2021 SUMMARY PROSPECTUS - BLACKROCK
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SEPTEMBER 1, 2021
2021 Summary Prospectus
• iShares U.S. Financials ETF | IYF | 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.IMPORTANT NOTICE REGARDING CHANGE IN
INVESTMENT POLICY
iShares®
iShares Trust
Supplement dated September 1, 2021 (the “Supplement”)
to the Summary Prospectus and Prospectus
each dated September 1, 2021
for the iShares U.S. Financials ETF (IYF) (the “Fund”)
The information in this Supplement updates information in, and
should be read in conjunction with, the Summary Prospectus and
Prospectus for the Fund.
Change in the Fund’s Underlying Index
Prior to September 20, 2021, the Fund’s Underlying Index is Dow
Jones U.S. Financials Capped Index
Change in the Fund’s “Principal Investment Strategies”
Prior to September 20, 2021, the first paragraph of the section of the
Summary Prospectus and Prospectus entitled “Principal Investment
Strategies” for the Fund is the following, instead of the current first
four paragraphs:
The Fund seeks to track the investment results of the Dow Jones U.S.
Financials Capped Index (the “Underlying Index”), which is designed to
measure the performance of U.S. companies in the financials industry.
The Underlying Index uses a capping methodology to limit the weight of
the securities of any single issuer (as determined by S&P Dow Jones
Indices LLC (the “Index Provider” or “SPDJI”)) to a maximum of 10% of
the Underlying Index. Additionally, the capping methodology limits the
sum of the weights of the securities of all issuers that individually
constitute more than 5% of the weight of the Underlying Index to a
maximum of 25% of the weight of the Underlying Index in the
aggregate. In order to implement this capping methodology, the
Underlying Index constrains at quarterly rebalance: (i) the weight of any
single issuer to a maximum of 10%, and (ii) the aggregate weight of all
issuers that individually exceed 4.50% of the index weight to a
maximum of 22.50%. Between scheduled quarterly index reviews, the
Underlying Index is rebalanced at the end of any day on which all
issuers that individually constitute more than 5% of the weight of the
Underlying Index constitute more than 25% of the weight of the
Underlying Index in the aggregate. In implementing this cappingmethodology, SPDJI may consider two or more companies as belonging to the same issuer where there is reasonable evidence of common control. The Underlying Index includes large-, mid- and small- capitalization companies and may change over time. As of April 30, 2020, a significant portion of the Underlying Index is represented by securities of companies in the financials industry or sector. The components of the Underlying Index are likely to change over time. Prior to September 20, 2021, the last paragraph of the section of the Summary Prospectus and Prospectus entitled “Principal Investment Strategies” for the Fund is the following, instead of the current last paragraph of the section: The Underlying Index is sponsored by SPDJI, which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. Changes to the “Average Annual Returns” table Prior to September 20, 2021, references to the “Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index,” each footnote “3” call and footnote “3” in the “Average Annual Total Returns” table on page S-8 of the Summary Prospectus and Prospectus are deleted. Changes to “More Information About the Fund” Prior to September 20, 2021, the second paragraph in the section of the Prospectus entitled “More Information About the Fund” is deleted in its entirety. Change in the Fund’s “Index Provider” Prior to September 20, 2021, the section entitled “Index Provider” on page 26 of the Prospectus of the Fund is the following, instead of the current two paragraphs: SPDJI is the Index Provider for the Underlying Index and is not affiliated with the Trust, BFA, State Street, the Distributor or any of their respective affiliates. SPDJI is a resource for index-based concepts, data and research. SPDJI provides financial, economic and investment information and analytical services to the financial community. SPDJI calculates and maintains the S&P Global 1200, which includes the S&P 500® for the U.S., the S&P Europe 350 for Continental Europe, Ireland and the U.K., the S&P/TOPIX 150 for Japan, the S&P Asia 50, the S&P/TSX 60TM for Canada, the S&P/ASX 50 and the S&P Latin America 40. SPDJI also publishes the
S&P MidCap 400®, S&P SmallCap 600®, S&P Total Market Index and S&P U.S. REIT for the U.S. SPDJI calculates and maintains the S&P Global Broad Market Index (BMI) Series, a set of rules-based equity benchmarks covering developed and emerging countries around the world. Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company. BFA or its affiliates have entered into a license agreement with SPDJI to use the Underlying Index. BFA or its affiliates sublicense rights in the Underlying Index to the Trust at no charge. Change in the Fund’s Disclaimers Prior to September 20, 2021, the paragraph at the bottom of page i of the Prospectus of the Fund is the following, instead of the current paragraph: The “Dow Jones U.S. Financials Capped IndexTM” is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by BlackRock Fund Advisors or its affiliates. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); iShares® and BlackRock® are registered trademarks of BlackRock Fund Advisors and its affiliates, and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by iShares Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties makes any representation regarding the advisability of investing in such product(s), nor do they have any liability for any errors, omissions, or interruptions of the Dow Jones U.S. Financials Capped Index. Prior to September 20, 2021, the section entitled “Disclaimers” on page 27 of the Prospectus for the Fund is the following, instead of the current five paragraphs: The Underlying Index is a product of SPDJI, and has been licensed for use by BFA or its affiliates. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); iShares® and BlackRock® are registered trademarks of BFA and its affiliates; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices make no representation or
