities not
BFA uses a “passive” or indexing included in the Underlying Index, but
approach to try to achieve the Fund’s which BFA believes will help the Fund
S-2track the Underlying Index. Cash and not indicate the significance of any
cash equivalent investments associated particular risk factor.
with a derivative position will be treated Asset Class Risk. Securities and other
as part of that position for the purposes assets in the Underlying Index or in the
of calculating investments not included Fund’s portfolio may underperform in
in the Underlying Index. The Fund seeks comparison to the general financial
to track the investment results of the markets, a particular financial market or
Underlying Index before fees and other asset classes.
expenses of the Fund.
Authorized Participant Concentration
The Fund may lend securities Risk. Only an Authorized Participant (as
representing up to one-third of the value defined in the Creations and
of the Fund’s total assets (including the Redemptions section of this prospectus
value of any collateral received). (the “Prospectus”)) may engage in
The Underlying Index is sponsored by creation or redemption transactions
Russell, which is part of the London directly with the Fund, and none of
Stock Exchange Group and is those Authorized Participants is
independent of the Fund and BFA. The obligated to engage in creation and/or
Index Provider determines the redemption transactions. The Fund has
composition and relative weightings of a limited number of institutions that
the securities in the Underlying Index may act as Authorized Participants on
and publishes information regarding the an agency basis (i.e., on behalf of other
market value of the Underlying Index. market participants). To the extent that
Industry Concentration Policy. The Authorized Participants exit the
Fund will concentrate its investments business or are unable to proceed with
(i.e., hold 25% or more of its total creation or redemption orders with
assets) in a particular industry or group respect to the Fund and no other
of industries to approximately the same Authorized Participant is able to step
extent that the Underlying Index is forward to create or redeem, Fund
concentrated. For purposes of this shares may be more likely to trade at a
limitation, securities of the U.S. premium or discount to NAV and
government (including its agencies and possibly face trading halts or delisting.
instrumentalities) and repurchase Calculation Methodology Risk. The
agreements collateralized by U.S. Underlying Index relies on various
government securities are not sources of information to assess the
considered to be issued by members of criteria of issuers included in the
any industry. Underlying Index, including information
that may be based on assumptions and
Summary of Principal Risks estimates. Neither the Fund nor BFA can
As with any investment, you could lose offer assurances that the Underlying
all or part of your investment in the Index’s calculation methodology or
Fund, and the Fund’s performance could sources of information will provide an
trail that of other investments. The Fund accurate assessment of included
is subject to certain risks, including the issuers.
principal risks noted below, any of Concentration Risk. The Fund may be
which may adversely affect the Fund’s susceptible to an increased risk of loss,
net asset value per share (“NAV”), including losses due to adverse events
trading price, yield, total return and that affect the Fund’s investments more
ability to meet its investment objective. than the market as a whole, to the
The order of the below risk factors does extent that the Fund’s investments are
concentrated in the securities and/or
S-3other assets of a particular issuer or activities or banking is limited by
issuers, country, group of countries, applicable law. The impact of changes in
region, market, industry, group of capital requirements and recent or
industries, sector, market segment or future regulation of any individual
asset class. financial company, or of the financials
Cybersecurity Risk. Failures or sector as a whole, cannot be predicted.
breaches of the electronic systems of In recent years, cyberattacks and
the Fund, the Fund’s adviser, distributor, technology malfunctions and failures
the Index Provider and other service have become increasingly frequent in
providers, market makers, Authorized this sector and have caused significant
Participants or the issuers of securities losses to companies in this sector,
in which the Fund invests have the which may negatively impact the Fund.
ability to cause disruptions, negatively Index-Related Risk. There is no
impact the Fund’s business operations guarantee that the Fund’s investment
and/or potentially result in financial results will have a high degree of
losses to the Fund and its shareholders. correlation to those of the Underlying
While the Fund has established business Index or that the Fund will achieve its
continuity plans and risk management investment objective. Market
systems seeking to address system disruptions and regulatory restrictions
breaches or failures, there are inherent could have an adverse effect on the
limitations in such plans and systems. Fund’s ability to adjust its exposure to
Furthermore, the Fund cannot control the required levels in order to track the
the cybersecurity plans and systems of Underlying Index. Errors in index data,
the Fund’s Index Provider and other index computations or the construction
service providers, market makers, of the Underlying Index in accordance
Authorized Participants or issuers of with its methodology may occur from
securities in which the Fund invests. time to time and may not be identified
Equity Securities Risk. Equity and corrected by the Index Provider for
securities are subject to changes in a period of time or at all, which may
value, and their values may be more have an adverse impact on the Fund and
volatile than those of other asset its shareholders. Unusual market
classes. The Underlying Index is conditions may cause the Index
composed of common stocks, which Provider to postpone a scheduled
generally subject their holders to more rebalance, which could cause the
risks than preferred stocks and debt Underlying Index to vary from its normal
securities because common or expected composition.
stockholders’ claims are subordinated Industrials Sector Risk. Companies in
to those of holders of preferred stocks the industrials sector may be adversely
and debt securities upon the bankruptcy affected by changes in the supply of and
of the issuer. demand for products and services,
Financials Sector Risk. Performance of product obsolescence, claims for
companies in the financials sector may environmental damage or product
be adversely impacted by many factors, liability and changes in general
including, among others, changes in economic conditions, among other
government regulations, economic factors.
conditions, and interest rates, credit Infectious Illness Risk. An outbreak of
rating downgrades, and decreased an infectious respiratory illness, COVID-
liquidity in credit markets. The extent to 19, caused by a novel coronavirus has
which the Fund may invest in a company resulted in travel restrictions, disruption
that engages in securities-related of healthcare systems, prolonged
S-4quarantines, cancellations, supply chain significant impact on the Fund and its
disruptions, lower consumer demand, investments and could result in
layoffs, ratings downgrades, defaults increased premiums or discounts to the
and other significant economic impacts. Fund’s NAV.
