2022 Summary Prospectus - iShares
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APRIL 26, 2022
2022 Summary Prospectus
• iShares Blockchain and Tech ETF | IBLC | 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 April 6, 2022, 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® BLOCKCHAIN AND TECH ETF
Ticker: IBLC Stock Exchange: NYSE Arca
Investment Objective
The iShares Blockchain and Tech ETF (the “Fund”) seeks to track the investment
results of an index composed of U.S. and non-U.S. companies that are involved in the
development, innovation, and utilization of blockchain and crypto technologies.
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: (i)
the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with
respect to the acquisition and disposition of portfolio securities and the execution of
portfolio transactions, including brokerage commissions, (v) distribution fees or
expenses, and (vi) 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
0.47% None 0.00% 0.47%
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
$48 $151
S-1Portfolio Turnover. The Fund may pay blocks on the ledger (thus creating a
transaction costs, such as commissions, chain). One use of blockchain is
when it buys and sells securities (or “cryptocurrency,” which is a digital
“turns over” its portfolio). A higher asset that typically uses blockchain’s
portfolio turnover rate may indicate decentralized and secured ledger as a
higher transaction costs and may result method of verifying transactions and
in higher taxes when Fund shares are ownership. The Fund’s investments will
held in a taxable account. These costs, include companies involved in (a)
which are not reflected in the Annual cryptocurrency mining, (b)
Fund Operating Expenses or in the cryptocurrency trading and exchanges,
Example, affect the Fund’s (c) crypto-mining systems or (d)
performance. blockchain technology.
IDI begins with common equity
Principal Investment
securities (including depositary
Strategies receipts) that have a market
The Fund seeks to track the investment capitalization of $100 million or greater
results of the NYSE FactSet Global and a three-month Average Daily
Blockchain Technologies Index (the Trading Value (“ADTV”) of $1 million or
“Underlying Index”), which is a rules- greater and are from one of 43 eligible
based, modified float-adjusted market countries (as disclosed in the Fund’s
capitalization-weighted equity index that Statement of Additional Information).
measures the performance of equity From this starting universe, IDI selects,
securities issued by U.S. and non-U.S. as “Tier 1” securities, companies
companies that are involved in the generating 50% or more revenue from
development, innovation, and utilization the following RBICS Focus Level 6
of blockchain and crypto technologies. industries: Blockchain Technology;
The Fund may invest in non-U.S. Cryptocurrency Mining; and
companies, including those located in Cryptocurrency Trading and Exchanges.
emerging markets, without any limits Tier 1 also includes securities in the
consistent with the Underlying Index. RBICS Focus Level 6 industry Multi-Type
ICE Data Indices, LLC, or its affiliates Business and Personal Systems that are
(the “Index Provider” or “IDI”), uses also classified in FactSet’s proprietary
FactSet’s Revere Business Industry Revere Hierarchy Focus industry Crypto-
Classification System (“RBICS”) mining Systems.
classifications to determine the eligible In order to capture those companies
universe. that design and manufacture graphics
The Index Provider defines “blockchain” processing unit (GPU) chips necessary
as technologies characterized by a for mining, IDI next selects, as “Tier 2”
shared, peer-to-peer, decentralized, and securities, companies in the RBICS
immutable ledger ideally suited for Focus Level 6 Video Multimedia
recording information. Information on Semiconductor industry. Additionally for
the blockchain is secured through a Tier 2, IDI selects the securities of
validation process involving companies in the following Revere
cryptography known as “mining,” which Hierarchy Focus industries in order to
integrates a new set of information capture those companies that have an
(known as a “block”) with all previous ancillary business related to blockchain:
S-2Blockchain Technology; Cryptocurrency portion of the Underlying Index is
Mining; Cryptocurrency Trading/ represented by securities of companies
Exchanges; and Crypto-mining Systems. in the blockchain, financials and
The Fund will not invest in technology industries or sectors. The
cryptocurrency (i) directly or (ii) components of the Underlying Index are
indirectly through the use of derivatives likely to change over time.
on such assets. BFA uses a “passive” or indexing
The Underlying Index will have a approach to try to achieve the Fund’s
minimum of 35 constituents at selection investment objective. Unlike many
and will include all Tier 1 securities and investment companies, the Fund does
a minimum of 10 Tier 2 securities, not try to “beat” the index it tracks and
selected in descending order of float- does not seek temporary defensive
adjusted market capitalization. The positions when markets decline or
component securities of the Underlying appear overvalued.
