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August 1, 2025 |
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Summary Prospectus |
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iShares S&P 100 ETF | OEF | 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 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 August 1, 2025, 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® S&P 100 ETF
Ticker: OEFStock Exchange: NYSE Arca
Investment Objective
The iShares S&P 100 ETF (the
“Fund”) seeks to track the investment results of an index composed of 100 large-capitalization U.S. equities.
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 | |||
| Management
Fees |
Distribution and Service (12b-1)
Fees |
Other
Expenses2 |
Total
Annual Fund
Operating
Expenses |
| 0.20% |
None |
0.00% |
0.20% |
1Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.
2The 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 |
| $20 |
$64 |
$113 |
$255 |
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Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are
not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average value of its
portfolio.
Principal Investment Strategies
The Fund seeks to track the investment results of the S&P 100®
(the “Underlying Index”), which measures the performance of the
large-capitalization sector of the U.S. equity market. It is a subset of the S&P 500® (the
“Parent Index”) and consists of blue chip stocks from a diverse range of industries in the Parent Index with exchange listed options. As of March 31, 2025, the Underlying Index represented approximately 50.14% of the market
capitalization of U.S. equities. As of March 31, 2025, stocks must have a market capitalization of at least
$20.5 billion for initial inclusion in the Parent Index; this threshold and constituents' market
capitalization may fluctuate depending on the overall level of the equity markets.
As of March 31, 2025, a significant portion of the Underlying Index is represented by
securities of companies in the technology industry or sector. The components of the Underlying Index are
likely to change over time.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce
some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower
costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively
managed investment companies.
BFA uses a representative sampling
indexing strategy to manage the Fund. “Representative sampling” is an indexing
strategy that involves investing in a representative sample of securities that collectively has an
investment profile similar to that of an applicable underlying index. The securities selected are expected
to have, in the aggregate, investment characteristics (based on factors such as market capitalization and
industry weightings), fundamental characteristics (such as return variability and yield) and liquidity
measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Underlying Index.
The Fund generally will invest at least 80% of its assets in the component securities of its Underlying Index and may
invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents,
including shares of money market funds advised by BFA or its affiliates, as well as in securities not
included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.
Cash and cash equivalent investments associated with a derivative position will be treated as part of that
position for the purposes of calculating the
percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of the
Underlying Index before fees and expenses of the Fund.
The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value
of any collateral received).
The Underlying Index is a product of S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”), which
is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying
Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.
For purposes of this limitation, securities of the U.S. government (including its agencies and
instrumentalities) and repurchase agreements collateralized by U.S. government securities are not
considered to be issued by members of any industry.
Diversification Policy. The Fund intends to be diversified in approximately the same proportion as the Underlying Index is diversified. The Fund may become “non-diversified,” as defined in the Investment Company Act of 1940 (the “1940 Act”), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. Shareholder approval will not be sought if the Fund
becomes
“non-diversified” due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Underlying Index. The Fund discloses its portfolio holdings and weightings at www.iShares.com.
Summary of Principal Risks
As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to certain
risks, including the principal risks noted below any of which may adversely affect the Fund's net asset
value per share
(“NAV”), trading price, yield, total return and ability to meet its investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative
significance of any risk is difficult to predict and may change over time. You should review each risk
factor carefully.
Risk of Investing
in the U.S. Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain
changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may
have an adverse effect on U.S. issuers.
Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential
compared with smaller-capitalization companies. The performance of large-capitalization companies could
trail the overall performance of the broader securities markets.
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Equity
Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of a security may decline
for a number of reasons that may directly relate to the issuer as well as due to general industry or market
conditions. Common stock is subordinated to preferred securities and debt in a company’s capital
structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.
Market Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other
public health issues, recessions, the prospect or occurrence of a sovereign default or other financial
crisis, or other events could have a significant impact on the Fund and its investments and could
result in increased premiums or discounts to the Fund’s NAV.
Index-Related Risk. The Index Provider may rely on
various sources of information to assess the criteria of components of the Underlying Index, including
information that may be based on assumptions and estimates. Neither the Fund nor BFA can offer assurances
that the Index Provider’s methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or the
construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider
may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its
shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters,
political unrest or war) may impact the Index Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected
composition.
