2021 SUMMARY PROSPECTUS - BLACKROCK
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SEPTEMBER 1, 2021
2021 Summary Prospectus
• iShares Core Dividend Growth ETF | DGRO | 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® CORE DIVIDEND GROWTH ETF
Ticker: DGRO Stock Exchange: NYSE Arca
Investment Objective
The iShares Core Dividend Growth ETF (the “Fund”) seeks to track the investment
results of an index composed of U.S. equities with a history of consistently growing
dividends.
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
0.08% None 0.00% 0.08%
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
$8 $26 $45 $103
S-1Portfolio Turnover. The Fund may pay companies in the financials, healthcare
transaction costs, such as commissions, and technology industries or sectors.
when it buys and sells securities (or The components of the Underlying Index
“turns over” its portfolio). A higher are likely to change over time.
portfolio turnover rate may indicate BFA uses a “passive” or indexing
higher transaction costs and may result approach to try to achieve the Fund’s
in higher taxes when Fund shares are investment objective. Unlike many
held in a taxable account. These costs, investment companies, the Fund does
which are not reflected in the Annual not try to “beat” the index it tracks and
Fund Operating Expenses or in the does not seek temporary defensive
Example, affect the Fund’s positions when markets decline or
performance. During the most recent appear overvalued.
fiscal year, the Fund’s portfolio turnover
rate was 31% of the average value of its Indexing may eliminate the chance that
portfolio. the Fund will substantially outperform
the Underlying Index but also may
Principal Investment reduce some of the risks of active
Strategies management, such as poor security
selection. Indexing seeks to achieve
The Fund seeks to track the investment
lower costs and better after-tax
results of the Morningstar® US Dividend
performance by aiming to keep portfolio
Growth IndexSM (the “Underlying
turnover low in comparison to actively
Index”), which is a dividend dollar-
managed investment companies.
weighted index that seeks to measure
the performance of U.S. companies BFA uses a representative sampling
selected based on a consistent history indexing strategy to manage the Fund.
of growing dividends. The Underlying “Representative sampling” is an
Index is a subset of the Morningstar® indexing strategy that involves investing
US Market IndexSM, which is a in a representative sample of securities
diversified broad market index that that collectively has an investment
represents approximately 97% of the profile similar to that of an applicable
market capitalization of publicly-traded underlying index. The securities
U.S. stocks. Eligible companies must selected are expected to have, in the
pay a qualified dividend, must have at aggregate, investment characteristics
least five years of uninterrupted annual (based on factors such as market
dividend growth and their earnings capitalization and industry weightings),
payout ratio must be less than 75%. fundamental characteristics (such as
Companies that are in the top decile return variability and yield) and liquidity
based on dividend yield are excluded measures similar to those of an
from the Underlying Index prior to the applicable underlying index. The Fund
dividend growth and payout ratio may or may not hold all of the securities
screens. The Underlying Index will in the Underlying Index.
include large-, mid- and small- The Fund generally will invest at least
capitalization companies and may 80% of its assets in the component
change over time. As of April 30, 2021, securities of its Underlying Index and in
a significant portion of the Underlying investments that have economic
Index is represented by securities of characteristics that are substantially
S-2identical to the component securities of considered to be issued by members of
its Underlying Index (i.e., depositary any industry.
receipts representing securities of the
Underlying Index) and may invest up to Summary of Principal Risks
20% of its assets in certain futures, As with any investment, you could lose
options and swap contracts, cash and all or part of your investment in the
cash equivalents, including shares of Fund, and the Fund’s performance could
money market funds advised by BFA or trail that of other investments. The Fund
its affiliates, as well as in securities not is subject to certain risks, including the
included in the Underlying Index, but principal risks noted below, any of
which BFA believes will help the Fund which may adversely affect the Fund’s
track the Underlying Index. Cash and net asset value per share (“NAV”),
cash equivalent investments associated trading price, yield, total return and
with a derivative position will be treated ability to meet its investment objective.
as part of that position for the purposes The order of the below risk factors does
of calculating investments not included not indicate the significance of any
in the Underlying Index. The Fund seeks particular risk factor.
to 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
Morningstar Inc. (“Morningstar” or the defined in the Creations and
“Index Provider”), which is independent Redemptions section of this prospectus
of the Fund and BFA. The Index Provider (the “Prospectus”)) may engage in
determines the composition and relative creation or redemption transactions
weightings of the securities in the directly with the Fund, and none of
Underlying Index and publishes those Authorized Participants is
information regarding the market value obligated to engage in creation and/or
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-3Calculation Methodology Risk. The Dividend-Paying Stock Risk. Investing
Underlying Index relies on various in dividend-paying stocks involves the
sources of information to assess the risk that such stocks may fall out of
criteria of issuers included in the favor with investors and underperform
Underlying Index, including information the broader market. Companies that
that may be based on assumptions and issue dividend-paying stocks are not
estimates. Neither the Fund nor BFA can required to pay or continue paying
offer assurances that the Underlying dividends on such stocks. It is possible
Index’s calculation methodology or that issuers of the stocks held by the
sources of information will provide an Fund will not declare dividends in the
accurate assessment of included future or will reduce or eliminate the
issuers. payment of dividends (including
Concentration Risk. The Fund may be reducing or eliminating anticipated
susceptible to an increased risk of loss, accelerations or increases in the
including losses due to adverse events payment of dividends) in the future.