Index are weighted by float-adjusted
Indexing may eliminate the chance that
market capitalization with Tier 1
the Fund will substantially outperform
securities allocated a minimum weight
the Underlying Index but also may
of 75% in aggregate, subject to capping
reduce some of the risks of active
constraints. Each Tier 1 security is
management, such as poor security
capped at 12%, and each Tier 2 security
selection. Indexing seeks to achieve
is capped at 4% of the Underlying Index,
lower costs and better after-tax
each at rebalance. Securities with
performance by aiming to keep portfolio
weights greater than 4.5% shall not in
turnover low in comparison to actively
aggregate exceed 45% of the Underlying
managed investment companies.
Index weight at rebalance. Additionally,
Tier 1 securities whose constituent BFA uses a representative sampling
weight is greater than ten (10) times indexing strategy to manage the Fund.
their three-month ADTV will have their “Representative sampling” is an
weights determined by their liquidity indexing strategy that involves investing
weight instead of by float-adjusted in a representative sample of securities
market capitalization. The Index that collectively has an investment
Provider determines the liquidity weight profile similar to that of an applicable
of a security as follows: index weight underlying index. The securities
assigned to a security based on the selected are expected to have, in the
relative three-month median daily value aggregate, investment characteristics
traded of the security compared to that (based on factors such as market
measure for the overall index. capitalization and industry weightings),
fundamental characteristics (such as
The Underlying Index will be reviewed
return variability and yield) and liquidity
and reconstituted semi-annually in
measures similar to those of an
March and September each year.
applicable underlying index. The Fund
Constituent weights of the Underlying
may or may not hold all of the securities
Index are rebalanced quarterly. The
in the Underlying Index.
Underlying Index includes large-, mid-
and small-capitalization companies and The Fund generally will invest at least
may change over time. 80% of its assets in the component
As of March 11, 2022, a significant securities of its Underlying Index and in
S-3investments 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
included in the Underlying Index, but which may adversely affect the Fund’s
which BFA believes will help the Fund net asset value per share (“NAV”),
track the Underlying Index. Cash and trading price, yield, total return and
cash equivalent investments associated ability to meet its investment objective.
with a derivative position will be treated The order of the below risk factors does
as part of that position for the purposes not indicate the significance of any
of calculating investments not included particular risk factor.
in the Underlying Index. The Fund seeks
Asset Class Risk. Securities and other
to track the investment results of the
assets in the Underlying Index or in the
Underlying Index before fees and
Fund’s portfolio may underperform in
expenses of the Fund.
comparison to the general financial
The Fund may lend securities markets, a particular financial market or
representing up to one-third of the value other asset classes.
of the Fund’s total assets (including the
Assets Under Management (AUM)
value of any collateral received).
Risk. From time to time, an Authorized
The Underlying Index is sponsored by Participant (as defined in the Creations
the Index Provider or its affiliates, which and Redemptions section of this
are independent of the Fund and BFA. prospectus (the “Prospectus”)), a third-
The Index Provider determines the party investor, the Fund’s adviser or an
composition and relative weightings of affiliate of the Fund’s adviser, or a fund
the securities in the Underlying Index may invest in the Fund and hold its
and publishes information regarding the investment for a specific period of time
market value of the Underlying Index. to allow the Fund to achieve size or
Industry Concentration Policy. The scale. There can be no assurance that
Fund will concentrate its investments any such entity would not redeem its
(i.e., hold 25% or more of its total investment or that the size of the Fund
assets) in a particular industry or group would be maintained at such levels,
of industries to approximately the same which could negatively impact the Fund.
extent that the Underlying Index is Authorized Participant Concentration
concentrated. For purposes of this Risk. Only an Authorized Participant
limitation, securities of the U.S. may engage in creation or redemption
government (including its agencies and transactions directly with the Fund, and
instrumentalities) and repurchase none of those Authorized Participants is
agreements collateralized by U.S. obligated to engage in creation and/or
S-4redemption transactions. The Fund has Currency Risk. Because the Fund’s
a limited number of institutions that NAV is determined in U.S. dollars, the
may act as Authorized Participants on Fund’s NAV could decline if the currency
an agency basis (i.e., on behalf of other of a non-U.S. market in which the Fund
market participants). To the extent that invests depreciates against the U.S.
Authorized Participants exit the dollar or if there are delays or limits on
business or are unable to proceed with repatriation of such currency. Currency
creation or redemption orders with exchange rates can be very volatile and
respect to the Fund and no other can change quickly and unpredictably.
