2021 Summary Prospectus - iShares

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MARCH 1, 2021

    2021 Summary Prospectus
• iShares iBonds Dec 2021 Term Corporate ETF* | IBDM | 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 March 1, 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 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.
*The iShares iBonds Dec 2021 Term Corporate ETF may also conduct business as the
iBonds Dec 2021 Term Corporate ETF.
iSHARES® iBONDS® DEC 2021
                    TERM CORPORATE ETF
                 Ticker: IBDM                         Stock Exchange: NYSE Arca

Investment Objective
The iShares iBonds Dec 2021 Term Corporate ETF (the “Fund”) seeks to track the
investment results of an index composed of U.S. dollar-denominated, investment-grade
corporate bonds maturing in 2021.

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. The Fund may incur “Acquired Fund Fees
and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of
the fees and expenses incurred by investing in other investment companies. The
impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund.
Acquired Fund Fees and Expenses are not included in the calculation of the ratio of
expenses to average net assets shown in the Financial Highlights section of the Fund’s
prospectus (the “Prospectus”).
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
                                                                                                      Fund
                 Distribution                    Acquired Fund     Total Annual                    Operating
                     and                             Fees              Fund                         Expenses
Management      Service (12b-1)      Other            and           Operating                         After
   Fees              Fees          Expenses1      Expenses1,2       Expenses      Fee Waiver1,2    Fee Waiver

  0.10%             None             0.00%           0.00%            0.10%         (0.00)%         0.10%

 1
     The amount rounded to 0.00%.
 2
     BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its
     management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,
     attributable to investments by the Fund in other funds advised by BFA or its affiliates through
     the termination date of the Fund, on or about December 15, 2021. The contractual waiver may
     be terminated prior to the Fund’s termination only upon the written agreement of the Trust
     and BFA.

                                                      S-1
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. Fund expenses (and any applicable waivers) are
calculated only through December 15, 2021 because the Fund is scheduled to cease
operations and liquidate by that date. 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:

                                             Maturity

                                               $8

Portfolio Turnover. The Fund may pay                 remaining net assets to shareholders
transaction costs, such as commissions,              pursuant to a plan of liquidation. The
when it buys and sells securities (or                Fund does not seek to return any
“turns over” its portfolio). A higher                predetermined amount at maturity or in
portfolio turnover rate may indicate                 periodic distributions. The Underlying
higher transaction costs and may result              Index is composed of U.S. dollar-
in higher taxes when Fund shares are                 denominated, taxable, investment-grade
held in a taxable account. These costs,              (as determined by Bloomberg Index
which are not reflected in the Annual                Services Limited (the “Index Provider”
Fund Operating Expenses or in the                    or “Bloomberg”)) corporate bonds
Example, affect the Fund’s                           scheduled to mature after December
performance. During the most recent                  31, 2020 and before December 16,
fiscal year, the Fund’s portfolio turnover           2021. As of October 31, 2020, a
rate was 11% of the average value of its             significant portion of the Underlying
portfolio.                                           Index is represented by securities of
                                                     companies in the financials industry or
Principal Investment                                 sector. The components of the
Strategies                                           Underlying Index are likely to change
The Fund seeks to meet its investment                over time.
objective generally by investing in                  The Underlying Index includes U.S.
component securities of the Bloomberg                dollar-denominated, investment-grade
Barclays December 2021 Maturity                      securities publicly issued by U.S. and
Corporate Index (the “Underlying                     non-U.S. corporate issuers that have
Index”). The Fund may also invest in                 $300 million or more of outstanding
other exchange-traded funds (“ETFs”),                face value at the time of inclusion. The
U.S. government securities, short-term               non-U.S. corporate issuers included in
paper, cash and cash equivalents,                    the Underlying Index consist primarily of
including shares of money market funds               corporate bonds issued by companies
advised by BFA or its affiliates.                    domiciled in developed countries. The
The Fund is a term fund that will                    Fund will invest in non-U.S. issuers to
terminate on or about December 15,                   the extent necessary for it to track the
2021, at which time it will distribute its           Underlying Index. Each bond must be