that affect the Fund’s investments more Equity Securities Risk. Equity
than the market as a whole, to the securities are subject to changes in
extent that the Fund’s investments are value, and their values may be more
concentrated in the securities and/or volatile than those of other asset
other assets of a particular issuer or classes. The Underlying Index is
issuers, country, group of countries, composed of common stocks, which
region, market, industry, group of generally subject their holders to more
industries, sector, market segment or risks than preferred stocks and debt
asset class. securities because common
Cybersecurity Risk. Failures or stockholders’ claims are subordinated
breaches of the electronic systems of to those of holders of preferred stocks
the Fund, the Fund’s adviser, distributor, and debt securities upon the bankruptcy
the Index Provider and other service of the issuer.
providers, market makers, Authorized Financials Sector Risk. Performance of
Participants or the issuers of securities companies in the financials sector may
in which the Fund invests have the be adversely impacted by many factors,
ability to cause disruptions, negatively including, among others, changes in
impact the Fund’s business operations government regulations, economic
and/or potentially result in financial conditions, and interest rates, credit
losses to the Fund and its shareholders. rating downgrades, and decreased
While the Fund has established business liquidity in credit markets. The extent to
continuity plans and risk management which the Fund may invest in a company
systems seeking to address system that engages in securities-related
breaches or failures, there are inherent activities or banking is limited by
limitations in such plans and systems. applicable law. The impact of changes in
Furthermore, the Fund cannot control capital requirements and recent or
the cybersecurity plans and systems of future regulation of any individual
the Fund’s Index Provider and other financial company, or of the financials
service providers, market makers, sector as a whole, cannot be predicted.
Authorized Participants or issuers of In recent years, cyberattacks and
securities in which the Fund invests. technology malfunctions and failures
S-4have become increasingly frequent in Underlying Index to vary from its normal
this sector and have caused significant or expected composition.
losses to companies in this sector, Infectious Illness Risk. An outbreak of
which may negatively impact the Fund. an infectious respiratory illness, COVID-
Healthcare Sector Risk. The 19, caused by a novel coronavirus has
profitability of companies in the resulted in travel restrictions, disruption
healthcare sector may be affected by of healthcare systems, prolonged
government regulations and quarantines, cancellations, supply chain
government healthcare programs, disruptions, lower consumer demand,
increases or decreases in the cost of layoffs, ratings downgrades, defaults
medical products and services, an and other significant economic impacts.
increased emphasis on outpatient Certain markets have experienced
services, demand for medical products temporary closures, extreme volatility,
and services and product liability severe losses, reduced liquidity and
claims, among other factors. Many increased trading costs. These events
healthcare companies are heavily will have an impact on the Fund and its
dependent on patent protection, and investments and could impact the
the expiration of a company’s patent Fund’s ability to purchase or sell
may adversely affect that company’s securities or cause elevated tracking
profitability. Healthcare companies are error and increased premiums or
subject to competitive forces that may discounts to the Fund’s NAV. Other
result in price discounting, and may be infectious illness outbreaks in the future
thinly capitalized and susceptible to may result in similar impacts.
product obsolescence. Investment Strategy Risk. While the
Index-Related Risk. There is no index methodology attempts to screen
guarantee that the Fund’s investment companies for inclusion in the
results will have a high degree of Underlying Index based on financial
correlation to those of the Underlying health and a history of growing or
Index or that the Fund will achieve its paying above average dividends, there is
investment objective. Market no guarantee that the securities in the
disruptions and regulatory restrictions Underlying Index or in the Fund’s
could have an adverse effect on the portfolio will increase in value or that
Fund’s ability to adjust its exposure to they will not decline in value.
the required levels in order to track the Issuer Risk. The performance of the
Underlying Index. Errors in index data, Fund depends on the performance of
index computations or the construction individual securities to which the Fund
of the Underlying Index in accordance has exposure. Changes in the financial
with its methodology may occur from condition or credit rating of an issuer of
time to time and may not be identified those securities may cause the value of
and corrected by the Index Provider for the securities to decline. There is no
a period of time or at all, which may guarantee that an issuer that paid
have an adverse impact on the Fund and dividends in the past will continue to do
its shareholders. Unusual market so in the future or will continue paying
conditions may cause the Index dividends at the same level.
