2024 SUMMARY PROSPECTUS - BLACKROCK
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JUNE 28, 2024
2024 Summary Prospectus
• iShares 3-7 Year Treasury Bond ETF | IEI | NASDAQ
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.blackrock.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 June 28, 2024, 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 https://
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® 3-7 YEAR TREASURY BOND ETF
Ticker: IEI Stock Exchange: Nasdaq
Investment Objective
The iShares 3-7 Year Treasury Bond ETF (the “Fund”) seeks to track the investment
results of an index composed of U.S. Treasury bonds with remaining maturities
between three and seven years.
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)1
Total Annual
Distribution Fund
Management and Service Other Operating
Fees (12b-1) Fees Expenses2 Expenses
0.15% None 0.00% 0.15%
1
Operating expenses paid by BFA under the Investment Advisory Agreement exclude
acquired fund fees and expenses, if any.
2
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
$15 $48 $85 $192
S-1Portfolio Turnover. The Fund may pay weighted, and the securities in the
transaction costs, such as commissions, Underlying Index are updated on the
when it buys and sells securities (or last business day of each month.
“turns over” its portfolio). A higher BFA uses an indexing approach to try to
portfolio turnover rate may indicate achieve the Fund’s investment
higher transaction costs and may result objective. Unlike many investment
in higher taxes when Fund shares are companies, the Fund does not try to
held in a taxable account. These costs, “beat” the index it tracks and does not
which are not reflected in the Annual seek temporary defensive positions
Fund Operating Expenses or in the when markets decline or appear
Example, affect the Fund’s overvalued.
performance. During the most recent
fiscal year, the Fund’s portfolio turnover Indexing may eliminate the chance that
rate was 45% of the average value of its the Fund will substantially outperform
portfolio. the Underlying Index but also may
reduce some of the risks of active
Principal Investment management, such as poor security
Strategies selection. Indexing seeks to achieve
lower costs and better after-tax
The Fund seeks to track the investment
performance by aiming to keep portfolio
results of the ICE® U.S. Treasury 3-7
turnover low in comparison to actively
Year Bond Index (the “Underlying
managed investment companies.
Index”), which measures the
performance of public obligations of the BFA uses a representative sampling
U.S. Treasury that have a remaining indexing strategy to manage the Fund.
maturity of greater than or equal to “Representative sampling” is an
three years and less than seven years. indexing strategy that involves investing
As of February 29, 2024, there were 96 in a representative sample of securities
issues in the Underlying Index. that collectively has an investment
profile similar to that of an applicable
The Underlying Index consists of
underlying index. The securities
publicly-issued U.S. Treasury securities
selected are expected to have, in the
that have a remaining maturity of
aggregate, investment characteristics
greater than or equal to three years and
(based on factors such as market value
less than seven years and have $300
and industry weightings), fundamental
million or more of outstanding face
characteristics (such as return
value, excluding amounts held by the
variability, duration (i.e., a security’s
Federal Reserve System. In addition, the
price sensitivity to a change in interest
securities in the Underlying Index must
rates), maturity or credit ratings and
be fixed-rate and denominated in U.S.
yield) and liquidity measures similar to
dollars. Excluded from the Underlying
those of an applicable underlying index.
Index are inflation-linked securities,
The Fund may or may not hold all of the
Treasury bills, cash management bills,
securities in the Underlying Index.
any government agency debt issued
with or without a government guarantee The Fund will invest at least 80% of its
and zero-coupon issues that have been assets in the component securities of
stripped from coupon-paying bonds. The the Underlying Index, and the Fund will
Underlying Index is market value invest at least 90% of its assets in U.S.
S-2Treasury securities that BFA believes change over time. You should review
will help the Fund track the Underlying each risk factor carefully.
Index. The Fund will invest no more than U.S. Treasury Obligations Risk. U.S.