                                               S-2
registered with the SEC, have been                the Underlying Index. The securities in
exempt from registration at issuance, or          the Underlying Index are updated on the
have been offered pursuant to Rule                last calendar day of each month until six
144A under the Securities Act of 1933,            months prior to maturity. The last
as amended (the “1933 Act”), with                 rebalance date will be on June 30, 2021.
registration rights. Further, the                 During this final six month period, the
securities in the Underlying Index must           Underlying Index will no longer be
be denominated in U.S. dollars and have           updated or rebalanced, except to
a fixed-rate, although they can carry a           remove securities which are
coupon that steps-up or changes                   downgraded to below investment-grade
according to a predetermined schedule.            per the eligibility criteria described
In addition, to be included in the                above. Additionally, during this period,
Underlying Index, securities that are             existing bond weights will be allowed to
rated by all three of the rating agencies         float based on changes in market value.
named below must be rated                         When a bond that is included in the
“investment-grade” by at least two of             Underlying Index matures, its maturity
the agencies, which is defined as Baa3            value will be represented in the
or higher by Moody’s Investors Service,           Underlying Index by cash throughout
Inc. or BBB- or higher by S&P Global              the remaining life of the Underlying
Ratings or Fitch Ratings, Inc. When               Index. As the Fund approaches its
ratings from only two of the three rating         termination date, its holdings of money
agencies are available, the lower rating          market or similar funds may increase,
is used to determine eligibility.                 causing the Fund to incur the fees and
Securities with a rating from only one of         expenses of these funds. By December
the three ratings agencies must be                15, 2021, the Underlying Index value
rated investment-grade in order to be             will be represented almost entirely by
included in the Underlying Index.                 cash as no securities will remain in the
The Underlying Index is constructed               Underlying Index.
with the following methodology. A                 The Fund is a series of the iShares
parent index, the Bloomberg Barclays              iBonds® fixed maturity series of bond
U.S. Corporate Index, representing U.S.           ETFs sponsored by BlackRock, Inc.
dollar-denominated, taxable,                      (“BlackRock”). The iBonds® fixed
investment-grade corporate bonds, is              maturity series do not invest in U.S.
stripped of securities maturing outside           savings bonds or other U.S. government
of the maturity range defined above.              bonds (except to the extent the funds
During the final two years of the                 hold cash equivalent instruments
Underlying Index, bonds that had been             consistent with their investment
screened out of the parent index due to           objectives) and are not designed to
being within one year of maturity will be         provide protection against inflation.
added back into the Underlying Index
until such bonds reach maturity.                  BFA uses a “passive” or indexing
Securities are then market-cap                    approach to try to achieve the Fund’s
weighted within the Underlying Index,             investment objective. Unlike many
with a 3% cap on any one issuer, and a            investment companies, the Fund does
pro rata distribution of any excess               not try to “beat” the index it tracks and
weight across the remaining issuers in            does not seek temporary defensive

