2021 SUMMARY PROSPECTUS - BLACKROCK
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SEPTEMBER 1, 2021
2021 Summary Prospectus
• iShares Global REIT ETF | REET | 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 September 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 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® GLOBAL REIT ETF
Ticker: REET Stock Exchange: NYSE Arca
Investment Objective
The iShares Global REIT ETF (the “Fund”) seeks to track the investment results of an
index composed of global real estate equities in developed and emerging markets.
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
0.14% None 0.00% 0.14%
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
$14 $45 $79 $179
S-1Portfolio Turnover. The Fund may pay represented by REITs. The components
transaction costs, such as commissions, of the Underlying Index are likely to
when it buys and sells securities (or change over time.
“turns over” its portfolio). A higher BFA uses a “passive” or indexing
portfolio turnover rate may indicate approach to try to achieve the Fund’s
higher transaction costs and may result investment objective. Unlike many
in higher taxes when Fund shares are investment companies, the Fund does
held in a taxable account. These costs, not try to “beat” the index it tracks and
which are not reflected in the Annual does not seek temporary defensive
Fund Operating Expenses or in the positions when markets decline or
Example, affect the Fund’s appear overvalued.
performance. During the most recent
fiscal year, the Fund’s portfolio turnover Indexing may eliminate the chance that
rate was 6% of the average value of its the Fund will substantially outperform
portfolio. the Underlying Index but also may
reduce some of the risks of active
Principal Investment management, such as poor security
Strategies selection. Indexing seeks to achieve
lower costs and better after-tax
The Fund seeks to track the investment
performance by aiming to keep portfolio
results of the FTSE EPRA Nareit Global
turnover low in comparison to actively
REITs Index (the “Underlying Index”),
managed investment companies.
which is designed to track the
performance of publicly-listed real BFA uses a representative sampling
estate investment trusts (“REITs”) (or indexing strategy to manage the Fund.
their local equivalents) in both “Representative sampling” is an
developed and emerging markets. The indexing strategy that involves investing
index components must qualify for REIT in a representative sample of securities
(or its local equivalent) status in their that collectively has an investment
country of domicile and meet certain profile similar to that of an applicable
liquidity, size, and earnings before underlying index. The securities
interest, taxes, depreciation and selected are expected to have, in the
amortization (EBITDA) requirements. aggregate, investment characteristics
Components are adjusted for free float (based on factors such as market
and foreign ownership limits. As of April capitalization and industry weightings),
30, 2021, the Underlying Index was fundamental characteristics (such as
composed of securities of companies in return variability and yield) and liquidity
the following countries or regions: measures similar to those of an
Australia, Belgium, Canada, China, applicable underlying index. The Fund
France, Germany, Hong Kong, India, may or may not hold all of the securities
Indonesia, Ireland, Italy, Japan, in the Underlying Index.
Malaysia, Mexico, the Netherlands, New The Fund generally will invest at least
Zealand, Saudi Arabia, Singapore, South 80% of its assets in the component
Africa, Spain, Thailand, Turkey, the securities of its Underlying Index and in
United Kingdom (the “U.K.”) and the investments that have economic
U.S. As of April 30, 2021, a significant characteristics that are substantially
portion of the Underlying Index is identical to the component securities of
S-2its Underlying Index (i.e., depositary considered to be issued by members of
receipts representing securities of the any industry.
Underlying Index) and may invest up to
20% of its assets in certain futures, Summary of Principal Risks
options and swap contracts, cash and As with any investment, you could lose
cash equivalents, including shares of all or part of your investment in the
money market funds advised by BFA or Fund, and the Fund’s performance could
its affiliates (“BlackRock Cash Funds”), trail that of other investments. The Fund
as well as in securities not included in is subject to certain risks, including the
the Underlying Index, but which BFA principal risks noted below, any of
believes will help the Fund track the which may adversely affect the Fund’s
Underlying Index. Cash and cash net asset value per share (“NAV”),
equivalent investments associated with trading price, yield, total return and
a derivative position will be treated as ability to meet its investment objective.
part of that position for the purposes of The order of the below risk factors does
calculating investments not included in not indicate the significance of any
the Underlying Index. The Fund seeks to particular risk factor.
track the investment results of the
Asset Class Risk. Securities and other
Underlying Index before fees and
assets in the Underlying Index or in the
expenses of the Fund.
