2021 SUMMARY PROSPECTUS - BLACKROCK
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JULY 30, 2021
2021 Summary Prospectus
• iShares U.S. Medical Devices ETF | IHI | 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. MEDICAL DEVICES ETF
Ticker: IHI Stock Exchange: NYSE Arca
Investment Objective
The iShares U.S. Medical Devices ETF (the “Fund”) seeks to track the investment
results of an index composed of U.S. equities in the medical devices 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 investment companies, the Fund does
transaction costs, such as commissions, not try to “beat” the index it tracks and
when it buys and sells securities (or does not seek temporary defensive
“turns over” its portfolio). A higher positions when markets decline or
portfolio turnover rate may indicate appear overvalued.
higher transaction costs and may result Indexing may eliminate the chance that
in higher taxes when Fund shares are the Fund will substantially outperform
held in a taxable account. These costs, the Underlying Index but also may
which are not reflected in the Annual reduce some of the risks of active
Fund Operating Expenses or in the management, such as poor security
Example, affect the Fund’s selection. Indexing seeks to achieve
performance. During the most recent lower costs and better after-tax
fiscal year, the Fund’s portfolio turnover performance by aiming to keep portfolio
rate was 9% of the average value of its turnover low in comparison to actively
portfolio. managed investment companies.
Principal Investment BFA uses a representative sampling
Strategies indexing strategy to manage the Fund.
“Representative sampling” is an
The Fund seeks to track the investment
indexing strategy that involves investing
results of the Dow Jones U.S. Select
in a representative sample of securities
Medical Equipment Index (the
that collectively has an investment
“Underlying Index”), which measures
profile similar to that of an applicable
the performance of the medical
underlying index. The securities
equipment sector of the U.S. equity
selected are expected to have, in the
market, as defined by S&P Dow Jones
aggregate, investment characteristics
Indices LLC (the “Index Provider” or
(based on factors such as market
“SPDJI”). The Underlying Index includes
capitalization and industry weightings),
medical equipment companies,
fundamental characteristics (such as
including manufacturers and
return variability and yield) and liquidity
distributors of medical devices such as
measures similar to those of an
magnetic resonance imaging (MRI)
applicable underlying index. The Fund
scanners, prosthetics, pacemakers, X-
may or may not hold all of the securities
ray machines, and other nondisposable
in the Underlying Index.
medical devices. The Underlying Index
may include large-, mid- or small- The Fund generally will invest at least
capitalization companies. As of March 80% of its assets in the component
31, 2021, a significant portion of the securities of its Underlying Index and in
Underlying Index is represented by investments that have economic
securities of companies in the characteristics that are substantially
healthcare and medical equipment identical to the component securities of
industries or sectors. The components its Underlying Index (i.e., depositary
of the Underlying Index are likely to receipts representing securities of the
change over time. Underlying Index) and may invest up to
20% of its assets in certain futures,
BFA uses a “passive” or indexing
options and swap contracts, cash and
approach to try to achieve the Fund’s
cash equivalents, including shares of
investment objective. Unlike many
S-2money 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
representing up to one-third of the value Authorized Participant Concentration
of the Fund’s total assets (including the Risk. Only an Authorized Participant (as
value of any collateral received). defined in the Creations and
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
the composition and relative weightings those Authorized Participants is
of the securities in the Underlying Index obligated to engage in creation and/or
and publishes information regarding the redemption transactions. The Fund has
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
(i.e., hold 25% or more of its total Authorized Participants exit the
assets) in a particular industry or group business or are unable to proceed with
of industries to approximately the same creation or redemption orders with
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
limitation, securities of the U.S. shares may be more likely to trade at a
government (including its agencies and premium or discount to NAV and
instrumentalities) and repurchase possibly face trading halts or delisting.
agreements collateralized by U.S. Concentration Risk. The Fund may be
government securities are not susceptible to an increased risk of loss,
considered to be issued by members of including losses due to adverse events
any industry. that affect the Fund’s investments more
than the market as a whole, to the
Summary of Principal Risks extent that the Fund’s investments are
As with any investment, you could lose concentrated in the securities and/or
all or part of your investment in the other assets of a particular issuer or
issuers, country, group of countries,
Fund, and the Fund’s performance could
region, market, industry, group of
trail that of other investments. The Fund industries, sector, market segment or
is subject to certain risks, including the asset class.
S-3Cybersecurity Risk. Failures or profitability. Healthcare companies are
breaches of the electronic systems of subject to competitive forces that may
the Fund, the Fund’s adviser, distributor, result in price discounting, and may be
the Index Provider and other service thinly capitalized and susceptible to
providers, market makers, Authorized product obsolescence.
