2021 Summary Prospectus - 2021 Summary ...
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JULY 30, 2021
2021 Summary Prospectus
• iShares U.S. Real Estate ETF | IYR | 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® U.S. REAL ESTATE ETF
Ticker: IYR Stock Exchange: NYSE Arca
Investment Objective
The iShares U.S. Real Estate ETF (the “Fund”) seeks to track the investment results of
an index composed of U.S. equities in the real estate sector.
Fees and Expenses
The following table describes the fees and expenses that you will incur if you buy, hold
and sell shares of the Fund. The investment advisory agreement between iShares Trust
(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory
Agreement”) provides that BFA will pay all operating expenses of the Fund, except the
management fees, interest expenses, taxes, expenses incurred with respect to the
acquisition and disposition of portfolio securities and the execution of portfolio
transactions, including brokerage commissions, distribution fees or expenses, litigation
expenses and any extraordinary expenses.
You may pay other fees, such as brokerage commissions and other fees to
financial intermediaries, which are not reflected in the tables and examples
below.
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a
percentage of the value of your investments)
Total Annual
Distribution and Fund
Management Service (12b-1) Other Operating
Fees Fees Expenses1 Expenses
0.41% None 0.00% 0.41%
1
The amount rounded to 0.00%.
Example. This Example is intended to help you compare the cost of owning shares of
the Fund with the cost of investing in other funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and then sell all of your
shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Fund’s operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions, your
costs would be:
1 Year 3 Years 5 Years 10 Years
$42 $132 $230 $518
S-1Portfolio Turnover. The Fund may pay or more companies as belonging to the
transaction costs, such as commissions, same issuer where there is reasonable
when it buys and sells securities (or evidence of common control.
“turns over” its portfolio). A higher As of March 31, 2021, a significant
portfolio turnover rate may indicate portion of the Underlying Index is
higher transaction costs and may result represented by securities of companies
in higher taxes when Fund shares are in the financials and real estate
held in a taxable account. These costs, investment trust (“REIT”) industries or
which are not reflected in the Annual sectors. The components of the
Fund Operating Expenses or in the Underlying Index are likely to change
Example, affect the Fund’s over time.
performance. During the most recent
fiscal year, the Fund’s portfolio turnover BFA uses a “passive” or indexing
rate was 14% of the average value of its approach to try to achieve the Fund’s
portfolio. investment objective. Unlike many
investment companies, the Fund does
Principal Investment not try to “beat” the index it tracks and
Strategies does not seek temporary defensive
positions when markets decline or
The Fund seeks to track the investment appear overvalued.
results of the Dow Jones U.S. Real
Estate Capped Index (the “Underlying Indexing may eliminate the chance that
Index”), which measures the the Fund will substantially outperform
performance of the real estate sector of the Underlying Index but also may
the U.S. equity market, as defined by reduce some of the risks of active
S&P Dow Jones Indices LLC (the “Index management, such as poor security
Provider” or “SPDJI”). The Underlying selection. Indexing seeks to achieve
Index uses a capping methodology to lower costs and better after-tax
limit the weight of the securities of any performance by aiming to keep portfolio
single issuer (as determined by SPDJI) turnover low in comparison to actively
to a maximum of 10% of the Underlying managed investment companies.
Index. Additionally, the Underlying Index BFA uses a representative sampling
constrains at each quarterly review: (i) indexing strategy to manage the Fund.
the weight of any single issuer to a “Representative sampling” is an
maximum of 10%, and (ii) the aggregate indexing strategy that involves investing
weight of all issuers that individually in a representative sample of securities
exceed 4.50% of the index weight to a that collectively has an investment
maximum of 22.50%. Between profile similar to that of an applicable
scheduled quarterly index reviews, the underlying index. The securities
Underlying Index is rebalanced at the selected are expected to have, in the
end of any day on which all issuers that aggregate, investment characteristics
individually constitute more than 5% of (based on factors such as market
the weight of the Underlying Index capitalization and industry weightings),
constitute more than 25% of the weight fundamental characteristics (such as
of the Underlying Index in the return variability and yield) and liquidity
aggregate. In implementing this capping measures similar to those of an
methodology, SPDJI may consider two applicable underlying index. The Fund
S-2may or may not hold all of the securities limitation, securities of the U.S.