Fund’s portfolio may underperform in
The Fund may lend securities comparison to the general financial
representing up to one-third of the value markets, a particular financial market or
of the Fund’s total assets (including the other asset classes.
value of any collateral received).
Authorized Participant Concentration
The Underlying Index is sponsored by Risk. Only an Authorized Participant (as
FTSE International Limited (“FTSE” or defined in the Creations and
the “Index Provider”), which Redemptions section of this prospectus
is independent of the Fund and BFA. The (the “Prospectus”)) may engage in
Index Provider determines the creation or redemption transactions
composition and relative weightings of directly with the Fund, and none of
the securities in the Underlying Index those Authorized Participants is
and publishes information regarding the obligated to engage in creation and/or
market value of the Underlying Index. redemption transactions. The Fund has
Industry Concentration Policy. The a limited number of institutions that
Fund will concentrate its investments may act as Authorized Participants on
(i.e., hold 25% or more of its total an agency basis (i.e., on behalf of other
assets) in a particular industry or group market participants). To the extent that
of industries to approximately the same Authorized Participants exit the
extent that the Underlying Index is business or are unable to proceed with
concentrated. For purposes of this creation or redemption orders with
limitation, securities of the U.S. respect to the Fund and no other
government (including its agencies and Authorized Participant is able to step
instrumentalities) and repurchase forward to create or redeem, Fund
agreements collateralized by U.S. shares may be more likely to trade at a
government securities are not premium or discount to NAV and
possibly face trading halts or delisting.
S-3Authorized Participant concentration limitations in such plans and systems.
risk may be heightened for exchange- Furthermore, the Fund cannot control
traded funds (“ETFs”), such as the Fund, the cybersecurity plans and systems of
that invest in securities issued by non- the Fund’s Index Provider and other
U.S. issuers or other securities or service providers, market makers,
instruments that have lower trading Authorized Participants or issuers of
volumes. securities in which the Fund invests.
Concentration Risk. The Fund may be Dividend-Paying Stock Risk. Investing
susceptible to an increased risk of loss, in dividend-paying stocks involves the
including losses due to adverse events risk that such stocks may fall out of
that affect the Fund’s investments more favor with investors and underperform
than the market as a whole, to the the broader market. Companies that
extent that the Fund’s investments are issue dividend-paying stocks are not
concentrated in the securities and/or required to pay or continue paying
other assets of a particular issuer or dividends on such stocks. It is possible
issuers, country, group of countries, that issuers of the stocks held by the
region, market, industry, group of Fund will not declare dividends in the
industries, sector, market segment or future or will reduce or eliminate the
asset class. payment of dividends (including
Currency Risk. Because the Fund’s reducing or eliminating anticipated
NAV is determined in U.S. dollars, the accelerations or increases in the
Fund’s NAV could decline if the currency payment of dividends) in the future.
of a non-U.S. market in which the Fund Equity Securities Risk. Equity
invests depreciates against the U.S. securities are subject to changes in
dollar or if there are delays or limits on value, and their values may be more
repatriation of such currency. Currency volatile than those of other asset
exchange rates can be very volatile and classes. The Underlying Index is
can change quickly and unpredictably. composed of common stocks, which
As a result, the Fund’s NAV may change generally subject their holders to more
quickly and without warning. risks than preferred stocks and debt
Cybersecurity Risk. Failures or securities because common
breaches of the electronic systems of stockholders’ claims are subordinated
the Fund, the Fund’s adviser, distributor, to those of holders of preferred stocks
the Index Provider and other service and debt securities upon the bankruptcy
providers, market makers, Authorized of the issuer.