warranty, express or implied, to the owners of shares of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund in particular or the ability of the Underlying Index to track general market performance. S&P Dow Jones Indices’ only relationship to the Trust and BFA and their affiliates with respect to the Underlying Index is the licensing of the Underlying Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its third party licensors. The Underlying Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the Trust, BFA or its affiliates or the Fund. S&P Dow Jones Indices have no obligation to take the needs of BFA or its affiliates or the owners of shares of the Fund into consideration in determining, composing or calculating the Underlying Index. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of shares of the Fund or the timing of the issuance or sale of such shares or in the determination or calculation of the equation by which shares of the Fund are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of shares of the Fund. There is no assurance that investment products based on the Underlying Index will accurately track index performance or provide positive investment returns. SPDJI is not an investment adviser. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice. S&P DOW JONES INDICES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE UNDERLYING INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY BFA OR ITS AFFILIATES, OWNERS OF SHARES OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE UNDERLYING INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR
CONSEQUENTIAL DAMAGES INCLUDING, BUT NOT LIMITED TO,
LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL,
EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR
OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY
AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES
INDICES AND BFA OR ITS AFFILIATES, OTHER THAN THE LICENSORS
OF S&P DOW JONES INDICES.
Shares of the Fund are not sponsored, endorsed or promoted by
NYSE Arca. NYSE Arca makes no representation or warranty, express
or implied, to the owners of shares of the Fund or any member of the
public regarding the ability of the Fund to track the total return
performance of the Underlying Index or the ability of the Underlying
Index to track stock market performance. NYSE Arca is not
responsible for, nor has it participated in, the determination of the
compilation or the calculation of the Underlying Index, nor in the
determination of the timing of, prices of, or quantities of shares of
the Fund to be issued, nor in the determination or calculation of the
equation by which the shares are redeemable. NYSE Arca has no
obligation or liability to owners of shares of the Fund in connection
with the administration, marketing or trading of shares of the Fund.
NYSE Arca does not guarantee the accuracy and/or the
completeness of the Underlying Index or any data included therein.
NYSE Arca makes no warranty, express or implied, as to results to be
obtained by the Trust on behalf of the Fund as licensee, licensee’s
customers and counterparties, owners of shares of the Fund, or any
other person or entity from the use of the Underlying Index or any
data included therein in connection with the rights licensed as
described herein or for any other use. NYSE Arca makes no express
or implied warranties and hereby expressly disclaims all warranties
of merchantability or fitness for a particular purpose with respect to
the Underlying Index or any data included therein. Without limiting
any of the foregoing, in no event shall NYSE Arca have any liability
for any direct, indirect, special, punitive, consequential or any other
damages (including lost profits) even if notified of the possibility of
such damages.
If you have any questions, please call 1-800-iShares (1-800-474-2737).
iShares® is a registered trademark of BlackRock Fund Advisors and its affiliates.
IS-A-IYF-0921
PLEASE RETAIN THIS SUPPLEMENT
FOR FUTURE REFERENCEiSHARES® U.S. FINANCIALS ETF
Ticker: IYF Stock Exchange: NYSE Arca
Investment Objective
The iShares U.S. Financials ETF (the “Fund”) seeks to track the investment results of an
index composed of U.S. equities in the financials 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 Index is monitored daily using
transaction costs, such as commissions, constituent weights and forward looking
when it buys and sells securities (or information to ensure all companies
“turns over” its portfolio). A higher that constitute more than 4.8% of the
portfolio turnover rate may indicate weight of the Underlying Index do not
higher transaction costs and may result constitute more than 24% of the weight
in higher taxes when Fund shares are of the Underlying Index in the
held in a taxable account. These costs, aggregate. On the calculation day where
which are not reflected in the Annual the threshold has been breached, the
Fund Operating Expenses or in the index is recapped using the quarterly
Example, affect the Fund’s capping methodology.
performance. During the most recent Substantially all of the Underlying Index
fiscal year, the Fund’s portfolio turnover is expected to be represented by
rate was 9% of the average value of its securities of companies in the financials
portfolio. industry or sector. The components of
the Underlying Index are likely to
Principal Investment
change over time.