in the Underlying Index. government (including its agencies and
The Fund generally will invest at least instrumentalities) and repurchase
80% of its assets in the component agreements collateralized by U.S.
securities of its Underlying Index and in government securities are not
investments that have economic considered to be issued by members of
characteristics that are substantially any industry.
identical to the component securities of Summary of Principal Risks
its Underlying Index (i.e., depositary
receipts representing securities of the As with any investment, you could lose
Underlying Index) and may invest up to all or part of your investment in the
20% of its assets in certain futures, Fund, and the Fund’s performance could
options and swap contracts, cash and trail that of other investments. The Fund
cash equivalents, including shares of is subject to certain risks, including the
money market funds advised by BFA or principal risks noted below, any of
its affiliates, as well as in securities not which may adversely affect the Fund’s
included in the Underlying Index, but net asset value per share (“NAV”),
which BFA believes will help the Fund trading price, yield, total return and
track the Underlying Index. Cash and ability to meet its investment objective.
cash equivalent investments associated The order of the below risk factors does
with a derivative position will be treated not indicate the significance of any
as part of that position for the purposes particular risk factor.
of calculating investments not included Asset Class Risk. Securities and other
in the Underlying Index. The Fund seeks assets in the Underlying Index or in the
to track the investment results of the Fund’s portfolio may underperform in
Underlying Index before fees and comparison to the general financial
expenses of the Fund. markets, a particular financial market or
other asset classes.
The Fund may lend securities
Authorized Participant Concentration
representing up to one-third of the value
Risk. Only an Authorized Participant (as
of the Fund’s total assets (including the defined in the Creations and
value of any collateral received). Redemptions section of this prospectus
The Underlying Index is sponsored by (the “Prospectus”)) may engage in
SPDJI, which is independent of the Fund creation or redemption transactions
and BFA. The Index Provider determines directly with the Fund, and none of
those Authorized Participants is
the composition and relative weightings
obligated to engage in creation and/or
of the securities in the Underlying Index redemption transactions. The Fund has
and publishes information regarding the a limited number of institutions that
market value of the Underlying Index. may act as Authorized Participants on
Industry Concentration Policy. The an agency basis (i.e., on behalf of other
Fund will concentrate its investments market participants). To the extent that
Authorized Participants exit the
(i.e., hold 25% or more of its total
business or are unable to proceed with
assets) in a particular industry or group creation or redemption orders with
of industries to approximately the same respect to the Fund and no other
extent that the Underlying Index is Authorized Participant is able to step
concentrated. For purposes of this forward to create or redeem, Fund
S-3shares may be more likely to trade at a risks than preferred stocks and debt
premium or discount to NAV and securities because common
possibly face trading halts or delisting. stockholders’ claims are subordinated
Concentration Risk. The Fund may be to those of holders of preferred stocks
susceptible to an increased risk of loss, and debt securities upon the bankruptcy
including losses due to adverse events of the issuer.
that affect the Fund’s investments more Financials Sector Risk. Performance of
than the market as a whole, to the companies in the financials sector may
extent that the Fund’s investments are be adversely impacted by many factors,
concentrated in the securities and/or including, among others, changes in
other assets of a particular issuer or government regulations, economic
issuers, country, group of countries, conditions, and interest rates, credit
region, market, industry, group of rating downgrades, and decreased
industries, sector, market segment or liquidity in credit markets. The extent to
asset class. which the Fund may invest in a company
Cybersecurity Risk. Failures or that engages in securities-related
breaches of the electronic systems of activities or banking is limited by
the Fund, the Fund’s adviser, distributor, applicable law. The impact of changes in
the Index Provider and other service capital requirements and recent or
providers, market makers, Authorized future regulation of any individual
Participants or the issuers of securities financial company, or of the financials
in which the Fund invests have the sector as a whole, cannot be predicted.