                                            S-3
positions when markets decline or                 From time to time when conditions
appear overvalued.                                warrant, however, the Fund may invest
Indexing may eliminate the chance that            at least 80% of its assets in the
the Fund will substantially outperform            component securities of the Underlying
the Underlying Index but also may                 Index and may invest up to 20% of its
reduce some of the risks of active                assets in certain futures, options and
management, such as poor security                 swap contracts, cash and cash
selection. Indexing seeks to achieve              equivalents, including shares of
lower costs and better after-tax                  BlackRock Cash Funds, as well as in
performance by aiming to keep portfolio           securities not included in the Underlying
turnover low in comparison to actively            Index, but which BFA believes will help
managed investment companies.                     the Fund track the Underlying Index.
                                                  The Fund seeks to track the investment
BFA uses a representative sampling
                                                  results of the Underlying Index before
indexing strategy to manage the Fund.
                                                  fees and expenses of the Fund. In the
“Representative sampling” is an
                                                  last months of operation, as the bonds
indexing strategy that involves investing
                                                  held by the Fund mature, the proceeds
in a representative sample of securities
                                                  will not be reinvested by the Fund in
that collectively has an investment
                                                  bonds but instead will be held in cash
profile similar to that of an applicable
                                                  and cash equivalents. By December 15,
underlying index. The securities
                                                  2021, the Underlying Index is expected
selected are expected to have, in the
                                                  to consist almost entirely of cash
aggregate, investment characteristics
                                                  earned in this manner. On or around this
(based on factors such as market value
                                                  date, the Fund will wind up and
and industry weightings), fundamental
                                                  terminate, and its net assets will be
characteristics (such as return
                                                  distributed to then-current shareholders
variability, duration, maturity, credit
                                                  pursuant to a plan of liquidation.
ratings and yield) and liquidity measures
similar to those of an applicable                 The Fund may lend securities
underlying index. The Fund may or may             representing up to one-third of the value
not hold all of the securities in the             of the Fund’s total assets (including the
Underlying Index.                                 value of any collateral received).
The Fund generally will invest at least           The Underlying Index is sponsored by
90% of its assets in the component                Bloomberg, which is independent of the
securities of the Underlying Index,               Fund and BFA. The Index Provider
except during the last months of the              determines the composition and relative
Fund’s operations, as described below,            weightings of the securities in the
and may invest up to 10% of its assets            Underlying Index and publishes
in certain futures, options and swap              information regarding the market value
contracts, cash and cash equivalents,             of the Underlying Index.
including shares of money market funds            Industry Concentration Policy. The
advised by BFA or its affiliates                  Fund will concentrate its investments
(“BlackRock Cash Funds”), as well as in           (i.e., hold 25% or more of its total
securities not included in the Underlying         assets) in a particular industry or group
Index, but which BFA believes will help           of industries to approximately the same
the Fund track the Underlying Index.              extent that the Underlying Index is

                                            S-4
concentrated. For purposes of this                 creation or redemption orders with
limitation, securities of the U.S.                 respect to the Fund and no other
government (including its agencies and             Authorized Participant is able to step
instrumentalities), repurchase                     forward to create or redeem, Fund
agreements collateralized by U.S.                  shares may be more likely to trade at a
government securities, and securities of           premium or discount to NAV and
state or municipal governments and                 possibly face trading halts or delisting.
their political subdivisions are not               Authorized Participant concentration
considered to be issued by members of              risk may be heightened for ETFs, such
any industry.                                      as the Fund, that invest in securities
                                                   issued by non-U.S. issuers or other
Summary of Principal Risks                         securities or instruments that have
As with any investment, you could lose             lower trading volumes.
all or part of your investment in the              Call Risk. During periods of falling
Fund, and the Fund’s performance could             interest rates, an issuer of a callable
trail that of other investments. The Fund          bond held by the Fund may “call” or
is subject to certain risks, including the         repay the security before its stated
principal risks noted below, any of                maturity, and the Fund may have to
which may adversely affect the Fund’s              reinvest the proceeds in securities with
net asset value per share (“NAV”),                 lower yields, which would result in a
trading price, yield, total return and             decline in the Fund’s income, or in
ability to meet its investment objective.          securities with greater risks or with
The order of the below risk factors does           other less favorable features.
not indicate the significance of any
particular risk factor.                            Cash Management Risk. If a significant
                                                   amount of the Fund’s assets are
Asset Class Risk. Securities and other             invested in cash and cash equivalents,
assets in the Underlying Index or in the           the Fund may underperform other funds
Fund’s portfolio may underperform in               that do not similarly invest in cash and
comparison to the general financial                cash equivalents for investment
markets, a particular financial market or          purposes and/or to collateralize
other asset classes.                               derivative instruments.
Authorized Participant Concentration               Concentration Risk. The Fund may be
Risk. Only an Authorized Participant (as           susceptible to an increased risk of loss,
defined in the Creations and                       including losses due to adverse events
Redemptions section of this Prospectus)            that affect the Fund’s investments more
may engage in creation or redemption               than the market as a whole, to the
transactions directly with the Fund, and           extent that the Fund’s investments are
none of those Authorized Participants is           concentrated in the securities and/or
obligated to engage in creation and/or             other assets of a particular issuer or
redemption transactions. The Fund has              issuers, country, group of countries,
a limited number of institutions that              region, market, industry, group of
may act as Authorized Participants on              industries, sector, market segment or
an agency basis (i.e., on behalf of other          asset class.
market participants). To the extent that
Authorized Participants exit the                   Credit Risk. Debt issuers and other
business or are unable to proceed with             counterparties may be unable or