Participants or the issuers of securities Index-Related Risk. There is no
in which the Fund invests have the guarantee that the Fund’s investment
ability to cause disruptions, negatively results will have a high degree of
impact the Fund’s business operations correlation to those of the Underlying
and/or potentially result in financial Index or that the Fund will achieve its
losses to the Fund and its shareholders. investment objective. Market
While the Fund has established business disruptions and regulatory restrictions
continuity plans and risk management could have an adverse effect on the
systems seeking to address system Fund’s ability to adjust its exposure to
breaches or failures, there are inherent the required levels in order to track the
limitations in such plans and systems. Underlying Index. Errors in index data,
Furthermore, the Fund cannot control index computations or the construction
the cybersecurity plans and systems of of the Underlying Index in accordance
the Fund’s Index Provider and other with its methodology may occur from
service providers, market makers, time to time and may not be identified
Authorized Participants or issuers of and corrected by the Index Provider for
securities in which the Fund invests. a period of time or at all, which may
Equity Securities Risk. Equity have an adverse impact on the Fund and
securities are subject to changes in its shareholders. Unusual market
value, and their values may be more conditions may cause the Index
volatile than those of other asset Provider to postpone a scheduled
classes. The Underlying Index is rebalance, which could cause the
composed of common stocks, which Underlying Index to vary from its normal
generally subject their holders to more or expected composition.
risks than preferred stocks and debt Infectious Illness Risk. An outbreak of
securities because common an infectious respiratory illness, COVID-
stockholders’ claims are subordinated 19, caused by a novel coronavirus has
to those of holders of preferred stocks resulted in travel restrictions, disruption
and debt securities upon the bankruptcy of healthcare systems, prolonged
of the issuer. quarantines, cancellations, supply chain
Healthcare Sector Risk. The disruptions, lower consumer demand,
profitability of companies in the layoffs, ratings downgrades, defaults
healthcare sector may be affected by and other significant economic impacts.
government regulations and Certain markets have experienced
government healthcare programs, temporary closures, extreme volatility,
increases or decreases in the cost of severe losses, reduced liquidity and
medical products and services, an increased trading costs. These events
increased emphasis on outpatient will have an impact on the Fund and its
services, demand for medical products investments and could impact the
and services and product liability Fund’s ability to purchase or sell
claims, among other factors. Many securities or cause elevated tracking
healthcare companies are heavily error and increased premiums or
dependent on patent protection, and discounts to the Fund’s NAV. Other
the expiration of a company’s patent infectious illness outbreaks in the future
may adversely affect that company’s may result in similar impacts.
S-4Issuer Risk. The performance of the Medical Equipment Industry Group
Fund depends on the performance of Risk. Companies in the medical
individual securities to which the Fund equipment industry group may be
has exposure. Changes in the financial affected by the expiration of patents,
condition or credit rating of an issuer of litigation based on product liability,
those securities may cause the value of industry competition, product
the securities to decline. obsolescence and regulatory approvals,
Large-Capitalization Companies Risk. among other factors.
Large-capitalization companies may be Non-Diversification Risk. The Fund
less able than smaller capitalization may invest a large percentage of its
companies to adapt to changing market assets in securities issued by or
conditions. Large-capitalization representing a small number of issuers.
companies may be more mature and As a result, the Fund’s performance may
subject to more limited growth potential depend on the performance of a small
compared with smaller capitalization number of issuers.
companies. During different market Operational Risk. The Fund is exposed
cycles, the performance of large- to operational risks arising from a
capitalization companies has trailed the number of factors, including, but not
overall performance of the broader limited to, human error, processing and
securities markets. communication errors, errors of the
Management Risk. As the Fund will not Fund’s service providers, counterparties
fully replicate the Underlying Index, it is or other third parties, failed or
subject to the risk that BFA’s inadequate processes and technology
investment strategy may not produce or systems failures. The Fund and BFA
the intended results. seek to reduce these operational risks
Market Risk. The Fund could lose through controls and procedures.
money over short periods due to short- However, these measures do not
term market movements and over address every possible risk and may be
longer periods during more prolonged inadequate to address significant
market downturns. Local, regional or operational risks.
global events such as war, acts of Passive Investment Risk. The Fund is
terrorism, the spread of infectious not actively managed, and BFA generally
illness or other public health issues, does not attempt to take defensive
recessions, or other events could have a positions under any market conditions,
significant impact on the Fund and its including declining markets.
investments and could result in Risk of Investing in the U.S. Certain
increased premiums or discounts to the changes in the U.S. economy, such as
Fund’s NAV. when the U.S. economy weakens or
Market Trading Risk. The Fund faces when its financial markets decline, may
numerous market trading risks, have an adverse effect on the securities
including the potential lack of an active to which the Fund has exposure.
