Form 497K iSHARES TRUST
December 1, 2022 | |
2022 Summary Prospectus |
• | iShares MSCI USA Value Factor ETF | VLUE | 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 December 1, 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®
MSCI USA VALUE
FACTOR ETF
FACTOR ETF
Ticker: VLUE | Stock Exchange: Cboe BZX |
Investment Objective
The iShares MSCI USA Value Factor ETF (the “Fund”)
seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with value characteristics and relatively lower valuations.
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) | ||||||
Management
Fees |
Distribution
and Service (12b-1) Fees |
Other
Expenses1 |
Total
Annual Fund Operating Expenses | |||
0.15% | None | 0.00% | 0.15% |
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 | 5 Years | 10 Years | |||
$15 | $48 | $85 | $192 |
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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 some indication of the risks of investing in the Fund by showing how the Fund’s average annual returns for 1 and 5 years and since inception 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.
Year by Year Returns1 (Years Ended December 31)
1 | The Fund’s year-to-date return as of September 30, 2022 was -23.57%. |
The best calendar quarter return during the periods shown above
was 18.50% in the 4th quarter of 2020; the worst was -29.20% in the 1st quarter of 2020.
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).
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Average Annual Total Returns
(for the periods ended December 31, 2021)
One Year | Five Years | Since
Fund Inception | |||
(Inception Date: 4/16/2013) | |||||
Return Before Taxes | 28.98% | 12.16% | 11.97% | ||
Return After Taxes on Distributions1 | 28.27% | 11.48% | 11.34% | ||
Return After Taxes on Distributions and Sale of Fund Shares1 | 17.61% | 9.56% | 9.70% | ||
MSCI USA Enhanced Value Index (Index returns do not reflect deductions for fees, expenses, or taxes)2 | 29.20% | 12.33% | 12.14% |
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 August 31, 2015 reflect the performance of the MSCI USA Value Weighted Index. Index returns beginning on September 1, 2015 reflect the performance of the MSCI USA Enhanced Value Index, which, effective as of September 1, 2015, replaced the MSCI USA Value index as the Underlying Index of the Fund. |
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For more information visit www.iShares.com or call
1-800-474-2737
IS-SP-VLUE-1222
Investment Company Act file No.: 811-09729
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