Authorized Participant is able to step As a result, the Fund’s NAV may change
forward to create or redeem, Fund quickly and without warning.
shares may be more likely to trade at a Cybersecurity Risk. Failures or
premium or discount to NAV and breaches of the electronic systems of
possibly face trading halts or delisting. the Fund, the Fund’s adviser, distributor,
Authorized Participant concentration the Index Provider and other service
risk may be heightened for exchange- providers, market makers, Authorized
traded funds (“ETFs”), such as the Fund, Participants or the issuers of securities
that invest in securities issued by non- in which the Fund invests have the
U.S. issuers or other securities or ability to cause disruptions, negatively
instruments that have lower trading impact the Fund’s business operations
volumes. and/or potentially result in financial
Calculation Methodology Risk. The losses to the Fund and its shareholders.
Underlying Index relies on various While the Fund has established business
sources of information to assess the continuity plans and risk management
criteria of issuers included in the systems seeking to address system
Underlying Index, including information breaches or failures, there are inherent
that may be based on assumptions and limitations in such plans and systems.
estimates. Neither the Fund nor BFA can Furthermore, the Fund cannot control
offer assurances that the Underlying the cybersecurity plans and systems of
Index’s calculation methodology or the Fund’s Index Provider and other
sources of information will provide an service providers, market makers,
accurate assessment of included Authorized Participants or issuers of
issuers. securities in which the Fund invests.
Concentration Risk. The Fund may be Equity Securities Risk. Equity
susceptible to an increased risk of loss, securities are subject to changes in
including losses due to adverse events value, and their values may be more
that affect the Fund’s investments more volatile than those of other asset
than the market as a whole, to the classes. The Underlying Index is
extent that the Fund’s investments are composed of common stocks, which
concentrated in the securities and/or generally subject their holders to more
other assets of a particular issuer or risks than preferred stocks and debt
issuers, country, group of countries, securities because common
region, market, industry, group of stockholders’ claims are subordinated
industries, sector, market segment or to those of holders of preferred stocks
asset class. and debt securities upon the bankruptcy
of the issuer.
S-5Financials Sector Risk. Performance of and corrected by the Index Provider for
companies in the financials sector may a period of time or at all, which may
be adversely impacted by many factors, have an adverse impact on the Fund and
including, among others, changes in its shareholders. Unusual market
government regulations, economic conditions may cause the Index
conditions, and interest rates, credit Provider to postpone a scheduled
rating downgrades, and decreased rebalance, which could cause the
liquidity in credit markets. The extent to Underlying Index to vary from its normal
which the Fund may invest in a company or expected composition.
that engages in securities-related Infectious Illness Risk. An outbreak of
activities or banking is limited by an infectious respiratory illness, COVID-
applicable law. The impact of changes in 19, caused by a novel coronavirus has
capital requirements and recent or resulted in travel restrictions, disruption
future regulation of any individual of healthcare systems, prolonged
financial company, or of the financials quarantines, cancellations, supply chain
sector as a whole, cannot be predicted. disruptions, lower consumer demand,
In recent years, cyberattacks and layoffs, ratings downgrades, defaults
technology malfunctions and failures and other significant economic impacts.
have become increasingly frequent in Certain markets have experienced
this sector and have caused significant temporary closures, extreme volatility,
losses to companies in this sector, severe losses, reduced liquidity and
which may negatively impact the Fund. increased trading costs. These events
Geographic Risk. A natural disaster will have an impact on the Fund and its
could occur in a geographic region in investments and could impact the
which the Fund invests, which could Fund’s ability to purchase or sell
adversely affect the economy or the securities or cause elevated tracking
business operations of companies in the error and increased premiums or
specific geographic region, causing an discounts to the Fund’s NAV. Other
adverse impact on the Fund’s infectious illness outbreaks in the future
investments in, or which are exposed to, may result in similar impacts.
the affected region. Issuer Risk. The performance of the
Index-Related Risk. There is no Fund depends on the performance of
guarantee that the Fund’s investment individual securities to which the Fund
results will have a high degree of has exposure. Changes in the financial
correlation to those of the Underlying condition or credit rating of an issuer of
Index or that the Fund will achieve its those securities may cause the value of
investment objective. Market the securities to decline.
disruptions and regulatory restrictions Large-Capitalization Companies Risk.