10% of its assets in futures, options and Treasury obligations may differ from
swaps contracts that BFA believes will other securities in their interest rates,
help the Fund track the Underlying maturities, times of issuance and other
Index. Cash and cash equivalent characteristics and may provide
investments associated with a relatively lower returns than those of
derivative position will be treated as other securities. Similar to other
part of that position for the purposes of issuers, changes to the financial
calculating the percentage of condition or credit rating of the U.S.
investments included in the Underlying government may cause the value of the
Index. The Fund seeks to track the Fund’s U.S. Treasury obligations to
investment results of the Underlying decline.
Index before fees and expenses of the
Fund. Interest Rate Risk. Interest rate risk
refers to fluctuations in the value of a
The Fund may lend securities fixed-income security due to changes in
representing up to one-third of the value the general level of interest rates. An
of the Fund’s total assets (including the increase in interest rates generally will
value of any collateral received). cause the value of fixed-income
The Underlying Index is sponsored by securities to decline. Securities with
ICE Data Indices, LLC (the “Index longer maturities generally are more
Provider” or “IDI”), which is independent sensitive to interest rate changes and
of the Fund and BFA. The Index Provider subject to greater fluctuations in value.
determines the composition and relative Changes in interest rates may have
weightings of the securities in the unpredictable effects on fixed-income
Underlying Index and publishes markets and result in heightened
information regarding the market value market volatility and lower liquidity for
of the Underlying Index. certain instruments, all of which may
adversely affect the Fund’s
Summary of Principal Risks performance. Interest rate changes can
As with any investment, you could lose be sudden and unpredictable and are
all or part of your investment in the influenced by a number of factors,
Fund, and the Fund’s performance could including government policy, monetary
trail that of other investments. The Fund policy, inflation expectations,
is subject to certain risks, including the perceptions of risk, and supply and
principal risks noted below, any of demand for fixed-income securities.
which may adversely affect the Fund’s Market Risk. The Fund could lose
net asset value per share (“NAV”), money over short periods due to short-
trading price, yield, total return and term market movements and over
ability to meet its investment objective. longer periods during more prolonged
Certain key risks are prioritized below market downturns. Local, regional or
(with others following in alphabetical global events such as war, acts of
order), but the relative significance of terrorism, pandemics or other public
any risk is difficult to predict and may health issues, recessions, the prospect
S-3or occurrence of a sovereign default or or one of its service providers that
other financial crisis, or other events allows the Authorized Participant to
could have a significant impact on the place orders for the purchase and
Fund and its investments and could redemption of creation units (“Creation
result in increased premiums or Units”). Only an Authorized Participant
discounts to the Fund’s NAV. may engage in creation or redemption
Index-Related Risk. The Index Provider transactions directly with the Fund.
may rely on various sources of There are a limited number of
information to assess the criteria of institutions that may act as Authorized
components of the Underlying Index, Participants for the Fund, including on
including information that may be based an agency basis on behalf of other
on assumptions and estimates. Neither market participants. No Authorized
the Fund nor BFA can offer assurances Participant is obligated to engage in
that the Index Provider’s methodology creation or redemption transactions. To
or sources of information will provide an the extent that Authorized Participants
accurate assessment of included exit the business or do not place
components. Errors in index data, index creation or redemption orders for the
computations or the construction of the Fund and no other Authorized
Underlying Index in accordance with its Participant places orders, Fund shares
methodology may occur, and the Index are more likely to trade at a premium or
Provider may not identify or correct discount to NAV and possibly face
them promptly or at all, which may have trading halts or delisting.
an adverse impact on the Fund and its Concentration Risk. The Fund may be
shareholders. Unusual market susceptible to an increased risk of loss,
conditions or other unforeseen including losses due to adverse events
circumstances (such as natural that affect the Fund’s investments more
disasters, political unrest or war) may than the market as a whole, to the
impact the Index Provider or a third- extent that the Fund’s investments are
party data provider and could cause the concentrated in the securities or other
Index Provider to postpone a scheduled assets of one or more issuers, countries
rebalance. This could cause the or other geographic units, markets,
Underlying Index to vary from its normal industries, project types, or asset
or expected composition. classes.