Strategies
BFA uses a “passive” or indexing
The Fund seeks to track the investment approach to try to achieve the Fund’s
results of the Russell 1000 Financials investment objective. Unlike many
40 Act 15/22.5 Daily Capped Index (the investment companies, the Fund does
“Underlying Index”), which measures not try to “beat” the index it tracks and
the performance of the financials sector does not seek temporary defensive
of the U.S. equity market, as defined by positions when markets decline or
FTSE Russell (the “Index Provider” or appear overvalued.
“Russell”). The Underlying Index
includes large- and mid-capitalization Indexing may eliminate the chance that
companies. the Fund will substantially outperform
the Underlying Index but also may
The Underlying Index is a subset of the
reduce some of the risks of active
Russell 1000 Index, which is a float-
management, such as poor security
adjusted capitalization-weighted index
selection. Indexing seeks to achieve
of equity securities issued by
lower costs and better after-tax
approximately the 1,000 largest issuers
performance by aiming to keep portfolio
in the Russell 3000 Index. The Russell
turnover low in comparison to actively
3000 Index measures the performance
managed investment companies.
of the broad U.S. equity market, as
defined by Russell. BFA uses a representative sampling
indexing strategy to manage the Fund.
The Underlying Index uses a capping
“Representative sampling” is an
methodology to constrain at quarterly
indexing strategy that involves investing
rebalance: (i) the weights of any single
in a representative sample of securities
issuer (as determined by Russell) to a
that collectively has an investment
maximum of 15%, and (ii) the aggregate
profile similar to that of an applicable
weight of all issuers that individually
underlying index. The securities
exceed 4.5% of the index weight to a
selected are expected to have, in the
maximum of 22.5%. Between scheduled
aggregate, investment characteristics
quarterly index reviews, the Underlying
S-2(based on factors such as market and publishes information regarding the
capitalization and industry weightings), market value of the Underlying Index.
fundamental characteristics (such as Industry Concentration Policy. The
return variability and yield) and liquidity Fund will concentrate its investments
measures similar to those of an (i.e., hold 25% or more of its total
applicable underlying index. The Fund assets) in a particular industry or group
may or may not hold all of the securities of industries to approximately the same
in the Underlying Index. extent that the Underlying Index is
The Fund generally will invest at least concentrated. For purposes of this
80% of its assets in the component limitation, securities of the U.S.
securities of its Underlying Index and in government (including its agencies and
investments that have economic instrumentalities) and repurchase
characteristics that are substantially agreements collateralized by U.S.
identical to the component securities of government securities are not
its 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, as well as in securities not trail that of other investments. The Fund
included in the Underlying Index, but is subject to certain risks, including the
which BFA believes will help the Fund principal risks noted below, any of
track the Underlying Index. Cash and which may adversely affect the Fund’s
cash equivalent investments associated net asset value per share (“NAV”),
with a derivative position will be treated trading price, yield, total return and
as part of that position for the purposes ability to meet its investment objective.
of calculating investments not included The order of the below risk factors does
in the Underlying Index. The Fund seeks not indicate the significance of any
to track the investment results of the particular risk factor.
Underlying Index before fees and
Asset Class Risk. Securities and other
expenses of the Fund.
assets in the Underlying Index or in the
The Fund may lend securities Fund’s portfolio may underperform in
representing up to one-third of the value comparison to the general financial
of the Fund’s total assets (including the markets, a particular financial market or
value of any collateral received). other asset classes.