could have an adverse effect on the Large-capitalization companies may be
Fund’s ability to adjust its exposure to less able than smaller capitalization
the required levels in order to track the companies to adapt to changing market
Underlying Index. Errors in index data, conditions. Large-capitalization
index computations or the construction companies may be more mature and
of the Underlying Index in accordance subject to more limited growth potential
with its methodology may occur from compared with smaller capitalization
time to time and may not be identified
S-6companies. During different market subject to the risk that BFA’s
cycles, the performance of large- investment strategy may not produce
capitalization companies has trailed the the intended results.
overall performance of the broader Market Risk. The Fund could lose
securities markets. money over short periods due to short-
Large Shareholder and Large-Scale term market movements and over
Redemption Risk. Certain longer periods during more prolonged
shareholders, including an Authorized market downturns. Local, regional or
Participant, a third-party investor, the global events such as war, acts of
Fund’s adviser or an affiliate of the terrorism, the spread of infectious
Fund’s adviser, a market maker, or illness or other public health issues,
another entity, may from time to time recessions, or other events could have a
own or manage a substantial amount of significant impact on the Fund and its
Fund shares, or may invest in the Fund investments and could result in
and hold their investment for a limited increased premiums or discounts to the
period of time. There can be no Fund’s NAV.
assurance that any large shareholder or Market Trading Risk. The Fund faces
large group of shareholders would not numerous market trading risks,
redeem their investment. Redemptions including the potential lack of an active
of a large number of Fund shares could market for Fund shares, losses from
require the Fund to dispose of assets to trading in secondary markets, periods of
meet the redemption requests, which high volatility and disruptions in the
can accelerate the realization of taxable creation/redemption process. ANY OF
income and/or capital gains and cause THESE FACTORS, AMONG OTHERS,
the Fund to make taxable distributions MAY LEAD TO THE FUND’S SHARES
to its shareholders earlier than the Fund TRADING AT A PREMIUM OR DISCOUNT
otherwise would have. In addition, TO NAV.
under certain circumstances, non-
redeeming shareholders may be treated Mid-Capitalization Companies Risk.
as receiving a disproportionately large Compared to large-capitalization
taxable distribution during or with companies, mid-capitalization
respect to such year. In some companies may be less stable and more
circumstances, the Fund may hold a susceptible to adverse developments. In
relatively large proportion of its assets addition, the securities of mid-
in cash in anticipation of large capitalization companies may be more
redemptions, diluting its investment volatile and less liquid than those of
returns. These large redemptions may large-capitalization companies.
also force the Fund to sell portfolio National Closed Market Trading Risk.
securities when it might not otherwise To the extent that the underlying
do so, which may negatively impact the securities and/or other assets held by
Fund’s NAV, increase the Fund’s the Fund trade on foreign exchanges or
brokerage costs and/or have a material in foreign markets that may be closed
effect on the market price of the Fund when the securities exchange on which
shares. the Fund’s shares trade is open, there
Management Risk. As the Fund will not are likely to be deviations between the
fully replicate the Underlying Index, it is current price of such an underlying
S-7security and the last quoted price for seek to reduce these operational risks
the underlying security (i.e., the Fund’s through controls and procedures.
quote from the closed foreign However, these measures do not
market). The impact of a closed foreign address every possible risk and may be
market on the Fund is likely to be inadequate to address significant
greater where a large portion of the operational risks.
Fund’s underlying securities and/or Passive Investment Risk. The Fund is
other assets trade on that closed not actively managed, and BFA generally
foreign market or when the foreign does not attempt to take defensive
market is closed for unscheduled positions under any market conditions,
reasons. These deviations could result including declining markets.
in premiums or discounts to the Fund’s
NAV that may be greater than those Reliance on Trading Partners Risk.
experienced by other ETFs. The Fund invests in countries or regions
whose economies are heavily
Non-Diversification Risk. The Fund dependent upon trading with key
may invest a large percentage of its partners. Any reduction in this trading
assets in securities issued by or may have an adverse impact on the
representing a small number of issuers. Fund’s investments. Through its
As a result, the Fund’s performance may holdings of securities of certain issuers,
depend on the performance of a small the Fund is specifically exposed to
number of issuers. Asian Economic Risk and North
Non-U.S. Securities Risk. Investments American Economic Risk.
