Form 497K iSHARES TRUST
December 1, 2016
2016 Summary Prospectus |
|
► | iShares Currency Hedged MSCI EAFE ETF | HEFA | 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 report, online at http://us.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
[email protected], or from your financial professional. The Fund’s prospectus and statement of additional information, both dated December 1, 2016, as amended and supplemented from time to time, are incorporated by reference into
(legally made a part of) this Summary Prospectus.
The Securities and Exchange Commission
(“SEC”) 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® CURRENCY HEDGED MSCI
EAFE ETF
EAFE ETF
Ticker: HEFA | Stock Exchange: NYSE Arca |
Investment Objective
The iShares Currency Hedged MSCI EAFE ETF (the
“Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while mitigating exposure to fluctuations between the value of the component currencies
and the U.S. dollar.
Fees and Expenses
The following table describes the fees and expenses that you
will incur if you own 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 interest expenses, taxes, brokerage expenses, distribution fees or expenses, and extraordinary expenses. The Fund may also pay “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses
reflect the Fund's pro rata share of the fees and expenses incurred by investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund.
Acquired Fund Fees and Expenses are not used to calculate the Fund's net asset value per share (“NAV”) and are not included in the calculation of the ratio of expenses to average net assets shown in the
Financial Highlights section of the Fund's prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to reduce the management fee so that the management fee
is equal to the Acquired Fund Fees and Expenses that would have been experienced by the Fund related to its investment in the iShares MSCI EAFE ETF (“EFA” or the “Underlying Fund”) after taking into account any fee waivers by
EFA, plus 0.03% until November 30, 2020. The contractual waiver may be terminated prior to November 30, 2020 only upon written agreement of the Trust and BFA.
You may also incur usual and customary brokerage commissions
and other charges when buying or selling shares of the Fund, which are not reflected in the Example that follows:
Annual
Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||||
Management
Fees |
Distribution
and Service (12b-1) Fees |
Other
Expenses |
Acquired
Fund Fees and Expenses |
Total
Annual Fund Operating Expenses |
Fee Waiver | Total
Annual Fund Operating Expenses After Fee Waiver | ||||||
0.38% | None | None | 0.33% | 0.71% | (0.35)% | 0.36% |
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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 | |||
$37 | $116 | $245 | $739 |
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Performance 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. Supplemental information about the Fund’s performance is shown under the heading Total Return Information in the
Supplemental Information section of the Prospectus. If BFA had not waived certain Fund fees during certain periods, the Fund's returns would have been lower.
Year by Year Returns1 (Year Ended December 31)
1 | The Fund’s year-to-date return as of September 30, 2016 was 0.00%. |
The best calendar quarter return during the period shown above
was 11.04% in the 1st quarter of 2015; the worst was -8.48% in the 3rd quarter of 2015.
Updated performance information is available at www.iShares.com
or by calling 1-800-iShares (1-800-474-2737) (toll free).
Average Annual Total Returns
(for the periods ended December 31, 2015)
One Year | Since
Fund Inception | ||
(Inception Date: 1/31/2014) | |||
Return Before Taxes | 4.44% | 7.13% | |
Return After Taxes on Distributions2 | 3.65% | 6.32% | |
Return After Taxes on Distributions and Sale of Fund Shares2 | 3.27% | 5.54% | |
MSCI EAFE 100% Hedged to USD (Index returns do not reflect deductions for fees, expenses, or taxes) | 5.02% | 7.49% |
2 | 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. |
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For more information visit www.iShares.com or
call 1-800-474-2737
IS-SP-HEFA-1216
Investment Company Act file No.: 811-09729
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