Asset Class
Risk. The securities and other assets in the Underlying Index or in the Fund’s portfolio may
underperform in comparison to financial markets generally, a particular financial market, another index, or
other asset classes.
Authorized
Participant Concentration Risk. An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and
redemption of creation units
(“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on
an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in
creation or redemption transactions. To the extent that Authorized Participants exit the business or do not
place creation or redemption orders for the Fund and no other Authorized Participant places orders, Fund
shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or
delisting.
Concentration
Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that
affect the Fund’s investments more than the market as a whole,
to the extent that the Fund’s
investments are concentrated in the securities or other assets of one or more issuers, countries or other
geographic units, markets, industries, project types, or asset classes.
Issuer Risk. The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a
whole, due to changes in the financial condition or credit rating of the issuer or
counterparty.
Management Risk. The Fund generally does not attempt to take defensive positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not
included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not
produce the intended results. There is no guarantee that the Fund’s investment results will have a
high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.
Market Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares (including through a trading halt), losses from
trading in secondary markets, periods of high volatility, and disruptions in the process of creating and
redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s shares trading in
the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio
holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares
at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund shares.
Non-Diversification Risk. To the extent the Fund is non-diversified, the Fund may invest a large percentage of its assets in securities or other instruments representing a small number of issuers or counterparties and thus may be more
susceptible to the risks associated with these particular issuers or counterparties. As a result, the
Fund's performance may depend to a greater extent on the performance of a small number of issuers or
counterparties, which may lead to more volatility in the Fund’s NAV.
Operational and Technology
Risks. The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors,
communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and
machine learning
(“AI”), which may result in losses for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate
operational, information security and cybersecurity risk management policies and procedures, their methods
of risk management may differ from those of the Fund. Operational and technology risks for the issuers in
which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.
Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities
fails to
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return the securities in a timely manner or
at all. The Fund could also lose money in the event of a decline in the value of collateral provided for
loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.
Technology Companies Risk. Technology companies and companies that rely heavily on technological advances may have limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense
competition, potentially rapid product obsolescence and changes in product cycles and customer preferences.
They may face unexpected risks and costs associated with technological developments, such as artificial
intelligence and machine learning. Technology companies also depend heavily on intellectual property rights
and may be adversely affected by the loss or impairment of those rights. Technology companies may face
increased government scrutiny and may be subject to adverse government or legal action.
Tracking Error Risk. The Fund may be subject to
“tracking error,” which is the divergence of the Fund’s performance from that of
the Underlying Index. Tracking error may
occur due to a number of factors, including differences between the securities and other assets held in the
Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the Underlying
Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual
or the valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders;
tax gains or losses; the requirements for the Fund to maintain pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom baskets; changes to
the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits.
Tracking error risk may be heightened during times of increased market volatility or other unusual market
conditions.
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Performance
Information
The performance information below illustrates how the
Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund
has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market
index and
the Underlying Index. Fund returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).
Calendar Year-by-Year Returns
| |
Return (%) |
Period Ended |
| Calendar Year-to-Date Return |
5.93% |
June 30, 2025 |
| During the periods shown in the chart:
| ||
| Best Quarter |
20.75% |
June 30, 2020 |
| Worst Quarter |
-17.36% |
March 31, 2020 |
Average Annual Total Returns
(for the periods ended December 31, 2024)
(for the periods ended December 31, 2024)
| |
One Year |
Five Years |
Ten Years |
| (Inception Date: 10/23/2000) |
|
|
|
| Return Before Taxes |
30.66% |
16.46% |
14.17% |
| Return After Taxes on Distributions |
30.32% |
16.08% |
13.71% |
| Return After Taxes on Distributions and Sale of Fund Shares |
18.37% |
13.23% |
11.77% |
| S&P Total Market
Index1 (Returns do not
reflect deductions for fees, expenses or taxes) |
23.87% |
13.78% |
12.48% |
| S&P 100 (Returns do not reflect deductions for fees, expenses
or taxes) |
30.95% |
16.71% |
14.39% |
1The Fund has added this broad-based index in response to new regulatory requirements.
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 sales 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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Management
Investment Adviser. BlackRock Fund Advisors.
Portfolio Managers. Jennifer Hsui, Matt Waldron, