2021 Summary Prospectus - iShares
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SEPTEMBER 1, 2021
2021 Summary Prospectus
• iShares Core High Dividend ETF | HDV | 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 HIGH DIVIDEND ETF
Ticker: HDV Stock Exchange: NYSE Arca
Investment Objective
The iShares Core High Dividend ETF (the “Fund”) seeks to track the investment results
of an index composed of relatively high dividend paying U.S. equities.
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 screening requirements. The
transaction costs, such as commissions, Morningstar index methodology
when it buys and sells securities (or determines “company quality” in
“turns over” its portfolio). A higher accordance with the Morningstar
portfolio turnover rate may indicate Economic MoatTM rating system, in
higher transaction costs and may result which companies are assigned a moat
in higher taxes when Fund shares are rating of “none,” “narrow” or “wide”
held in a taxable account. These costs, based on the prospect of earning above
which are not reflected in the Annual average returns on capital and the
Fund Operating Expenses or in the strength of the company’s competitive
Example, affect the Fund’s advantage. Additionally, companies are
performance. During the most recent screened for “financial health” using
fiscal year, the Fund’s portfolio turnover Morningstar’s Distance to Default
rate was 75% of the average value of its measure, a quantitative option pricing
portfolio. approach that estimates a company’s
probability of default. To qualify for
Principal Investment inclusion in the Underlying Index,
Strategies constituents must have a Morningstar
The Fund seeks to track the investment Economic Moat rating of “narrow” or
results of the Morningstar® Dividend “wide” and have a Morningstar Distance
Yield Focus IndexSM (the “Underlying to Default score in the top 50% of
Index”), which offers exposure to high eligible dividend-paying companies
quality U.S.-domiciled companies that within its sector. For those companies
have had strong financial health and an that are not assigned a Morningstar
ability to sustain above average Economic Moat rating, the companies
dividend payouts. Underlying Index must demonstrate a Morningstar
constituents are drawn from the pool of Distance to Default score in the top 30%
stocks issued by U.S. based companies of eligible dividend-paying companies
that trade publicly on the New York within its sector. Additionally, each
Stock Exchange (“NYSE”), the NYSE constituent’s dividend must be deemed
Amex Equities, or The Nasdaq Stock to be qualified income.
Market. The Underlying Index is a The Underlying Index will include large-,
subset of the Morningstar® US Market mid-and small-capitalization companies
IndexSM (a diversified broad market and may change over time. As of April
index that represents approximately 30, 2021, a significant portion of the
97% of the market capitalization of Underlying Index is represented by
publicly-traded U.S. stocks). The securities of companies in the
Underlying Index is composed of consumer defensive, energy and
qualified income paying securities that healthcare industries or sectors. The
are screened for superior company components of the Underlying Index are
quality and financial health as likely to change over time.
determined by Morningstar, Inc.’s BFA uses a “passive” or indexing
(“Morningstar” or the “Index Provider”) approach to try to achieve the Fund’s
proprietary index methodology. Stocks investment objective. Unlike many
in the Underlying Index represent the investment companies, the Fund does
top 75 yielding stocks meeting the not try to “beat” the index it tracks and
S-2does not seek temporary defensive included in the Underlying Index, but
positions when markets decline or which BFA believes will help the Fund
appear overvalued. track the Underlying Index. Cash and
Indexing may eliminate the chance that cash equivalent investments associated
the Fund will substantially outperform with a derivative position will be treated
the Underlying Index but also may as part of that position for the purposes
reduce some of the risks of active of calculating investments not included
management, such as poor security in the Underlying Index. The Fund seeks
selection. Indexing seeks to achieve to track the investment results of the
lower costs and better after-tax Underlying Index before fees and
performance by aiming to keep portfolio expenses of the Fund.
turnover low in comparison to actively The Fund may lend securities
managed investment companies. representing up to one-third of the value
BFA uses a representative sampling of the Fund’s total assets (including the
indexing strategy to manage the Fund. value of any collateral received).