ability to cause disruptions, negatively In recent years, cyberattacks and
impact the Fund’s business operations technology malfunctions and failures
and/or potentially result in financial have become increasingly frequent in
losses to the Fund and its shareholders. this sector and have caused significant
While the Fund has established business losses to companies in this sector,
continuity plans and risk management which may negatively impact the Fund.
systems seeking to address system Index-Related Risk. There is no
breaches or failures, there are inherent guarantee that the Fund’s investment
limitations in such plans and systems. results will have a high degree of
Furthermore, the Fund cannot control correlation to those of the Underlying
the cybersecurity plans and systems of Index or that the Fund will achieve its
the Fund’s Index Provider and other investment objective. Market
service providers, market makers, disruptions and regulatory restrictions
Authorized Participants or issuers of could have an adverse effect on the
securities in which the Fund invests. Fund’s ability to adjust its exposure to
Dividend Risk. There is no guarantee the required levels in order to track the
that issuers of the stocks held by the Underlying Index. Errors in index data,
Fund will declare dividends in the future index computations or the construction
or that, if declared, they will be paid, or of the Underlying Index in accordance
that they will either remain at current with its methodology may occur from
levels or increase over time. time to time and may not be identified
and corrected by the Index Provider for
Equity Securities Risk. Equity a period of time or at all, which may
securities are subject to changes in have an adverse impact on the Fund and
value, and their values may be more its shareholders. Unusual market
volatile than those of other asset conditions may cause the Index
classes. The Underlying Index is Provider to postpone a scheduled
composed of common stocks, which rebalance, which could cause the
generally subject their holders to more
S-4Underlying Index to vary from its normal Market Trading Risk. The Fund faces
or expected composition. numerous market trading risks,
Infectious Illness Risk. An outbreak of including the potential lack of an active
an infectious respiratory illness, COVID- market for Fund shares, losses from
19, caused by a novel coronavirus has trading in secondary markets, periods of
resulted in travel restrictions, disruption high volatility and disruptions in the
of healthcare systems, prolonged creation/redemption process. ANY OF
quarantines, cancellations, supply chain THESE FACTORS, AMONG OTHERS,
disruptions, lower consumer demand, MAY LEAD TO THE FUND’S SHARES
layoffs, ratings downgrades, defaults TRADING AT A PREMIUM OR DISCOUNT
and other significant economic impacts. TO NAV.
Certain markets have experienced Operational Risk. The Fund is exposed
temporary closures, extreme volatility, to operational risks arising from a
severe losses, reduced liquidity and number of factors, including, but not
increased trading costs. These events limited to, human error, processing and
will have an impact on the Fund and its communication errors, errors of the
investments and could impact the Fund’s service providers, counterparties
Fund’s ability to purchase or sell or other third parties, failed or
securities or cause elevated tracking inadequate processes and technology
error and increased premiums or or systems failures. The Fund and BFA
discounts to the Fund’s NAV. Other seek to reduce these operational risks
infectious illness outbreaks in the future through controls and procedures.
may result in similar impacts. However, these measures do not
Issuer Risk. The performance of the address every possible risk and may be
Fund depends on the performance of inadequate to address significant
individual securities to which the Fund operational risks.
has exposure. Changes in the financial Passive Investment Risk. The Fund is
condition or credit rating of an issuer of not actively managed, and BFA generally
those securities may cause the value of does not attempt to take defensive
the securities to decline. positions under any market conditions,
Management Risk. As the Fund will not including declining markets.
fully replicate the Underlying Index, it is Real Estate Investment Risk.
subject to the risk that BFA’s Companies that invest in real estate
investment strategy may not produce (“Real Estate Companies”), such as
the intended results. REITs or real estate holding and
Market Risk. The Fund could lose operating companies, expose investors
money over short periods due to short- in the Fund to the risks of owning real
term market movements and over estate directly, as well as to risks that
longer periods during more prolonged relate specifically to the way in which
market downturns. Local, regional or Real Estate Companies are organized
global events such as war, acts of and operated. Real estate is highly
terrorism, the spread of infectious sensitive to general and local economic
illness or other public health issues, conditions and developments, and
recessions, or other events could have a characterized by intense competition
significant impact on the Fund and its and periodic overbuilding. Many Real
investments and could result in Estate Companies, including REITs,
increased premiums or discounts to the utilize leverage (and some may be highly
Fund’s NAV. leveraged), which increases investment
risk and the risk normally associated
with debt financing, and could
S-5potentially magnify the Fund’s losses. divergence of the Fund’s performance
Rising interest rates could result in from that of the Underlying Index.
higher costs of capital for Real Estate Tracking error may occur because of
Companies, which could negatively differences between the securities and
affect a Real Estate Company’s ability to other instruments held in the Fund’s
meet its payment obligations or its
portfolio and those included in the
financing activity and could decrease
the market prices for REITs and for Underlying Index, pricing differences,
properties held by such REITs. transaction costs incurred by the Fund,
the Fund’s holding of uninvested cash,
Risk of Investing in the U.S. Certain
differences in timing of the accrual of or
changes in the U.S. economy, such as
the valuation of dividends or interest,
when the U.S. economy weakens or
the requirements to maintain pass-
when its financial markets decline, may
through tax treatment, portfolio
have an adverse effect on the securities
transactions carried out to minimize the
to which the Fund has exposure.
distribution of capital gains to
Securities Lending Risk. The Fund may shareholders, acceptance of custom
engage in securities lending. Securities baskets, changes to the Underlying
lending involves the risk that the Fund Index or the costs to the Fund of
may lose money because the borrower complying with various new or existing
of the loaned securities fails to return regulatory requirements. This risk may
the securities in a timely manner or at be heightened during times of increased
all. The Fund could also lose money in market volatility or other unusual
the event of a decline in the value of market conditions. Tracking error also
collateral provided for loaned securities may result because the Fund incurs fees
or a decline in the value of any and expenses, while the Underlying
investments made with cash collateral. Index does not.
These events could also trigger adverse
tax consequences for the Fund.
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)
40%
26.62% 28.39%
30%
18.36%
20%
10% 5.63% 7.00% 9.37%
1.05% 1.62%
0%
-10% -4.29% -5.39%
-20%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
1
The Fund’s year-to-date return as of June 30, 2021 was 20.18%.
The best calendar quarter return during the periods shown above was 16.96% in the
1st quarter of 2019; the worst was -24.51% 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: 6/12/2000)
Return Before Taxes -5.39% 6.35% 8.26%
Return After Taxes on Distributions1 -6.35% 4.91% 6.74%
Return After Taxes on Distributions and Sale of Fund
Shares1 -3.13% 4.31% 5.93%
Dow Jones U.S. Real Estate Index2 (Index returns do
not reflect deductions for fees, expenses, or taxes) -5.29% 6.72% 8.73%
Dow Jones U.S. Real Estate Capped Index2(Index
returns do not reflect deductions for fees, expenses, or
taxes) N/A N/A N/A
1
After-tax returns in the table above are calculated using the historical highest individual
U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those
shown, and after-tax returns shown are not relevant to tax-exempt investors or investors
who hold shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund
shares are calculated assuming that an investor has sufficient capital gains of the same
character from other investments to offset any capital losses from the sale of Fund shares.
As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed
Fund returns before taxes and/or returns after taxes on distributions.
2
Effective January 25, 2021, the Fund’s Underlying Index changed from the Dow Jones U.S.
Real Estate Index to the Dow Jones U.S. Real Estate Capped Index. The inception date of
the Dow Jones U.S. Real Estate Capped Index was October 26, 2020.
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-IYR-0721
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