in the securities of non-U.S. issuers are Risk of Investing in Blockchain
subject to the risks associated with Companies. Blockchain technology is
investing in those non-U.S. markets, new and many of its uses may be
such as heightened risks of inflation or untested. There is no assurance that
nationalization. The Fund may lose widespread adoption of blockchain
money due to political, economic and technology will occur, and the
geographic events affecting issuers of development and acceptance of
non-U.S. securities or non-U.S. markets. competing platforms or technologies
In addition, non-U.S. securities markets may cause consumers or investors to
may trade a small number of securities use an alternative to blockchain
and may be unable to respond technology. Blockchain companies may
effectively to changes in trading volume, be subject to more volatility and less
potentially making prompt liquidation of trading volume than securities of
holdings difficult or impossible at times. companies in more established
Operational Risk. The Fund is exposed industries. Companies that are
to operational risks arising from a developing applications of blockchain
number of factors, including, but not technology may not in fact do so or may
limited to, human error, processing and not be able to capitalize on those
communication errors, errors of the blockchain technologies. A proliferation
Fund’s service providers, counterparties of recent companies attempting to
or other third parties, failed or apply blockchain technology in different
inadequate processes and technology contexts means the possibility of
or systems failures. The Fund and BFA conflicting intellectual property claims.
S-8The adoption of blockchain technology Certain developed countries have
may be impaired by laws or regulations. experienced security concerns, such as
For example, China has recently moved terrorism and strained international
to restrict the mining of relations. Incidents involving a country’s
cryptocurrencies. Further, blockchain or region’s security may cause
technology may be subject to future uncertainty in its markets and may
laws or regulations that may be difficult adversely affect its economy and the
to predict. In addition, because Fund’s investments. In addition,
blockchain functionality relies on the developed countries may be adversely
internet, a significant disruption of impacted by changes to the economic
internet connectivity affecting large conditions of certain key trading
numbers of users or geographic areas partners, regulatory burdens, debt
could impede the functionality of burdens and the price or availability of
blockchain technologies. Certain certain commodities.
features of blockchain technology may Risk of Investing in the U.S. Certain
increase the risk of fraud or cyber- changes in the U.S. economy, such as
attack. Blockchain companies involved when the U.S. economy weakens or
in cryptocurrencies may be adversely when its financial markets decline, may
affected by fluctuations in, and have an adverse effect on the securities
manipulation of, the price of to which the Fund has exposure.
cryptocurrencies and a lack of liquid
markets or acceptance for certain Securities Lending Risk. The Fund may
cryptocurrencies or government engage in securities lending. Securities
policies. lending involves the risk that the Fund
may lose money because the borrower
Risk of Investing in Canada. of the loaned securities fails to return
Investments in Canadian issuers may the securities in a timely manner or at
subject the Fund to regulatory, political, all. The Fund could also lose money in
currency, security and economic risk the event of a decline in the value of
specific to Canada. Among other things, collateral provided for loaned securities
the Canadian economy is heavily or a decline in the value of any
dependent on relationships with certain investments made with cash collateral.
key trading partners, including the U.S. These events could also trigger adverse
and China. The Canadian economy is tax consequences for the Fund.
sensitive to fluctuations in certain
commodity markets. Small-Capitalization Companies Risk.
Compared to mid- and large-
Risk of Investing in Developed capitalization companies, small-
Countries. The Fund’s investment in capitalization companies may be less
developed country issuers may subject stable and more susceptible to adverse
the Fund to regulatory, political, developments. In addition, the
currency, security, economic and other securities of small-capitalization
risks associated with developed companies may be more volatile and
countries. Developed countries tend to less liquid than those of mid- and large-
represent a significant portion of the capitalization companies.
global economy and have generally
experienced slower economic growth Small Fund Risk. When the Fund’s size
than some less developed countries. is small, the Fund may experience low
S-9trading volume and wide bid/ask divergence of the Fund’s performance
spreads. In addition, the Fund may face from that of the Underlying Index.