“Representative sampling” is an The Underlying Index is sponsored by
indexing strategy that involves investing Morningstar, which is independent of
in a representative sample of securities the Fund and BFA. The Index Provider
that collectively has an investment determines the composition and relative
profile similar to that of an applicable weightings of the securities in the
underlying index. The securities Underlying Index and publishes
selected are expected to have, in the information regarding the market value
aggregate, investment characteristics of the Underlying Index.
(based on factors such as market Industry Concentration Policy. The
capitalization and industry weightings), Fund will concentrate its investments
fundamental characteristics (such as (i.e., hold 25% or more of its total
return variability and yield) and liquidity assets) in a particular industry or group
measures similar to those of an of industries to approximately the same
applicable underlying index. The Fund extent that the Underlying Index is
may or may not hold all of the securities concentrated. For purposes of this
in the Underlying Index. limitation, securities of the U.S.
The Fund generally will invest at least government (including its agencies and
80% of its assets in the component instrumentalities) and repurchase
securities of its Underlying Index and in agreements collateralized by U.S.
investments that have economic government securities are not
characteristics that are substantially considered to be issued by members of
identical to the component securities of any industry.
its Underlying Index (i.e., depositary
receipts representing securities of the Summary of Principal Risks
Underlying Index) and may invest up to As with any investment, you could lose
20% of its assets in certain futures, all or part of your investment in the
options and swap contracts, cash and Fund, and the Fund’s performance could
cash equivalents, including shares of trail that of other investments. The Fund
money market funds advised by BFA or is subject to certain risks, including the
its affiliates, as well as in securities not principal risks noted below, any of
S-3which may adversely affect the Fund’s sources of information will provide an
net asset value per share (“NAV”), accurate assessment of included
trading price, yield, total return and issuers.
ability to meet its investment objective. Concentration Risk. The Fund may be
The order of the below risk factors does susceptible to an increased risk of loss,
not indicate the significance of any including losses due to adverse events
particular risk factor. that affect the Fund’s investments more
Asset Class Risk. Securities and other than the market as a whole, to the
assets in the Underlying Index or in the extent that the Fund’s investments are
Fund’s portfolio may underperform in concentrated in the securities and/or
comparison to the general financial other assets of a particular issuer or
markets, a particular financial market or issuers, country, group of countries,
other asset classes. region, market, industry, group of
Authorized Participant Concentration industries, sector, market segment or
Risk. Only an Authorized Participant (as asset class.
defined in the Creations and Consumer Defensive Industry Risk.
Redemptions section of this prospectus Consumer defensive companies include
(the “Prospectus”)) may engage in companies engaged in the
creation or redemption transactions manufacturing of food, beverages,
directly with the Fund, and none of household and personal products,
those Authorized Participants is packaging, or tobacco. It also includes
obligated to engage in creation and/or companies that provide services such
redemption transactions. The Fund has as education and training services.
a limited number of institutions that Consumer defensive companies may be
may act as Authorized Participants on adversely affected by government
an agency basis (i.e., on behalf of other regulation, consumers’ disposable
market participants). To the extent that income and consumer preferences, and
Authorized Participants exit the social trends.
business or are unable to proceed with Cybersecurity Risk. Failures or
creation or redemption orders with breaches of the electronic systems of
respect to the Fund and no other the Fund, the Fund’s adviser, distributor,
Authorized Participant is able to step the Index Provider and other service
forward to create or redeem, Fund providers, market makers, Authorized
shares may be more likely to trade at a Participants or the issuers of securities
premium or discount to NAV and in which the Fund invests have the
possibly face trading halts or delisting. ability to cause disruptions, negatively
Calculation Methodology Risk. The impact the Fund’s business operations
Underlying Index relies on various and/or potentially result in financial
sources of information to assess the losses to the Fund and its shareholders.
criteria of issuers included in the While the Fund has established business
Underlying Index, including information continuity plans and risk management
that may be based on assumptions and systems seeking to address system
estimates. Neither the Fund nor BFA can breaches or failures, there are inherent
offer assurances that the Underlying limitations in such plans and systems.