Participants or the issuers of securities Geographic Risk. A natural disaster
in which the Fund invests have the could occur in a geographic region in
ability to cause disruptions, negatively which the Fund invests, which could
impact the Fund’s business operations adversely affect the economy or the
and/or potentially result in financial business operations of companies in the
losses to the Fund and its shareholders. specific geographic region, causing an
While the Fund has established business adverse impact on the Fund’s
continuity plans and risk management investments in, or which are exposed to,
systems seeking to address system the affected region.
breaches or failures, there are inherent
S-4Index-Related Risk. There is no Issuer Risk. The performance of the
guarantee that the Fund’s investment Fund depends on the performance of
results will have a high degree of individual securities to which the Fund
correlation to those of the Underlying has exposure. Changes in the financial
Index or that the Fund will achieve its condition or credit rating of an issuer of
investment objective. Market those securities may cause the value of
disruptions and regulatory restrictions the securities to decline.
could have an adverse effect on the Management Risk. As the Fund will not
Fund’s ability to adjust its exposure to fully replicate the Underlying Index, it is
the required levels in order to track the subject to the risk that BFA’s
Underlying Index. Errors in index data, investment strategy may not produce
index computations or the construction the intended results.
of the Underlying Index in accordance
with its methodology may occur from Market Risk. The Fund could lose
time to time and may not be identified money over short periods due to short-
and corrected by the Index Provider for term market movements and over
a period of time or at all, which may longer periods during more prolonged
have an adverse impact on the Fund and market downturns. Local, regional or
its shareholders. Unusual market global events such as war, acts of
conditions may cause the Index terrorism, the spread of infectious
Provider to postpone a scheduled illness or other public health issues,
rebalance, which could cause the recessions, or other events could have a
Underlying Index to vary from its normal significant impact on the Fund and its
or expected composition. investments and could result in
increased premiums or discounts to the
Infectious Illness Risk. An outbreak of Fund’s NAV.
an infectious respiratory illness, COVID-
19, caused by a novel coronavirus has Market Trading Risk. The Fund faces
resulted in travel restrictions, disruption numerous market trading risks,
of healthcare systems, prolonged including the potential lack of an active
quarantines, cancellations, supply chain market for Fund shares, losses from
disruptions, lower consumer demand, trading in secondary markets, periods of
layoffs, ratings downgrades, defaults high volatility and disruptions in the
and other significant economic impacts. creation/redemption process. ANY OF
Certain markets have experienced THESE FACTORS, AMONG OTHERS,
temporary closures, extreme volatility, MAY LEAD TO THE FUND’S SHARES
severe losses, reduced liquidity and TRADING AT A PREMIUM OR DISCOUNT
increased trading costs. These events TO NAV.
will have an impact on the Fund and its National Closed Market Trading Risk.
investments and could impact the To the extent that the underlying
Fund’s ability to purchase or sell securities and/or other assets held by
securities or cause elevated tracking the Fund trade on foreign exchanges or
error and increased premiums or in foreign markets that may be closed
discounts to the Fund’s NAV. Other when the securities exchange on which
infectious illness outbreaks in the future the Fund’s shares trade is open, there
may result in similar impacts. are likely to be deviations between the
current price of such an underlying
S-5security and the last quoted price for Passive Investment Risk. The Fund is
the underlying security (i.e., the Fund’s not actively managed, and BFA generally
quote from the closed foreign does not attempt to take defensive
market). The impact of a closed foreign positions under any market conditions,
market on the Fund is likely to be including declining markets.
greater where a large portion of the Real Estate Investment Risk.