                                             S-5
unwilling to make timely interest and/or           including, among others, changes in
principal payments when due or                     government regulations, economic
otherwise honor their obligations.                 conditions, and interest rates, credit
Changes in an issuer’s credit rating or            rating downgrades, and decreased
the market’s perception of an issuer’s             liquidity in credit markets. The extent to
creditworthiness may also adversely                which the Fund may invest in a company
affect the value of the Fund’s                     that engages in securities-related
investment in that issuer. The degree of           activities or banking is limited by
credit risk depends on an issuer’s or              applicable law. The impact of changes in
counterparty’s financial condition and             capital requirements and recent or
on the terms of an obligation.                     future regulation of any individual
Cybersecurity Risk. Failures or                    financial company, or of the financials
breaches of the electronic systems of              sector as a whole, cannot be predicted.
the Fund, the Fund’s adviser, distributor,         In recent years, cyberattacks and
the Index Provider and other service               technology malfunctions and failures
providers, market makers, Authorized               have become increasingly frequent in
Participants or the issuers of securities          this sector and have caused significant
in which the Fund invests have the                 losses to companies in this sector,
ability to cause disruptions, negatively           which may negatively impact the Fund.
impact the Fund’s business operations              Fluctuation of Yield and Liquidation
and/or potentially result in financial             Amount Risk. The Fund, unlike a direct
losses to the Fund and its shareholders.           investment in a bond that has a level
While the Fund has established business            coupon payment and a fixed payment at
continuity plans and risk management               maturity, will make distributions of
systems seeking to address system                  income that vary over time. It is
breaches or failures, there are inherent           expected that an investment in the
limitations in such plans and systems.             Fund, if held through maturity, will
Furthermore, the Fund cannot control               produce aggregate returns comparable
the cybersecurity plans and systems of             to a direct investment in a group of
the Fund’s Index Provider and other                bonds of similar credit quality and
service providers, market makers,                  maturity. Unlike a direct investment in
Authorized Participants or issuers of              bonds, the breakdown of returns
securities in which the Fund invests.              between Fund distributions and
Declining Yield Risk. During the twelve            liquidation proceeds are not predictable
months prior to the Fund’s planned                 at the time of your investment. For
termination date, the Fund’s yield will            example, at times during the Fund’s
generally tend to move toward                      existence it may make distributions at a
prevailing money market rates and may              greater (or lesser) rate than the coupon
be lower than the yields of the bonds              payments received on the Fund’s
previously held by the Fund and lower              portfolio, which would result in the Fund
than prevailing yields for bonds in the            returning a lesser (or greater) amount
market.                                            on liquidation than would otherwise be
                                                   the case. The rate of Fund distribution
Financials Sector Risk. Performance of             payments may adversely affect the tax
companies in the financials sector may             characterization of your returns from an
be adversely impacted by many factors,             investment in the Fund relative to a