Index’s calculation methodology or Furthermore, the Fund cannot control
S-4the cybersecurity plans and systems of and debt securities upon the bankruptcy
the Fund’s Index Provider and other of the issuer.
service providers, market makers, Healthcare Sector Risk. The
Authorized Participants or issuers of profitability of companies in the
securities in which the Fund invests. healthcare sector may be affected by
Dividend-Paying Stock Risk. Investing government regulations and
in dividend-paying stocks involves the government healthcare programs,
risk that such stocks may fall out of increases or decreases in the cost of
favor with investors and underperform medical products and services, an
the broader market. Companies that increased emphasis on outpatient
issue dividend-paying stocks are not services, demand for medical products
required to pay or continue paying and services and product liability
dividends on such stocks. It is possible claims, among other factors. Many
that issuers of the stocks held by the healthcare companies are heavily
Fund will not declare dividends in the dependent on patent protection, and
future or will reduce or eliminate the the expiration of a company’s patent
payment of dividends (including may adversely affect that company’s
reducing or eliminating anticipated profitability. Healthcare companies are
accelerations or increases in the subject to competitive forces that may
payment of dividends) in the future. result in price discounting, and may be
Energy Sector Risk. The market value thinly capitalized and susceptible to
of securities in the energy sector may product obsolescence.
decline for many reasons, including, Index-Related Risk. There is no
among others, changes in energy prices, guarantee that the Fund’s investment
energy supply and demand, government results will have a high degree of
regulations and energy conservation correlation to those of the Underlying
efforts. The energy sector has recently Index or that the Fund will achieve its
experienced increased volatility. In investment objective. Market
particular, significant market volatility in disruptions and regulatory restrictions
the crude oil markets as well as the oil could have an adverse effect on the
futures markets resulted in the market Fund’s ability to adjust its exposure to
price of certain crude oil futures the required levels in order to track the
contracts falling below zero for a period Underlying Index. Errors in index data,
of time. index computations or the construction
Equity Securities Risk. Equity of the Underlying Index in accordance
securities are subject to changes in with its methodology may occur from
value, and their values may be more time to time and may not be identified
volatile than those of other asset and corrected by the Index Provider for
classes. The Underlying Index is a period of time or at all, which may
composed of common stocks, which have an adverse impact on the Fund and
generally subject their holders to more its shareholders. Unusual market
risks than preferred stocks and debt conditions may cause the Index
securities because common Provider to postpone a scheduled
stockholders’ claims are subordinated rebalance, which could cause the
to those of holders of preferred stocks Underlying Index to vary from its normal
or expected composition.
S-5Infectious Illness Risk. An outbreak of companies to adapt to changing market
an infectious respiratory illness, COVID- conditions. Large-capitalization
19, caused by a novel coronavirus has companies may be more mature and
resulted in travel restrictions, disruption subject to more limited growth potential
of healthcare systems, prolonged compared with smaller capitalization
quarantines, cancellations, supply chain companies. During different market
disruptions, lower consumer demand, cycles, the performance of large-
layoffs, ratings downgrades, defaults capitalization companies has trailed the
and other significant economic impacts. overall performance of the broader
Certain markets have experienced securities markets.
temporary closures, extreme volatility, Management Risk. As the Fund will not
severe losses, reduced liquidity and fully replicate the Underlying Index, it is
increased trading costs. These events subject to the risk that BFA’s
will have an impact on the Fund and its investment strategy may not produce
investments and could impact the the intended results.
Fund’s ability to purchase or sell
securities or cause elevated tracking Market Risk. The Fund could lose
error and increased premiums or money over short periods due to short-
discounts to the Fund’s NAV. Other term market movements and over
infectious illness outbreaks in the future longer periods during more prolonged
may result in similar impacts. market downturns. Local, regional or
global events such as war, acts of
Investment Strategy Risk. While the terrorism, the spread of infectious
index methodology attempts to screen illness or other public health issues,
companies for inclusion in the recessions, or other events could have a
Underlying Index based on financial significant impact on the Fund and its
health and a history of growing or investments and could result in
paying above average dividends, there is increased premiums or discounts to the
no guarantee that the securities in the Fund’s NAV.