Fund’s underlying securities and/or Companies that invest in real estate
other assets trade on that closed (“Real Estate Companies”), such as
foreign market or when the foreign REITs, expose investors in the Fund to
market is closed for unscheduled the risks of owning real estate directly,
reasons. These deviations could result as well as to risks that relate specifically
in premiums or discounts to the Fund’s to the way in which Real Estate
NAV that may be greater than those Companies are organized and operated.
experienced by other ETFs. Real estate is highly sensitive to general
Non-U.S. Securities Risk. Investments and local economic conditions and
in the securities of non-U.S. issuers are developments, and characterized by
subject to the risks associated with intense competition and periodic
investing in those non-U.S. markets, overbuilding. Many Real Estate
such as heightened risks of inflation or Companies, including REITs, utilize
nationalization. The Fund may lose leverage (and some may be highly
money due to political, economic and leveraged), which increases investment
geographic events affecting issuers of risk and the risk normally associated
non-U.S. securities or non-U.S. markets. with debt financing, and could
In addition, non-U.S. securities markets potentially magnify the Fund’s losses.
may trade a small number of securities Rising interest rates could result in
and may be unable to respond higher costs of capital for Real Estate
effectively to changes in trading volume, Companies, which could negatively
potentially making prompt liquidation of affect a Real Estate Company’s ability to
holdings difficult or impossible at times. meet its payment obligations or its
Operational Risk. The Fund is exposed financing activity and could decrease
to operational risks arising from a the market prices for REITs and for
number of factors, including, but not properties held by such REITs.
limited to, human error, processing and Risk of Investing in Developed
communication errors, errors of the Countries. The Fund’s investment in
Fund’s service providers, counterparties developed country issuers may subject
or other third parties, failed or the Fund to regulatory, political,
inadequate processes and technology currency, security, economic and other
or systems failures. The Fund and BFA risks associated with developed
seek to reduce these operational risks countries. Developed countries tend to
through controls and procedures. represent a significant portion of the
However, these measures do not global economy and have generally
address every possible risk and may be experienced slower economic growth
inadequate to address significant than some less developed countries.
operational risks. Certain developed countries have
experienced security concerns, such as
terrorism and strained international
S-6relations. Incidents involving a country’s Saudi Arabia Broker Risk. There are a
or region’s security may cause number of different ways of conducting
uncertainty in its markets and may transactions in equity securities in the
adversely affect its economy and the Saudi Arabian market. The Fund
Fund’s investments. In addition, generally expects to conduct its
developed countries may be adversely transactions in a manner in which the
impacted by changes to the economic Fund would not be limited by Saudi
conditions of certain key trading Arabian regulations to a single broker.
partners, regulatory burdens, debt However, there may be a limited
burdens and the price or availability of number of brokers who can provide
certain commodities. services to the Fund, which may have an
Risk of Investing in Saudi Arabia. The adverse impact on the prices, quantity
ability of foreign investors (such as the or timing of Fund transactions.
Fund) to invest in the securities of Saudi Risk of Investing in the U.S. Certain
Arabian issuers is relatively new. Such changes in the U.S. economy, such as
ability could be restricted by the Saudi when the U.S. economy weakens or
Arabian government at any time, and when its financial markets decline, may
unforeseen risks could materialize with have an adverse effect on the securities
respect to foreign ownership in such to which the Fund has exposure.
securities. The economy of Saudi Arabia Securities Lending Risk. The Fund may
is dominated by petroleum exports. A engage in securities lending. Securities
sustained decrease in petroleum prices lending involves the risk that the Fund
could have a negative impact on all may lose money because the borrower
aspects of the economy. Investments in of the loaned securities fails to return
the securities of Saudi Arabian issuers the securities in a timely manner or at
involve risks not typically associated all. The Fund could also lose money in
with investments in securities of issuers the event of a decline in the value of
in more developed countries that may collateral provided for loaned securities
negatively affect the value of the Fund’s or a decline in the value of any
investments. Such heightened risks may investments made with cash collateral.
include, among others, expropriation These events could also trigger adverse
and/or nationalization of assets, tax consequences for the Fund.
restrictions on and government
intervention in international trade, Tracking Error Risk. The Fund may be
confiscatory taxation, political subject to tracking error, which is the
instability, including authoritarian and/ divergence of the Fund’s performance
or military involvement in governmental from that of the Underlying Index.