Provider to postpone a scheduled
rebalance, which could cause the
S-5Large-Capitalization Companies Risk. limited to, human error, processing and
Large-capitalization companies may be communication errors, errors of the
less able than smaller capitalization Fund’s service providers, counterparties
companies to adapt to changing market or other third parties, failed or
conditions. Large-capitalization inadequate processes and technology
companies may be more mature and or systems failures. The Fund and BFA
subject to more limited growth potential seek to reduce these operational risks
compared with smaller capitalization through controls and procedures.
companies. During different market However, these measures do not
cycles, the performance of large- address every possible risk and may be
capitalization companies has trailed the inadequate to address significant
overall performance of the broader operational risks.
securities markets. Passive Investment Risk. The Fund is
Management Risk. As the Fund will not not actively managed, and BFA generally
fully replicate the Underlying Index, it is does not attempt to take defensive
subject to the risk that BFA’s positions under any market conditions,
investment strategy may not produce including declining markets.
the intended results. Risk of Investing in the U.S. Certain
Market Risk. The Fund could lose changes in the U.S. economy, such as
money over short periods due to short- when the U.S. economy weakens or
term market movements and over when its financial markets decline, may
longer periods during more prolonged have an adverse effect on the securities
market downturns. Local, regional or to which the Fund has exposure.
global events such as war, acts of Securities Lending Risk. The Fund may
terrorism, the spread of infectious engage in securities lending. Securities
illness or other public health issues, lending involves the risk that the Fund
recessions, or other events could have a may lose money because the borrower
significant impact on the Fund and its of the loaned securities fails to return
investments and could result in the securities in a timely manner or at
increased premiums or discounts to the all. The Fund could also lose money in
Fund’s NAV. the event of a decline in the value of
Market Trading Risk. The Fund faces collateral provided for loaned securities
numerous market trading risks, or a decline in the value of any
including the potential lack of an active investments made with cash collateral.
market for Fund shares, losses from These events could also trigger adverse
trading in secondary markets, periods of tax consequences for the Fund.
high volatility and disruptions in the Technology Sector Risk. Technology
creation/redemption process. ANY OF companies, including information
THESE FACTORS, AMONG OTHERS, technology companies, may have
MAY LEAD TO THE FUND’S SHARES limited product lines, markets, financial
TRADING AT A PREMIUM OR DISCOUNT resources or personnel. Technology
TO NAV. companies typically face intense
Operational Risk. The Fund is exposed competition and potentially rapid
to operational risks arising from a product obsolescence. They are also
number of factors, including, but not heavily dependent on intellectual
S-6property rights and may be adversely differences in timing of the accrual of or
affected by the loss or impairment of the valuation of dividends or interest,
those rights. Companies in the the requirements to maintain pass-
technology sector are facing increased through tax treatment, portfolio
government and regulatory scrutiny and transactions carried out to minimize the
may be subject to adverse government distribution of capital gains to
or regulatory action. 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,
S-7Performance 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%
30.02%
30%
22.84%
20% 15.27%
9.47%
10%
0%
-0.62% -2.24%
-10%
2015 2016 2017 2018 2019 2020
1
The Fund’s year-to-date return as of June 30, 2021 was 13.60%.
The best calendar quarter return during the periods shown above was 16.22% in the
2nd quarter of 2020; the worst was -21.91% 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-8Average Annual Total Returns
(for the periods ended December 31, 2020)
Since Fund
One Year Five Years Inception
(Inception Date: 6/10/2014)
Return Before Taxes 9.47% 14.53% 11.96%
Return After Taxes on Distributions1 8.76% 13.87% 11.33%
Return After Taxes on Distributions and Sale of Fund
Shares1 5.95% 11.54% 9.53%
Morningstar US Dividend Growth Index (Index
returns do not reflect deductions for fees, expenses, or
taxes) 9.50% 14.61% 12.03%
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-9Management 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 exchange-traded fund development of technology platforms
(commonly referred to as an “ETF”). and reporting systems or other services
Individual shares of the Fund may only related to the sale or promotion of the
be bought and sold in the secondary Fund. These payments may create a
market through a broker-dealer. conflict of interest by influencing the
Because ETF shares trade at market broker-dealer or other intermediary and
prices rather than at NAV, shares may your salesperson to recommend the
trade at a price greater than NAV (a Fund over another investment. Ask your
premium) or less than NAV (a discount). salesperson or visit your financial
An investor may incur costs attributable intermediary’s website for more
to the difference between the highest information.
price a buyer is willing to pay to
purchase shares of the Fund (bid) 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”).
S-10For more information visit www.iShares.com or call 1-800-474-2737
IS-SP-DGRO-0921
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