The Underlying Index is sponsored by Authorized Participant Concentration
Russell, which is part of the London Risk. Only an Authorized Participant (as
Stock Exchange Group and is defined in the Creations and
independent of the Fund and BFA. The Redemptions section of this prospectus
Index Provider determines the (the “Prospectus”)) may engage in
composition and relative weightings of creation or redemption transactions
the securities in the Underlying Index directly with the Fund, and none of
those Authorized Participants is
S-3obligated to engage in creation and/or service providers, market makers,
redemption transactions. The Fund has Authorized Participants or issuers of
a limited number of institutions that securities in which the Fund invests.
may act as Authorized Participants on Equity Securities Risk. Equity
an agency basis (i.e., on behalf of other securities are subject to changes in
market participants). To the extent that value, and their values may be more
Authorized Participants exit the volatile than those of other asset
business or are unable to proceed with classes. The Underlying Index is
creation or redemption orders with composed of common stocks, which
respect to the Fund and no other generally subject their holders to more
Authorized Participant is able to step risks than preferred stocks and debt
forward to create or redeem, Fund securities because common
shares may be more likely to trade at a stockholders’ claims are subordinated
premium or discount to NAV and to those of holders of preferred stocks
possibly face trading halts or delisting. and debt securities upon the bankruptcy
Concentration Risk. The Fund may be of the issuer.
susceptible to an increased risk of loss, Financials Sector Risk. Performance of
including losses due to adverse events companies in the financials sector may
that affect the Fund’s investments more be adversely impacted by many factors,
than the market as a whole, to the including, among others, changes in
extent that the Fund’s investments are government regulations, economic
concentrated in the securities and/or conditions, and interest rates, credit
other assets of a particular issuer or rating downgrades, and decreased
issuers, country, group of countries, liquidity in credit markets. The extent to
region, market, industry, group of which the Fund may invest in a company
industries, sector, market segment or that engages in securities-related
asset class. activities or banking is limited by
Cybersecurity Risk. Failures or applicable law. The impact of changes in
breaches of the electronic systems of capital requirements and recent or
the Fund, the Fund’s adviser, distributor, future regulation of any individual
the Index Provider and other service financial company, or of the financials
providers, market makers, Authorized sector as a whole, cannot be predicted.
Participants or the issuers of securities In recent years, cyberattacks and
in which the Fund invests have the technology malfunctions and failures
ability to cause disruptions, negatively have become increasingly frequent in
impact the Fund’s business operations this sector and have caused significant
and/or potentially result in financial losses to companies in this sector,
losses to the Fund and its shareholders. which may negatively impact the Fund.
While the Fund has established business Index-Related Risk. There is no
continuity plans and risk management guarantee that the Fund’s investment
systems seeking to address system results will have a high degree of
breaches or failures, there are inherent correlation to those of the Underlying
limitations in such plans and systems. Index or that the Fund will achieve its
Furthermore, the Fund cannot control investment objective. Market
the cybersecurity plans and systems of disruptions and regulatory restrictions
the Fund’s Index Provider and other
S-4could have an adverse effect on the Large-Capitalization Companies Risk.
Fund’s ability to adjust its exposure to Large-capitalization companies may be
the required levels in order to track the less able than smaller capitalization
Underlying Index. Errors in index data, companies to adapt to changing market
index computations or the construction conditions. Large-capitalization
of the Underlying Index in accordance companies may be more mature and
with its methodology may occur from subject to more limited growth potential
time to time and may not be identified compared with smaller capitalization
and corrected by the Index Provider for companies. During different market
a period of time or at all, which may cycles, the performance of large-
have an adverse impact on the Fund and capitalization companies has trailed the
its shareholders. Unusual market overall performance of the broader
conditions may cause the Index securities markets.
Provider to postpone a scheduled Management Risk. As the Fund will not
rebalance, which could cause the fully replicate the Underlying Index, it is
Underlying Index to vary from its normal subject to the risk that BFA’s
or expected composition. investment strategy may not produce
Infectious Illness Risk. An outbreak of the intended results.
an infectious respiratory illness, COVID- Market Risk. The Fund could lose
19, caused by a novel coronavirus has money over short periods due to short-
resulted in travel restrictions, disruption term market movements and over
of healthcare systems, prolonged longer periods during more prolonged
quarantines, cancellations, supply chain market downturns. Local, regional or
disruptions, lower consumer demand, global events such as war, acts of
layoffs, ratings downgrades, defaults terrorism, the spread of infectious
and other significant economic impacts. illness or other public health issues,
Certain markets have experienced recessions, or other events could have a
temporary closures, extreme volatility, significant impact on the Fund and its
severe losses, reduced liquidity and investments and could result in
increased trading costs. These events increased premiums or discounts to the
will have an impact on the Fund and its Fund’s NAV.