the risk of being delisted if the Fund Tracking error may occur because of
does not meet certain conditions of the differences between the securities and
listing exchange. Any resulting other instruments held in the Fund’s
liquidation of the Fund could cause the portfolio and those included in the
Fund to incur elevated transaction costs Underlying Index, pricing
for the Fund and negative tax differences (including, as applicable,
consequences for its shareholders. differences between a security’s price
Technology Sector Risk. Technology at the local market close and the Fund’s
companies, including information valuation of a security at the time of
technology companies, may have calculation of the Fund’s NAV),
limited product lines, markets, financial transaction costs incurred by the Fund,
resources or personnel. Technology the Fund’s holding of uninvested cash,
companies typically face intense differences in timing of the accrual of or
competition and potentially rapid the valuation of dividends or interest
product obsolescence. They are also received by the Fund or distributions
heavily dependent on intellectual paid to the Fund’s shareholders, the
property rights and may be adversely requirements to maintain pass-through
affected by the loss or impairment of tax treatment, portfolio transactions
those rights. Companies in the carried out to minimize the distribution
technology sector are facing increased of capital gains to shareholders,
government and regulatory scrutiny and acceptance of custom baskets, changes
may be subject to adverse government to the Underlying Index or the costs to
or regulatory action. the Fund of complying with various new
or existing regulatory requirements,
Thematic Investing Risk. The Fund among other reasons. This risk may be
relies on the Index Provider for the heightened during times of increased
identification of securities for inclusion market volatility or other unusual
in the Underlying Index that reflect market conditions. Tracking error also
themes and sub-themes, and its may result because the Fund incurs fees
performance may suffer if such and expenses, while the Underlying
securities are not correctly identified or Index does not. Tracking error may
if a theme or sub-theme develops in an occur due to differences between the
unexpected manner. Performance may methodologies used in calculating the
also suffer if the stocks included in the value of the Underlying Index and
Underlying Index do not benefit from determining the Fund’s NAV. BFA
the development of such themes or sub- EXPECTS THAT THE FUND MAY
themes. Performance may also be EXPERIENCE HIGHER TRACKING
impacted by the inclusion of non-theme- ERROR THAN IS TYPICAL FOR
relevant exposures in the Underlying SIMILAR INDEX ETFs UNTIL THE
Index. There is no guarantee that the FUND REACHES SUFFICIENT SCALE.
Underlying Index will reflect the theme
and sub-theme exposures intended. Valuation Risk. The price the Fund
could receive upon the sale of a security
Tracking Error Risk. The Fund may be or other asset may differ from the
subject to “tracking error,” which is the Fund’s valuation of the security or other
S-10asset and from the value used by the lower or higher redemption proceeds,
Underlying Index, particularly for than they would have received had the
securities or other assets that trade in Fund not fair-valued securities or used a
low volume or volatile markets or that different valuation methodology. The
are valued using a fair value Fund’s ability to value investments may
methodology as a result of trade be impacted by technological issues or
suspensions or for other reasons. In errors by pricing services or other third-
addition, the value of the securities or party service providers.
other assets in the Fund’s portfolio may
change on days or during time periods Performance Information
when shareholders will not be able to As of the date of the Prospectus, the
purchase or sell the Fund’s shares. Fund has not commenced operations
Authorized Participants who purchase or and therefore has no performance
redeem Fund shares on days when the information to report.
Fund is holding fair-valued securities
may receive fewer or more shares, or
S-11Management 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, income or capital gains, unless you are
Greg Savage, Paul Whitehead and Amy investing through a tax-deferred
Whitelaw (the “Portfolio Managers”) are arrangement such as a 401(k) plan or
primarily responsible for the day-to-day an individual retirement account (“IRA”),
management of the Fund. Each Portfolio in which case, your distributions
Manager supervises a portfolio generally will be taxed when withdrawn.
management team. Ms. Hsui, Mr. Payments to Broker-Dealers
Savage, Mr. Whitehead and Ms.
Whitelaw have been Portfolio Managers
and Other Financial
of the Fund since inception (2022). Intermediaries
If you purchase shares of the Fund
Purchase and Sale of Fund through a broker-dealer or other
Shares financial intermediary (such as a bank),
The Fund is an ETF. Individual shares of BFA or other related companies may
the Fund may only be bought and sold in pay the intermediary for marketing
the secondary market through a broker- activities and presentations, educational
dealer. Because ETF shares trade at training programs, conferences, the
market prices rather than at NAV, development of technology platforms
shares may trade at a price greater than and reporting systems or other services
NAV (a premium) or less than NAV (a related to the sale or promotion of the
discount). An investor may incur costs Fund. These payments may create a
attributable to the difference between conflict of interest by influencing the
the highest price a buyer is willing to broker-dealer or other intermediary and
pay to purchase shares of the Fund (bid) your salesperson to recommend the
and the lowest price a seller is willing to Fund over another investment. Ask your
accept for shares of the Fund (ask) salesperson or visit your financial
when buying or selling shares in the intermediary’s website for more
secondary market (the “bid-ask information.
spread”).
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For more information visit www.iShares.com or call 1-800-474-2737
IS-SP-IBLC-0422
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Investment Company Act file No.: 811-09729You can also read