Underlying Index or in the Fund’s
portfolio will increase in value or that Market Trading Risk. The Fund faces
they will not decline in value. numerous market trading risks,
including the potential lack of an active
Issuer Risk. The performance of the market for Fund shares, losses from
Fund depends on the performance of trading in secondary markets, periods of
individual securities to which the Fund high volatility and disruptions in the
has exposure. Changes in the financial creation/redemption process. ANY OF
condition or credit rating of an issuer of THESE FACTORS, AMONG OTHERS,
those securities may cause the value of MAY LEAD TO THE FUND’S SHARES
the securities to decline. There is no TRADING AT A PREMIUM OR DISCOUNT
guarantee that an issuer that paid TO NAV.
dividends in the past will continue to do
so in the future or will continue paying Mid-Capitalization Companies Risk.
dividends at the same level. Compared to large-capitalization
companies, mid-capitalization
Large-Capitalization Companies Risk. companies may be less stable and more
Large-capitalization companies may be susceptible to adverse developments. In
less able than smaller capitalization
S-6addition, the securities of mid- lending involves the risk that the Fund
capitalization companies may be more may lose money because the borrower
volatile and less liquid than those of of the loaned securities fails to return
large-capitalization companies. the securities in a timely manner or at
Non-Diversification Risk. The Fund all. The Fund could also lose money in
may invest a large percentage of its the event of a decline in the value of
assets in securities issued by or collateral provided for loaned securities
representing a small number of issuers. or a decline in the value of any
As a result, the Fund’s performance may investments made with cash collateral.
depend on the performance of a small These events could also trigger adverse
number of issuers. tax consequences for the Fund.
Operational Risk. The Fund is exposed Tracking Error Risk. The Fund may be
to operational risks arising from a subject to tracking error, which is the
number of factors, including, but not divergence of the Fund’s performance
limited to, human error, processing and from that of the Underlying Index.
communication errors, errors of the Tracking error may occur because of
Fund’s service providers, counterparties differences between the securities and
or other third parties, failed or other instruments held in the Fund’s
inadequate processes and technology portfolio and those included in the
or systems failures. The Fund and BFA Underlying Index, pricing differences,
seek to reduce these operational risks transaction costs incurred by the Fund,
through controls and procedures. the Fund’s holding of uninvested cash,
However, these measures do not differences in timing of the accrual of or
address every possible risk and may be the valuation of dividends or interest,
inadequate to address significant the requirements to maintain pass-
operational risks. through tax treatment, portfolio
transactions carried out to minimize the
Passive Investment Risk. The Fund is distribution of capital gains to
not actively managed, and BFA generally shareholders, acceptance of custom
does not attempt to take defensive baskets, changes to the Underlying
positions under any market conditions, Index or the costs to the Fund of
including declining markets. complying with various new or existing
Risk of Investing in the U.S. Certain regulatory requirements. This risk may
changes in the U.S. economy, such as be heightened during times of increased
when the U.S. economy weakens or market volatility or other unusual
when its financial markets decline, may market conditions. Tracking error also
have an adverse effect on the securities may result because the Fund incurs fees
to which the Fund has exposure. and expenses, while the Underlying
Index does not.
Securities Lending Risk. The Fund may
engage in securities lending. Securities
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)
30% 23.61%
20.35%
20% 15.79%
13.36%
12.55%
9.71%
10%
0%
-0.26%
-2.93%
-10% -6.47%
-20%
2012 2013 2014 2015 2016 2017 2018 2019 2020
1
The Fund’s year-to-date return as of June 30, 2021 was 12.06%.
The best calendar quarter return during the periods shown above was 14.70% in the
2nd quarter of 2020; the worst was -26.13% 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: 3/29/2011)
Return Before Taxes -6.47% 7.48% 9.60%
Return After Taxes on Distributions1 -7.47% 6.55% 8.75%
Return After Taxes on Distributions and Sale of Fund
Shares1 -3.28% 5.78% 7.76%
Morningstar Dividend Yield Focus Index (Index
returns do not reflect deductions for fees, expenses, or
taxes) -6.40% 7.57% 9.83%
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, Mr.
Mason, Mr. Savage and Ms. Whitelaw
and Other Financial
have been Portfolio Managers of the Intermediaries
Fund since 2012, 2016, 2011 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-10For more information visit www.iShares.com or call 1-800-474-2737
IS-SP-HDV-0921
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