2021 Summary Prospectus - iShares
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JULY 30, 2021
2021 Summary Prospectus
• iShares Core S&P Total U.S. Stock Market ETF | ITOT | 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® CORE S&P TOTAL U.S. STOCK
MARKET ETF
Ticker: ITOT Stock Exchange: NYSE Arca
Investment Objective
The iShares Core S&P Total U.S. Stock Market ETF (the “Fund”) seeks to track the
investment results of a broad-based index composed of U.S. 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
0.03% None 0.00% 0.03%
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
$3 $10 $17 $39
S-1Portfolio Turnover. The Fund may pay March 31, 2021, the S&P 500 and the
transaction costs, such as commissions, S&P Completion Index included
when it buys and sells securities (or approximately 82% and 18%,
“turns over” its portfolio). A higher respectively, of the market
portfolio turnover rate may indicate capitalization of the Underlying Index.
higher transaction costs and may result The Underlying Index includes large-,
in higher taxes when Fund shares are mid-, small- and micro-capitalization
held in a taxable account. These costs, companies and may change over time.
which are not reflected in the Annual As of March 31, 2021, a significant
Fund Operating Expenses or in the portion of the Underlying Index is
Example, affect the Fund’s represented by securities of companies
performance. During the most recent in the technology industry or sector. The
fiscal year, the Fund’s portfolio turnover components of the Underlying Index are
rate was 5% of the average value of its likely to change over time.
portfolio. BFA uses a “passive” or indexing
Principal Investment approach to try to achieve the Fund’s
investment objective. Unlike many
Strategies investment companies, the Fund does
The Fund seeks to track the investment not try to “beat” the index it tracks and
results of the S&P Total Market Index™ does not seek temporary defensive
(TMI) (the “Underlying Index”), which is positions when markets decline or
comprised of the common equities appear overvalued.
included in the S&P 500® and the S&P
Indexing may eliminate the chance that
Completion Index™. The Underlying
the Fund will substantially outperform
Index consists of all U.S. common
the Underlying Index but also may
equities listed on the New York Stock
reduce some of the risks of active
Exchange (“NYSE”) (including NYSE
management, such as poor security
Arca, Inc. (“NYSE Arca”) and NYSE
selection. Indexing seeks to achieve
American), the NASDAQ Global Select
lower costs and better after-tax
Market, the NASDAQ Select Market, the
performance by aiming to keep portfolio
NASDAQ Capital Market, Cboe BZX,
turnover low in comparison to actively
Cboe BYX, Cboe EDGA and Cboe EDGX,
managed investment companies.
Inc. The securities in the Underlying
Index are weighted based on the float- BFA uses a representative sampling
adjusted market value of their indexing strategy to manage the Fund.
outstanding shares. Securities with “Representative sampling” is an
higher float-adjusted market value have indexing strategy that involves investing
a larger representation in the in a representative sample of securities
Underlying Index. The S&P 500 that collectively has an investment
measures the performance of the large- profile similar to that of an applicable
capitalization sector of the U.S. equity underlying index. The securities
market. The S&P Completion Index selected are expected to have, in the
measures the performance of the U.S. aggregate, investment characteristics
mid-, small- and micro-capitalization (based on factors such as market
sector of the U.S. equity market capitalization and industry weightings),
excluding S&P 500 constituents. As of fundamental characteristics (such as
S-2return 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
Fund, and the Fund’s performance could
cash equivalents, including shares of
trail that of other investments. The Fund
money market funds advised by BFA or is subject to certain risks, including the
its affiliates, as well as in securities not principal risks noted below, any of
included in the Underlying Index, but which may adversely affect the Fund’s
which BFA believes will help the Fund net asset value per share (“NAV”),
track the Underlying Index. Cash and trading price, yield, total return and
cash equivalent investments associated ability to meet its investment objective.
with a derivative position will be treated The order of the below risk factors does
as part of that position for the purposes not indicate the significance of any
of calculating investments not included particular risk factor.
in the Underlying Index. The Fund seeks Asset Class Risk. Securities and other
to track the investment results of the assets in the Underlying Index or in the
Underlying Index before fees and Fund’s portfolio may underperform in
expenses of the Fund. comparison to the general financial
markets, a particular financial market or
The Fund may lend securities other asset classes.
representing up to one-third of the value Authorized Participant Concentration
of the Fund’s total assets (including the Risk. Only an Authorized Participant (as
value of any collateral received). defined in the Creations and
The Underlying Index is a product of Redemptions section of this prospectus
S&P Dow Jones Indices LLC (the “Index (the “Prospectus”)) may engage in
creation or redemption transactions
Provider” or “SPDJI”), which
directly with the Fund, and none of
is independent of the Fund and BFA. The those Authorized Participants is
Index Provider determines the obligated to engage in creation and/or
composition and relative weightings of redemption transactions. The Fund has
the securities in the Underlying Index a limited number of institutions that
and publishes information regarding the may act as Authorized Participants on
market value of the Underlying Index. an agency basis (i.e., on behalf of other
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
S-3creation or redemption orders with stockholders’ claims are subordinated
respect to the Fund and no other to those of holders of preferred stocks
Authorized Participant is able to step and debt securities upon the bankruptcy
forward to create or redeem, Fund of the issuer.
shares may be more likely to trade at a Index-Related Risk. There is no
premium or discount to NAV and guarantee that the Fund’s investment
possibly face trading halts or delisting. results will have a high degree of
Concentration Risk. The Fund may be correlation to those of the Underlying
susceptible to an increased risk of loss, Index or that the Fund will achieve its
including losses due to adverse events investment objective. Market
that affect the Fund’s investments more disruptions and regulatory restrictions
than the market as a whole, to the could have an adverse effect on the
extent that the Fund’s investments are Fund’s ability to adjust its exposure to
concentrated in the securities and/or the required levels in order to track the
other assets of a particular issuer or Underlying Index. Errors in index data,
issuers, country, group of countries, index computations or the construction
region, market, industry, group of of the Underlying Index in accordance
industries, sector, market segment or with its methodology may occur from
asset class. time to time and may not be identified
Cybersecurity Risk. Failures or and corrected by the Index Provider for
breaches of the electronic systems of a period of time or at all, which may
the Fund, the Fund’s adviser, distributor, have an adverse impact on the Fund and
the Index Provider and other service its shareholders. Unusual market
providers, market makers, Authorized conditions may cause the Index
Participants or the issuers of securities Provider to postpone a scheduled
in which the Fund invests have the rebalance, which could cause the
ability to cause disruptions, negatively Underlying Index to vary from its normal
impact the Fund’s business operations or expected composition.
and/or potentially result in financial Infectious Illness Risk. An outbreak of
losses to the Fund and its shareholders. an infectious respiratory illness, COVID-
While the Fund has established business 19, caused by a novel coronavirus has
continuity plans and risk management resulted in travel restrictions, disruption
systems seeking to address system of healthcare systems, prolonged
breaches or failures, there are inherent quarantines, cancellations, supply chain
limitations in such plans and systems. disruptions, lower consumer demand,
Furthermore, the Fund cannot control layoffs, ratings downgrades, defaults
the cybersecurity plans and systems of and other significant economic impacts.
the Fund’s Index Provider and other Certain markets have experienced
service providers, market makers, temporary closures, extreme volatility,
Authorized Participants or issuers of severe losses, reduced liquidity and
securities in which the Fund invests. increased trading costs. These events
Equity Securities Risk. Equity will have an impact on the Fund and its
securities are subject to changes in investments and could impact the
value, and their values may be more Fund’s ability to purchase or sell
volatile than those of other asset securities or cause elevated tracking
classes. The Underlying Index is error and increased premiums or
composed of common stocks, which discounts to the Fund’s NAV. Other
generally subject their holders to more infectious illness outbreaks in the future
risks than preferred stocks and debt may result in similar impacts.
securities because common
S-4Issuer Risk. The performance of the Mid-Capitalization Companies Risk.
Fund depends on the performance of Compared to large-capitalization
individual securities to which the Fund companies, mid-capitalization
has exposure. Changes in the financial companies may be less stable and more
condition or credit rating of an issuer of susceptible to adverse developments. In
those securities may cause the value of addition, the securities of mid-
the securities to decline. capitalization companies may be more
Large-Capitalization Companies Risk. volatile and less liquid than those of
Large-capitalization companies may be large-capitalization companies.
less able than smaller capitalization Operational Risk. The Fund is exposed
companies to adapt to changing market to operational risks arising from a
conditions. Large-capitalization number of factors, including, but not
companies may be more mature and limited to, human error, processing and
subject to more limited growth potential communication errors, errors of the
compared with smaller capitalization Fund’s service providers, counterparties
companies. During different market or other third parties, failed or
cycles, the performance of large- inadequate processes and technology
capitalization companies has trailed the or systems failures. The Fund and BFA
overall performance of the broader seek to reduce these operational risks
securities markets. through controls and procedures.