decision making, armed conflict, crime Tracking error may occur because of
and instability as a result of religious, differences between the securities and
ethnic and/or socioeconomic unrest. other instruments held in the Fund’s
There remains the possibility that portfolio and those included in the
instability in the larger Middle East Underlying Index, pricing
region could adversely impact the differences (including, as applicable,
economy of Saudi Arabia, and there is differences between a security’s price
no assurance of political stability in at the local market close and the Fund’s
Saudi Arabia. valuation of a security at the time of
S-7calculation of the Fund’s NAV), Fund’s valuation of the security or other
transaction costs incurred by the Fund, asset and from the value used by the
the Fund’s holding of uninvested cash, Underlying Index, particularly for
differences in timing of the accrual of or securities or other assets that trade in
the valuation of dividends or interest, low volume or volatile markets or that
the requirements to maintain pass- are valued using a fair value
through tax treatment, portfolio methodology as a result of trade
transactions carried out to minimize the suspensions or for other reasons. In
distribution of capital gains to addition, the value of the securities or
shareholders, acceptance of custom other assets in the Fund’s portfolio may
baskets, changes to the Underlying change on days or during time periods
Index or the costs to the Fund of when shareholders will not be able to
complying with various new or existing purchase or sell the Fund’s shares.
regulatory requirements. This risk may Authorized Participants who purchase or
be heightened during times of increased redeem Fund shares on days when the
market volatility or other unusual Fund is holding fair-valued securities
market conditions. Tracking error also may receive fewer or more shares, or
may result because the Fund incurs fees lower or higher redemption proceeds,
and expenses, while the Underlying than they would have received had the
Index does not. Tracking error may Fund not fair-valued securities or used a
occur due to differences between the different valuation methodology. The
methodologies used in calculating the Fund’s ability to value investments may
value of the Underlying Index and be impacted by technological issues or
determining the Fund’s NAV. errors by pricing services or other third-
Valuation Risk. The price the Fund party service providers.
could receive upon the sale of a security
or other asset may differ from the
S-8Performance 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)
30% 23.89%
20%
10% 6.19% 7.58%
0.24%
0%
-10% -4.89%
-10.59%
-20%
2015 2016 2017 2018 2019 2020
1
The Fund’s year-to-date return as of June 30, 2021 was 17.84%.
The best calendar quarter return during the periods shown above was 14.51% in the
1st quarter of 2019; the worst was -30.17% 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-9Average Annual Total Returns
(for the periods ended December 31, 2020)
Since Fund
One Year Five Years Inception
(Inception Date: 7/8/2014)
Return Before Taxes -10.59% 3.77% 3.82%
Return After Taxes on Distributions1 -11.50% 1.99% 2.12%
Return After Taxes on Distributions and Sale of Fund
Shares1 -6.17% 2.21% 2.27%
FTSE EPRA Nareit Global REITs Index (Index returns
do not reflect deductions for fees, expenses, or taxes) -11.35% 2.92% 3.01%
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-10Management 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 and Mr.
Savage have been Portfolio Managers of
and Other Financial
the Fund since 2014. Mr. Mason has Intermediaries
been a Portfolio Manager of the Fund If you purchase shares of the Fund
since 2016. Ms. Whitelaw has been a through a broker-dealer or other
Portfolio Manager of the Fund since financial intermediary (such as a bank),
2018. BFA or other related companies may
pay the intermediary for marketing
Purchase and Sale of Fund activities and presentations, educational
Shares training programs, conferences, the
The Fund is an ETF. Individual shares of development of technology platforms
the Fund may only be bought and sold in and reporting systems or other services
the secondary market through a broker- related to the sale or promotion of the
dealer. Because ETF shares trade at Fund. These payments may create a
market prices rather than at NAV, conflict of interest by influencing the
shares may trade at a price greater than broker-dealer or other intermediary and
NAV (a premium) or less than NAV (a your salesperson to recommend the
discount). An investor may incur costs Fund over another investment. Ask your
attributable to the difference between salesperson or visit your financial
the highest price a buyer is willing to intermediary’s website for more
pay to purchase shares of the Fund (bid) information.
and 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-REET-0921
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