                                             S-6
direct investment in bonds. If the                   because its portfolio will increasingly
amount you receive as liquidation                    consist of cash and cash equivalents.
proceeds upon the Fund’s termination is              Index-Related Risk. There is no
higher or lower than your cost basis,                guarantee that the Fund’s investment
you may experience a gain or loss for                results will have a high degree of
tax purposes.                                        correlation to those of the Underlying
Illiquid Investments Risk. The Fund                  Index or that the Fund will achieve its
may invest up to an aggregate amount                 investment objective. Market
of 15% of its net assets in illiquid                 disruptions and regulatory restrictions
investments. An illiquid investment is               could have an adverse effect on the
any investment that the Fund                         Fund’s ability to adjust its exposure to
reasonably expects cannot be sold or                 the required levels in order to track the
disposed of in current market                        Underlying Index. Errors in index data,
conditions in seven calendar days or                 index computations or the construction
less without significantly changing the              of the Underlying Index in accordance
market value of the investment. To the               with its methodology may occur from
extent the Fund holds illiquid                       time to time and may not be identified
investments, the illiquid investments                and corrected by the Index Provider for
may reduce the returns of the Fund                   a period of time or at all, which may
because the Fund may be unable to                    have an adverse impact on the Fund and
transact at advantageous times or                    its shareholders. Unusual market
prices. During periods of market                     conditions may cause the Index
volatility, liquidity in the market for the          Provider to postpone a scheduled
Fund’s shares may be impacted by the                 rebalance, which could cause the
liquidity in the market for the underlying           Underlying Index to vary from its normal
securities or instruments held by the                or expected composition.
Fund, which could lead to the Fund’s                 Infectious Illness Risk. An outbreak of
shares trading at a premium or discount              an infectious respiratory illness, COVID-
to the Fund’s NAV.                                   19, caused by a novel coronavirus has
Income Risk. The Fund’s income may                   resulted in travel restrictions, disruption
decline if interest rates fall. This decline         of healthcare systems, prolonged
in income can occur because the Fund                 quarantines, cancellations, supply chain
may subsequently invest in lower-                    disruptions, lower consumer demand,
yielding bonds as bonds in its portfolio             layoffs, ratings downgrades, defaults
mature, are near maturity or are called,             and other significant economic impacts.
bonds in the Underlying Index are                    Certain markets have experienced
substituted, or the Fund otherwise                   temporary closures, extreme volatility,
needs to purchase additional bonds. As               severe losses, reduced liquidity and
the Fund does not seek to return any                 increased trading costs. These events
predetermined amount at maturity or in               will have an impact on the Fund and its
periodic distributions, the amount of                investments and could impact the
income generated by the Fund may vary                Fund’s ability to purchase or sell
during its term. In addition, the Fund’s             securities or cause elevated tracking
income is expected to decline in the                 error and increased premiums or
months leading up to its maturity date               discounts to the Fund’s NAV. Other

                                               S-7
infectious illness outbreaks in the future         Management Risk. As the Fund will not
may result in similar impacts.                     fully replicate the Underlying Index, it is
Interest Rate Risk. During periods of              subject to the risk that BFA’s
very low or negative interest rates, the           investment strategy may not produce
Fund may be unable to maintain positive            the intended results.
returns or pay dividends to Fund                   Market Risk. The Fund could lose
shareholders. Very low or negative                 money over short periods due to short-
interest rates may magnify interest rate           term market movements and over
risk. Changing interest rates, including           longer periods during more prolonged
rates that fall below zero, may have               market downturns. Local, regional or
unpredictable effects on markets, result           global events such as war, acts of
in heightened market volatility and                terrorism, the spread of infectious
detract from the Fund’s performance to             illness or other public health issues,
the extent the Fund is exposed to such             recessions, or other events could have a
interest rates. Additionally, under                significant impact on the Fund and its
certain market conditions in which                 investments and could result in
interest rates are low and the market              increased premiums or discounts to the
prices for portfolio securities have               Fund’s NAV.
increased, the Fund may have a very                Market Trading Risk. The Fund faces
low, or even negative yield. A low or              numerous market trading risks,
negative yield would cause the Fund to             including the potential lack of an active
lose money in certain conditions and               market for Fund shares, losses from
over certain time periods. An increase in          trading in secondary markets, periods of
interest rates will generally cause the            high volatility and disruptions in the
value of securities held by the Fund to            creation/redemption process. ANY OF
decline, may lead to heightened                    THESE FACTORS, AMONG OTHERS,
volatility in the fixed-income markets             MAY LEAD TO THE FUND’S SHARES
and may adversely affect the liquidity of          TRADING AT A PREMIUM OR DISCOUNT
certain fixed-income investments,                  TO NAV.
including those held by the Fund. The
historically low interest rate                     Money Market Instruments Risk. The
environment heightens the risks                    value of money market instruments may
associated with rising interest rates.             be affected by changing interest rates
                                                   and by changes in the credit ratings of
Issuer Risk. The performance of the                the investments. If a significant amount
Fund depends on the performance of                 of the Fund’s assets are invested in
individual securities to which the Fund            money market instruments, it will be
has exposure.The Fund may be                       more difficult for the Fund to achieve its
adversely affected if an issuer of                 investment objective. An investment in
underlying securities held by the Fund is          a money market fund is not insured or
unable or unwilling to repay principal or          guaranteed by the Federal Deposit
interest when due. Changes in the                  Insurance Corporation (“FDIC”) or any
financial condition or credit rating of an         other government agency. It is possible
issuer of those securities may cause the           to lose money by investing in a money
value of the securities to decline.                market fund. Money market funds other
                                                   than government money market funds