Asset Class Risk. The securities and Cybersecurity Risk. Failures or
other assets in the Underlying Index or breaches of the electronic systems of
in the Fund’s portfolio may the Fund, its adviser, distributor, Index
underperform in comparison to financial Provider, other service providers,
markets generally, a particular financial counterparties, or issuers of assets in
market, another index, or other asset which the Fund invests may cause
classes. disruptions that negatively impact the
Authorized Participant Concentration Fund and its shareholders. While the
Risk. An “Authorized Participant” is a Fund has established business
member or participant of a clearing continuity plans and risk management
agency registered with the SEC, which systems seeking to address system
has a written agreement with the Fund breaches or failures, there are inherent
limitations in such plans and systems.
S-4The Fund cannot control the high volatility, and disruptions in the
cybersecurity plans and systems of its process of creating and redeeming Fund
service providers, counterparties, and shares. Any of these factors, among
other third parties whose activities others, may lead to the Fund’s shares
affect the Fund. trading in the secondary market at a
Income Risk. The Fund’s income may premium or discount to NAV or to the
decline if interest rates fall. This decline intraday value of the Fund’s portfolio
in income can occur because the Fund holdings. If you buy Fund shares at a
may subsequently invest in lower- time when the market price is at a
yielding bonds as bonds in its portfolio premium to NAV or sell Fund shares at a
mature, are near maturity or are called, time when the market price is at a
bonds in the Underlying Index are discount to NAV, you may pay
substituted, or the Fund otherwise significantly more or receive
needs to purchase additional bonds. significantly less than the underlying
value of the Fund shares.
Issuer Risk. The performance of the
Fund depends on the performance of Operational Risk. The Fund is exposed
individual securities or other assets to to operational risks arising from a
which the Fund has exposure. The value number of factors, including, but not
of securities or other assets may limited to, human error, processing and
decline, or perform differently from the communication errors, errors of the
market as a whole, due to changes in Fund’s service providers, counterparties
the financial condition or credit rating of or other third parties, failed or
the issuer or counterparty. inadequate processes and technology
or systems failures. The Fund and BFA
Management Risk. The Fund is not seek to reduce these operational risks
actively managed, and BFA generally through controls and procedures.
does not attempt to take defensive However, these measures do not
positions under any market conditions, address every possible risk and may be
including declining markets. As the Fund inadequate to address significant
will not fully replicate the Underlying operational risks.
Index and may hold securities or other
assets not included in the Underlying Risk of Investing in the U.S. Investing
Index, it is subject to the risk that the in U.S. issuers subjects the Fund to
investment strategy of BFA may not legal, regulatory, political, currency,
produce the intended results. There is security, and economic risks that are
no guarantee that the Fund’s investment specific to the U.S. Certain changes in
results will have a high degree of the U.S., such as a weakening of the
correlation to those of the Underlying U.S. economy or a decline in its
Index or that the Fund will achieve its financial markets, may have an adverse
investment objective. effect on U.S. issuers.
Market Trading Risk. The Fund faces Securities Lending Risk. The Fund may
numerous market trading risks, engage in securities lending. Securities
including the potential lack of an active lending involves the risk that the Fund
market for Fund shares (including may lose money because the borrower
through a trading halt), losses from of the loaned securities fails to return
trading in secondary markets, periods of the securities in a timely manner or at
S-5all. The Fund could also lose money in the accrual or the valuation of
the event of a decline in the value of distributions, the requirements to
collateral provided for loaned securities maintain pass-through tax treatment,
or a decline in the value of any portfolio transactions carried out to
investments made with cash collateral. minimize the distribution of capital
These events could also trigger adverse gains to shareholders, acceptance of
tax consequences for the Fund. custom baskets, changes to the
Tracking Error Risk. The Fund may be Underlying Index or the costs to the
subject to “tracking error,” which is the Fund of complying with various new or
divergence of the Fund’s performance existing regulatory requirements,
from that of the Underlying Index. among other reasons. This risk may be
Tracking error may occur because of heightened during times of increased
differences between the securities held market volatility or other unusual
in the Fund’s portfolio and those market conditions. Tracking error also
included in the Underlying Index, pricing may result because the Fund incurs fees
differences, transaction costs incurred and expenses, while the Underlying
by the Fund, the Fund’s holding of Index does not.
uninvested cash, differences in timing of
S-6Performance Information
The bar chart and table that follow show how the Fund has performed on a calendar
year basis and provide some indication of the risks of investing in the Fund by showing
how the Fund’s average annual returns for 1, 5, and 10 years compare with the
Underlying Index. 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.