Management Risk. As the Fund will not However, these measures do not
fully replicate the Underlying Index, it is address every possible risk and may be
subject to the risk that BFA’s inadequate to address significant
investment strategy may not produce operational risks.
the intended results. Passive Investment Risk. The Fund is
Market Risk. The Fund could lose not actively managed, and BFA generally
money over short periods due to short- does not attempt to take defensive
term market movements and over positions under any market conditions,
longer periods during more prolonged including declining markets.
market downturns. Local, regional or Risk of Investing in the U.S. Certain
global events such as war, acts of changes in the U.S. economy, such as
terrorism, the spread of infectious when the U.S. economy weakens or
illness or other public health issues, when its financial markets decline, may
recessions, or other events could have a have an adverse effect on the securities
significant impact on the Fund and its to which the Fund has exposure.
investments and could result in Securities Lending Risk. The Fund may
increased premiums or discounts to the engage in securities lending. Securities
Fund’s NAV. lending involves the risk that the Fund
Market Trading Risk. The Fund faces may lose money because the borrower
numerous market trading risks, of the loaned securities fails to return
including the potential lack of an active the securities in a timely manner or at
market for Fund shares, losses from all. The Fund could also lose money in
trading in secondary markets, periods of the event of a decline in the value of
high volatility and disruptions in the collateral provided for loaned securities
creation/redemption process. ANY OF or a decline in the value of any
THESE FACTORS, AMONG OTHERS, investments made with cash collateral.
MAY LEAD TO THE FUND’S SHARES These events could also trigger adverse
TRADING AT A PREMIUM OR DISCOUNT tax consequences for the Fund.
TO NAV.
S-5Small-Capitalization Companies Risk. divergence of the Fund’s performance
Compared to mid- and large- from that of the Underlying Index.
capitalization companies, small- Tracking error may occur because of
capitalization companies may be less differences between the securities and
stable and more susceptible to adverse other instruments held in the Fund’s
developments. In addition, the portfolio and those included in the
securities of small-capitalization Underlying Index, pricing differences,
companies may be more volatile and transaction costs incurred by the Fund,
less liquid than those of mid- and large- the Fund’s holding of uninvested cash,
capitalization companies. differences in timing of the accrual of or
Technology Sector Risk. Technology the valuation of dividends or interest,
companies, including information the requirements to maintain pass-
technology companies, may have through tax treatment, portfolio
limited product lines, markets, financial transactions carried out to minimize the
resources or personnel. Technology distribution of capital gains to
companies typically face intense shareholders, acceptance of custom
competition and potentially rapid baskets, changes to the Underlying
product obsolescence. They are also Index or the costs to the Fund of
heavily dependent on intellectual complying with various new or existing
property rights and may be adversely regulatory requirements. This risk may
affected by the loss or impairment of be heightened during times of increased
those rights. Companies in the market volatility or other unusual
technology sector are facing increased market conditions. Tracking error also
government and regulatory scrutiny and may result because the Fund incurs fees
may be subject to adverse government and expenses, while the Underlying
or regulatory action. Index does not.
Tracking Error Risk. The Fund may be
subject to tracking error, which is the
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%
32.67% 30.87%
30%
21.23% 20.75%
15.98%
13.01% 12.59%
15%
1.55% 0.96%
0%
-5.27%
-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 15.25%.
The best calendar quarter return during the periods shown above was 22.06% in the
2nd quarter of 2020; the worst was -20.96% 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).
S-7Average Annual Total Returns
(for the periods ended December 31, 2020)
One Year Five Years Ten Years
(Inception Date: 1/20/2004)
Return Before Taxes 20.75% 15.36% 13.80%
Return After Taxes on Distributions1 20.24% 14.82% 13.31%
Return After Taxes on Distributions and Sale of Fund
Shares1 12.50% 12.23% 11.46%
S&P Total Market Index (TMI) (Index returns do not
reflect deductions for fees, expenses, or taxes)2 20.79% 15.37% 13.87%
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
in cases where the shares have decreased in value during the period. 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 December 20, 2015 reflect the performance of the S&P Composite
1500®. Index returns beginning on December 21, 2015 reflect the performance of the S&P
Total Market Index (TMI), which, effective as of December 21, 2015, replaced the S&P
Composite 1500 as the underlying index of the Fund.
S-8Management 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-9[THIS PAGE INTENTIONALLY LEFT BLANK]
For more information visit www.iShares.com or call 1-800-474-2737
IS-SP-ITOT-0721
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