Certain markets have experienced Market Trading Risk. The Fund faces
temporary closures, extreme volatility, numerous market trading risks,
severe losses, reduced liquidity and including the potential lack of an active
increased trading costs. These events market for Fund shares, losses from
will have an impact on the Fund and its trading in secondary markets, periods of
investments and could impact the high volatility and disruptions in the
Fund’s ability to purchase or sell creation/redemption process. ANY OF
securities or cause elevated tracking THESE FACTORS, AMONG OTHERS,
error and increased premiums or MAY LEAD TO THE FUND’S SHARES
discounts to the Fund’s NAV. Other TRADING AT A PREMIUM OR DISCOUNT
infectious illness outbreaks in the future TO NAV.
may result in similar impacts.
Mid-Capitalization Companies Risk.
Issuer Risk. The performance of the Compared to large-capitalization
Fund depends on the performance of companies, mid-capitalization
individual securities to which the Fund companies may be less stable and more
has exposure. Changes in the financial susceptible to adverse developments. In
condition or credit rating of an issuer of addition, the securities of mid-
those securities may cause the value of capitalization companies may be more
the securities to decline. volatile and less liquid than those of
Large-Capitalization Companies Risk. large-capitalization companies.
Large-capitalization companies may be Operational Risk. The Fund is exposed
less able than smaller capitalization to operational risks arising from a
companies to adapt to changing market number of factors, including, but not
conditions. Large-capitalization limited to, human error, processing and
companies may be more mature and communication errors, errors of the
subject to more limited growth potential Fund’s service providers, counterparties
compared with smaller capitalization or other third parties, failed or
companies. During different market inadequate processes and technology
cycles, the performance of large- or systems failures. The Fund and BFA
capitalization companies has trailed the seek to reduce these operational risks
overall performance of the broader through controls and procedures.
securities markets. However, these measures do not
Management Risk. As the Fund will not address every possible risk and may be
fully replicate the Underlying Index, it is inadequate to address significant
subject to the risk that BFA’s operational risks.
investment strategy may not produce Passive Investment Risk. The Fund is
the intended results. not actively managed, and BFA generally
Market Risk. The Fund could lose does not attempt to take defensive
money over short periods due to short- positions under any market conditions,
term market movements and over including declining markets.
longer periods during more prolonged Risk of Investing in the U.S. Certain
market downturns. Local, regional or changes in the U.S. economy, such as
global events such as war, acts of when the U.S. economy weakens or
terrorism, the spread of infectious when its financial markets decline, may
illness or other public health issues,
recessions, or other events could have a
S-5have an adverse effect on the securities the requirements to maintain pass-
to which the Fund has exposure. through tax treatment, portfolio
Securities Lending Risk. The Fund may transactions carried out to minimize the
engage in securities lending. Securities distribution of capital gains to
lending involves the risk that the Fund shareholders, acceptance of custom
may lose money because the borrower baskets, changes to the Underlying
of the loaned securities fails to return Index or the costs to the Fund of
the securities in a timely manner or at complying with various new or existing
all. The Fund could also lose money in regulatory requirements. This risk may
the event of a decline in the value of be heightened during times of increased
collateral provided for loaned securities market volatility or other unusual
or a decline in the value of any market conditions. Tracking error also
investments made with cash collateral. may result because the Fund incurs fees
These events could also trigger adverse and expenses, while the Underlying
tax consequences for the Fund. Index does not.
Tracking Error Risk. The Fund may be Value Securities Risk. Securities
subject to tracking error, which is the issued by companies that may be
divergence of the Fund’s performance perceived as undervalued may fail to
from that of the Underlying Index. appreciate for long periods of time and
Tracking error may occur because of may never realize their full potential
differences between the securities and value. Value securities have generally
other instruments held in the Fund’s performed better than non-value
portfolio and those included in the securities during periods of economic
Underlying Index, pricing differences, recovery (although there is no
transaction costs incurred by the Fund, assurance that they will continue to do
the Fund’s holding of uninvested cash, so). Value securities may go in and out
differences in timing of the accrual of or of favor over time.
the valuation of dividends or interest,
S-6Performance 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)
45%
32.18%
30% 26.34%
17.28% 17.09%
13.21% 13.47%
15%
0.21% 2.67%
0%
-3.95%
-15% -8.40%
-30%
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 16.21% in the
4th quarter of 2020; the worst was -26.74% in the 1st quarter of 2020.
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).
Average Annual Total Returns
(for the periods ended December 31, 2020)
One Year Five Years Ten Years
(Inception Date: 5/22/2000)
Return Before Taxes 2.67% 9.56% 10.31%
Return After Taxes on Distributions2 2.06% 8.92% 9.73%
Return After Taxes on Distributions and Sale of Fund
Shares2 1.87% 7.46% 8.40%
Russell 1000® Value Index (Index returns do not reflect
deductions for fees, expenses, or taxes) 2.80% 9.74% 10.50%
2
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-7Management 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”).
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For more information visit www.iShares.com or call 1-800-474-2737
IS-SP-IWD-0721
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