Calendar Year-by-Year Returns1
10% 6.88%
5.78%
4.42%
5% 3.14% 1.67%
1.22% 1.19% 1.36%
0%
-5% -2.51%
-10% -9.59%
-15%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
1
The Fund’s year-to-date return as of March 31, 2024 was -0.63%.
The best calendar quarter return during the periods shown above was 6.29% in the 1st
quarter of 2020; the worst was -5.04% in the 1st quarter of 2022.
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, 2023)
One Year Five Years Ten Years
(Inception Date: 1/5/2007)
Return Before Taxes 4.42% 0.80% 1.25%
Return After Taxes on Distributions1 3.41% 0.17% 0.62%
Return After Taxes on Distributions and Sale of Fund
Shares1 2.60% 0.35% 0.69%
ICE U.S. Treasury 3-7 Year Bond Index2 (Index returns
do not reflect deductions for fees, expenses, or taxes) 4.34% 0.92% 1.37%
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 March 31, 2016 reflect the performance of the Bloomberg U.S. 3-7
Year Treasury Bond Index. Index returns from April 1, 2016 through February 28, 2021
reflect the standard pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index, which
utilized pricing as of 3pm. Index returns from March 1, 2021 through November 30, 2023
reflect the performance of the 4pm pricing variant of the ICE U.S. Treasury 3-7 Year Bond
Index. Index returns beginning on December 1, 2023 reflect the performance of the
standard pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index, which now utilizes
pricing as of 4pm, and resulted in a discontinuation of the 4pm pricing variant.
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. James Mauro and income or capital gains, unless you are
Karen Uyehara (the “Portfolio investing through a tax-deferred
Managers”) are primarily responsible for arrangement such as a 401(k) plan or
the day-to-day management of the an IRA, in which case, your distributions
Fund. Each Portfolio Manager generally will be taxed when withdrawn.
supervises a portfolio management Certain states and localities may
team. Mr. Mauro and Ms. Uyehara have exempt from tax distributions
been Portfolio Managers of the Fund attributable to interest from U.S. federal
since 2011 and 2021, respectively. government obligations. Please consult
your personal tax advisor.
Purchase and Sale of Fund
Payments to Broker-Dealers
Shares
and Other Financial
The Fund is an exchange-traded fund
Intermediaries
(commonly referred to as an “ETF”).
Individual shares of the Fund may only If you purchase shares of the Fund
be bought and sold in the secondary through a broker-dealer or other
market through a broker-dealer. financial intermediary (such as a bank),
Because ETF shares trade at market BFA or other related companies may
prices rather than at NAV, shares may pay the intermediary for marketing
trade at a price greater than NAV (a activities and presentations, educational
premium) or less than NAV (a discount). training programs, conferences, the
An investor may incur costs attributable development of technology platforms
to the difference between the highest and reporting systems or other services
price a buyer is willing to pay to related to the sale or promotion of the
purchase shares of the Fund (bid) and Fund. These payments may create a
the lowest price a seller is willing to conflict of interest by influencing the
accept for shares of the Fund (ask) broker-dealer or other intermediary and
when buying or selling shares in the your salesperson to recommend the
secondary market (the “bid-ask Fund over another investment. Ask your
spread”). salesperson or visit your financial
intermediary’s website for more
information.
S-9[THIS PAGE INTENTIONALLY LEFT BLANK]
For more information visit www.iShares.com or call 1-800-474-2737
IS-SP-IEI-0624
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