                                             S-8
or retail money market funds “float”              instruments as bonds in the Fund’s
their NAV instead of using a stable               portfolio mature.
$1.00 per share price.                            Reliance on Trading Partners Risk.
Non-U.S. Issuers Risk. The Fund may               The Fund invests in countries or regions
invest in U.S. dollar-denominated bonds           whose economies are heavily
of non-U.S. corporations. Securities              dependent upon trading with key
issued by non-U.S. issuers carry                  partners. Any reduction in this trading
different risks from securities issued by         may have an adverse impact on the
U.S. issuers. These risks include                 Fund’s investments.
differences in accounting, auditing and           Risk of Investing in Developed
financial reporting standards, the                Countries. The Fund’s investment in
possibility of expropriation or                   developed country issuers may subject
confiscatory taxation, adverse changes            the Fund to regulatory, political,
in investment or exchange control                 currency, security, economic and other
regulations, political instability,               risks associated with developed
regulatory and economic differences,              countries. Developed countries tend to
and potential restrictions on the flow of         represent a significant portion of the
international capital.                            global economy and have generally
Operational Risk. The Fund is exposed             experienced slower economic growth
to operational risks arising from a               than some less developed countries.
number of factors, including, but not             Certain developed countries have
limited to, human error, processing and           experienced security concerns, such as
communication errors, errors of the               terrorism and strained international
Fund’s service providers, counterparties          relations. Incidents involving a country’s
or other third-parties, failed or                 or region’s security may cause
inadequate processes and technology               uncertainty in its markets and may
or systems failures. The Fund and BFA             adversely affect its economy and the
seek to reduce these operational risks            Fund’s investments. In addition,
through controls and procedures.                  developed countries may be adversely
However, these measures do not                    impacted by changes to the economic
address every possible risk and may be            conditions of certain key trading
inadequate to address significant                 partners, regulatory burdens, debt
operational risks.                                burdens and the price or availability of
Passive Investment Risk. The Fund is              certain commodities.
not actively managed, and BFA generally           Risk of Investing in the U.S. Certain
does not attempt to take defensive                changes in the U.S. economy, such as
positions under any market conditions,            when the U.S. economy weakens or
including declining markets.                      when its financial markets decline, may
Reinvestment Risk. The Fund may                   have an adverse effect on the securities
invest a portion of its assets in short-          to which the Fund has exposure.
term fixed-income instruments and, as a           Securities Lending Risk. The Fund may
result, may be adversely affected if              engage in securities lending. Securities
interest rates fall because it may have           lending involves the risk that the Fund
to invest in lower-yielding                       may lose money because the borrower
                                                  of the loaned securities fails to return

                                            S-9
the securities in a timely manner or at             tax treatment, portfolio transactions
all. The Fund could also lose money in              carried out to minimize the distribution
the event of a decline in the value of              of capital gains to shareholders,
collateral provided for loaned securities           acceptance of custom baskets, changes
or a decline in the value of any                    to the Underlying Index or the costs to
investments made with cash collateral.              the Fund of complying with various new
These events could also trigger adverse             or existing regulatory requirements. This
tax consequences for the Fund.                      risk may be heightened during times of
Tracking Error Risk. The Fund may be                increased market volatility or other
subject to tracking error, which is the             unusual market conditions. Tracking
divergence of the Fund’s performance                error also may result because the Fund
from that of the Underlying Index.                  incurs fees and expenses, while the
Tracking error may occur because of                 Underlying Index does not. BFA
differences between the securities and              EXPECTS THAT THE FUND MAY
other instruments held in the Fund’s                EXPERIENCE HIGHER TRACKING
portfolio and those included in the                 ERROR THAN IS TYPICAL FOR
Underlying Index, pricing                           SIMILAR INDEX ETFs.
differences (including, as applicable,              Valuation Risk. Because the bond
differences between a security’s price              market may be open on days or during
at the local market close and the Fund’s            time periods when the Fund does not
valuation of a security at the time of              price its shares, the value of the
calculation of the Fund’s NAV),                     securities or other assets in the Fund’s
transaction costs incurred by the Fund,             portfolio may change on days or during
the Fund’s holding of uninvested cash,              time periods when shareholders will not
differences in timing of the accrual of or          be able to purchase or sell the Fund’s
the valuation of distributions, the                 shares.
requirements to maintain pass-through