investments and could impact the
Fund’s ability to purchase or sell Market Trading Risk. The Fund faces
securities or cause elevated tracking numerous market trading risks,
error and increased premiums or including the potential lack of an active
discounts to the Fund’s NAV. Other market for Fund shares, losses from
infectious illness outbreaks in the future trading in secondary markets, periods of
may result in similar impacts. high volatility and disruptions in the
creation/redemption process. ANY OF
Issuer Risk. The performance of the THESE FACTORS, AMONG OTHERS,
Fund depends on the performance of MAY LEAD TO THE FUND’S SHARES
individual securities to which the Fund TRADING AT A PREMIUM OR DISCOUNT
has exposure. Changes in the financial TO NAV.
condition or credit rating of an issuer of
those securities may cause the value of Operational Risk. The Fund is exposed
the securities to decline. to operational risks arising from a
number of factors, including, but not
S-5limited to, human error, processing and investments made with cash collateral.
communication errors, errors of the These events could also trigger adverse
Fund’s service providers, counterparties tax consequences for the Fund.
or other third parties, failed or Tracking Error Risk. The Fund may be
inadequate processes and technology subject to tracking error, which is the
or systems failures. The Fund and BFA divergence of the Fund’s performance
seek to reduce these operational risks from that of the Underlying Index.
through controls and procedures. Tracking error may occur because of
However, these measures do not differences between the securities and
address every possible risk and may be other instruments held in the Fund’s
inadequate to address significant portfolio and those included in the
operational risks. Underlying Index, pricing differences,
Passive Investment Risk. The Fund is transaction costs incurred by the Fund,
not actively managed, and BFA generally the Fund’s holding of uninvested cash,
does not attempt to take defensive differences in timing of the accrual of or
positions under any market conditions, the valuation of dividends or interest,
including declining markets. the requirements to maintain pass-
Risk of Investing in the U.S. Certain through tax treatment, portfolio
changes in the U.S. economy, such as transactions carried out to minimize the
when the U.S. economy weakens or distribution of capital gains to
when its financial markets decline, may shareholders, acceptance of custom
have an adverse effect on the securities baskets, changes to the Underlying
to which the Fund has exposure. Index or the costs to the Fund of
complying with various new or existing
Securities Lending Risk. The Fund may regulatory requirements. This risk may
engage in securities lending. Securities be heightened during times of increased
lending involves the risk that the Fund market volatility or other unusual
may lose money because the borrower market conditions. Tracking error also
of the loaned securities fails to return may result because the Fund incurs fees
the securities in a timely manner or at and expenses, while the Underlying
all. The Fund could also lose money in Index does not.
the event of a decline in the value of
collateral provided for loaned securities
or a decline in the value of any
S-6Performance Information
The bar chart and table that follow show how the Fund has performed on a calendar
year basis and provide an indication of the risks of investing in the Fund. Both assume
that all dividends and distributions have been reinvested in the Fund. Past performance
(before and after taxes) does not necessarily indicate how the Fund will perform in the
future.
Year by Year Returns1 (Years Ended December 31)
45%
33.60% 31.96%
30% 26.29%
14.11% 16.82% 19.54%
15%
0%
-0.31% -0.99%
-15% -13.18% -9.25%
-30%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
1
The Fund’s year-to-date return as of June 30, 2021 was 22.02%.
The best calendar quarter return during the periods shown above was 19.70% in the
1st quarter of 2012; the worst was -28.95% 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: 5/22/2000)
Return Before Taxes -0.99% 10.61% 10.68%
Return After Taxes on Distributions1 -1.51% 10.08% 10.21%
Return After Taxes on Distributions and Sale of Fund
Shares1 -0.38% 8.29% 8.70%
Dow Jones U.S. Financials Capped Index2,3 (Index
returns do not reflect deductions for fees, expenses, or
taxes) -0.58% 11.06% 11.14%
Russell 1000 Financials 40 Act 15/22.5 Daily
Capped Index3 (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
Index returns through June 23, 2019, reflect the performance of the Dow Jones U.S.
Financials Index. Index returns beginning on June 24, 2019 reflect the performance of the
Dow Jones U.S. Financials Capped Index.
3
Effective September 20, 2021, the Fund’s Underlying Index is the Russell 1000 Financials
40 Act 15/22.5 Daily Capped Index. Prior to September 20, 2021, the Fund’s Underlying
Index is the Dow Jones U.S. Financials Capped Index. The inception date of the Russell
1000 Financials 40 Act 15/22.5 Daily Capped Index was July 9, 2021.
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-9For more information visit www.iShares.com or call 1-800-474-2737
IS-SP-IYF-0921
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