market for Fund shares, losses from Securities Lending Risk. The Fund may
trading in secondary markets, periods of engage in securities lending. Securities
high volatility and disruptions in the lending involves the risk that the Fund
creation/redemption process. ANY OF may lose money because the borrower
THESE FACTORS, AMONG OTHERS, of the loaned securities fails to return
MAY LEAD TO THE FUND’S SHARES the securities in a timely manner or at
TRADING AT A PREMIUM OR DISCOUNT all. The Fund could also lose money in
TO NAV. the event of a decline in the value of
S-5collateral provided for loaned securities the requirements to maintain pass-
or a decline in the value of any through tax treatment, portfolio
investments made with cash collateral. transactions carried out to minimize the
These events could also trigger adverse distribution of capital gains to
tax consequences for the Fund. shareholders, acceptance of custom
Tracking Error Risk. The Fund may be baskets, changes to the Underlying
subject to tracking error, which is the Index or the costs to the Fund of
divergence of the Fund’s performance complying with various new or existing
from that of the Underlying Index. regulatory requirements. This risk may
Tracking error may occur because of be heightened during times of increased
differences between the securities and market volatility or other unusual
other instruments held in the Fund’s market conditions. Tracking error also
portfolio and those included in the may result because the Fund incurs fees
Underlying Index, pricing differences, and expenses, while the Underlying
transaction costs incurred by the Fund, Index does not.
the Fund’s holding of uninvested cash,
differences in timing of the accrual of or
the valuation of dividends or interest,
S-6Performance Information
The bar chart and table that follow show how the Fund has performed on a calendar
year basis and provide an indication of the risks of investing in the Fund. Both assume
that all dividends and distributions have been reinvested in the Fund. Past performance
(before and after taxes) does not necessarily indicate how the Fund will perform in the
future.
Year by Year Returns1 (Years Ended December 31)
60%
45% 37.76%
30.93% 32.72%
30% 22.64% 24.18%
15.90% 15.47%
15% 9.68% 9.18%
0%
-0.04%
-15%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
1
The Fund’s year-to-date return as of June 30, 2021 was 10.41%.
The best calendar quarter return during the periods shown above was 17.60% in the
2nd quarter of 2020 ; the worst was -15.58% in the 3rd quarter of 2011.
Updated performance information, including the Fund’s current NAV, may be obtained
by visiting our website at www.iShares.com or by calling 1-800-iShares (1-800-474-
2737) (toll free).
Average Annual Total Returns
(for the periods ended December 31, 2020)
One Year Five Years Ten Years
(Inception Date: 5/1/2006)
Return Before Taxes 24.18% 22.16% 19.30%
Return After Taxes on Distributions2 24.09% 22.05% 19.17%
Return After Taxes on Distributions and Sale of Fund
Shares2 14.36% 18.20% 16.64%
Dow Jones U.S. Select Medical Equipment Index
(Index returns do not reflect deductions for fees,
expenses, or taxes) 24.69% 22.68% 19.81%
2
After-tax returns in the table above are calculated using the historical highest individual
U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those
shown, and after-tax returns shown are not relevant to tax-exempt investors or investors
who hold shares through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund
shares are calculated assuming that an investor has sufficient capital gains of the same
character from other investments to offset any capital losses from the sale of Fund shares.
As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed
Fund returns before taxes and/or returns after taxes on distributions.
S-7Management Tax Information
Investment Adviser. BlackRock Fund The Fund intends to make distributions
Advisors. that may be taxable to you as ordinary
Portfolio Managers. Jennifer Hsui, Alan income or capital gains, unless you are
Mason, Greg Savage and Amy Whitelaw investing through a tax-deferred
(the “Portfolio Managers”) are primarily arrangement such as a 401(k) plan or
responsible for the day-to-day an IRA, in which case, your distributions
management of the Fund. Each Portfolio generally will be taxed when withdrawn.
Manager supervises a portfolio Payments to Broker-Dealers
management team. Ms. Hsui, Mr.
Mason, Mr. Savage and Ms. Whitelaw
and Other Financial
have been Portfolio Managers of the Intermediaries
Fund since 2012, 2016, 2008 and If you purchase shares of the Fund
2018, respectively. through a broker-dealer or other
financial intermediary (such as a bank),
Purchase and Sale of Fund BFA or other related companies may
Shares pay the intermediary for marketing
The Fund is an exchange-traded fund activities and presentations, educational
(commonly referred to as an “ETF”). training programs, conferences, the
Individual shares of the Fund may only development of technology platforms
be bought and sold in the secondary and reporting systems or other services
market through a broker-dealer. related to the sale or promotion of the
Because ETF shares trade at market Fund. These payments may create a
prices rather than at NAV, shares may conflict of interest by influencing the
trade at a price greater than NAV (a broker-dealer or other intermediary and
premium) or less than NAV (a discount). your salesperson to recommend the
An investor may incur costs attributable Fund over another investment. Ask your
to the difference between the highest salesperson or visit your financial
price a buyer is willing to pay to intermediary’s website for more
purchase shares of the Fund (bid) and information.
the lowest price a seller is willing to
accept for shares of the Fund (ask)
when buying or selling shares in the
secondary market (the “bid-ask
spread”).
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For more information visit www.iShares.com or call 1-800-474-2737
IS-SP-IHI-0721
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