Form 497K iSHARES TRUST
August 19, 2022 | |
2022 Summary Prospectus |
• | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | TLTW | CBOE BZX |
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 [email protected], or from your
financial professional. The Fund’s prospectus and statement of additional information, both dated August 8, 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®
20+ YEAR TREASURY BOND BUYWRITE STRATEGY ETF
Ticker: TLTW | Stock Exchange: Cboe BZX |
Investment Objective
The iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (the
“Fund”) seeks to track the investment results of an index that reflects a strategy of holding the iShares 20+ Year Treasury Bond ETF while writing (selling) one-month call options to generate income.
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. The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect
the Fund's pro rata share of the fees and expenses incurred indirectly by the Fund as a result of 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 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 waive a portion of its management fees so that the Fund’s total annual fund operating expenses after the fee waiver is equal to the Acquired Fund
Fees and Expenses attributable to the Fund’s investment in the iShares 20+ Year Treasury Bond ETF (“TLT” or the “Underlying Fund”), after taking into account any fee waivers by TLT, plus 0.20% through February 29, 2028.
The contractual waiver may be terminated prior to February 29, 2028 only upon written agreement of the Trust and BFA.
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) | ||||||||||||
Management
Fees |
Distribution
and Service (12b-1) Fees |
Other
Expenses1 |
Acquired
Fund Fees and Expenses |
Total
Annual Fund Operating Expenses |
Fee Waiver | Total
Annual Fund Operating Expenses After Fee Waiver | ||||||
0.35% | None | 0.00% | 0.15% | 0.50% | (0.15)% | 0.35% |
1 | The amount rounded to 0.00%. |
S-1
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 | |||
$36 | $113 |
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For more information visit www.iShares.com or call
1-800-474-2737
IS-SP-TLTW-0822
Investment Company Act file No.: 811-09729
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