Form 497K iShares U.S. ETF Trust
March 1, 2016
(as revised October 26, 2016)
2016 Summary Prospectus |
|
► | iShares Commodities Select Strategy ETF | COMT | 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 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 March 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”) and Commodity Futures Trading Commission (“CFTC”) have not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
iSHARES® COMMODITIES SELECT STRATEGY ETF
Ticker: COMT | Stock Exchange: NASDAQ |
Investment Objective
The iShares Commodities Select Strategy ETF (the
“Fund”) seeks total return by providing investors with broad commodity exposure.
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 U.S. ETF Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (formerly, Barclays Global Fund Advisors (“BGFA”)) (the
“Investment Advisory Agreement”) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses and are not included in
the calculation of the ratio of expenses to average net assets shown in the Consolidated Financial Highlights section of this prospectus (the “Prospectus”). BFA, the investment adviser to the Fund,
has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA, or its affiliates,
until February 28, 2019. The contractual waiver may be terminated prior to February 28, 2019 only upon written agreement of the Trust and BFA. During the most recently completed fiscal year, the amount of such expenses incurred and fees waived
rounded to 0.00%.
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 | ||||||
0.48% | None | None | 0.00% | 0.48% | (0.00)% | 0.48% |
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:
S-1
1 Year | 3 Years | 5 Years | 10 Years | |||
$49 | $154 | $269 | $604 |
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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.
Year by Year Returns (Year Ended December 31)
The best calendar quarter
return during the period shown above was 2.99% in the 2nd quarter of 2015; the worst was -18.08% 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: 10/15/2014) | |||
Return Before Taxes | -30.37% | -36.35% | |
Return After Taxes on Distributions1 | -30.56% | -36.61% | |
Return After Taxes on Distributions and Sale of Fund Shares1 | -16.97% | -27.35% | |
S&P GSCI™ Commodity Total Return Index2 (Index returns do not reflect deductions for fees, expenses, or taxes) | -32.86% | -41.57% |
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 | The S&P GSCITM Commodity Total Return Index is an unmanaged index that measures the performance of general commodity price movements and inflation in the world economy. |
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For more information visit www.iShares.com or
call 1-800-474-2737
IS-SP-COMT-1016
Investment Company Act file No.: 811-22649
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