                                             S-10
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. If BFA had not waived certain Fund fees during certain periods, the Fund’s
returns would have been lower.
                     Year by Year Returns (Years Ended December 31)

                8%

                6%                                            5.38%
                          4.42%
                4%                    3.12%
                                                                           2.20%
                2%
                                                  0.82%

                0%

                          2016        2017        2018        2019        2020
The best calendar quarter return during the periods shown above was 3.27% in the 1st
quarter of 2016; the worst was -1.85% in the 4th quarter of 2016.
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)
                                                                                         Since Fund
                                                             One Year     Five Years      Inception
(Inception Date: 3/10/2015)
   Return Before Taxes                                         2.20%         3.18%          2.64%
   Return After Taxes on Distributions1                        1.26%         2.10%          1.56%
   Return After Taxes on Distributions and Sale of Fund
   Shares1                                                     1.31%         1.96%          1.54%
Bloomberg Barclays December 2021 Maturity
Corporate Index (Index returns do not reflect
deductions for fees, expenses, or taxes)                       2.34%         3.29%          2.77%

    1
        After-tax returns in the table above are calculated using the historical highest individual
        U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.
        Actual after-tax returns depend on an investor’s tax situation and may differ from those
        shown, and after-tax returns shown are not relevant to tax-exempt investors or investors
        who hold shares through tax-deferred arrangements, such as 401(k) plans or individual
        retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund
        shares are calculated assuming that an investor has sufficient capital gains of the same
        character from other investments to offset any capital losses from the sale of Fund shares.
        As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed
        Fund returns before taxes and/or returns after taxes on distributions.

                                                S-11
Management                                           Tax Information
Investment Adviser. BlackRock Fund                   The Fund intends to make distributions
Advisors.                                            that may be taxable to you as ordinary
Portfolio Managers. James Mauro and                  income or capital gains, unless you are
Karen Uyehara (the “Portfolio                        investing through a tax-deferred
Managers”) are primarily responsible for             arrangement such as a 401(k) plan or
the day-to-day management of the                     an IRA, in which case, your distributions
Fund. Each Portfolio Manager                         generally will be taxed when withdrawn.
supervises a portfolio management                    Payments to Broker-Dealers
team. Mr. Mauro and Ms. Uyehara have
been Portfolio Managers of the Fund
                                                     and Other Financial
since 2015 and 2021, respectively.                   Intermediaries
                                                     If you purchase shares of the Fund
Purchase and Sale of Fund                            through a broker-dealer or other
Shares                                               financial intermediary (such as a bank),
The Fund is an ETF. Individual shares of             BFA or other related companies may
the Fund may only be bought and sold in              pay the intermediary for marketing
the secondary market through a broker-               activities and presentations, educational
dealer. Because ETF shares trade at                  training programs, conferences, the
market prices rather than at NAV,                    development of technology platforms
shares may trade at a price greater than             and reporting systems or other services
NAV (a premium) or less than NAV (a                  related to the sale or promotion of the
discount). An investor may incur costs               Fund. These payments may create a
attributable to the difference between               conflict of interest by influencing the
the highest price a buyer is willing to              broker-dealer or other intermediary and
pay to purchase shares of the Fund (bid)             your salesperson to recommend the
and the lowest price a seller is willing to          Fund over another investment. Ask your
accept for shares of the Fund (ask)                  salesperson or visit your financial
when buying or selling shares in the                 intermediary’s website for more
secondary market (the “bid-ask                       information.
spread”).

                                              S-12
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For more information visit www.iShares.com or call 1-800-474-2737
IS-SP-IBDM-0321

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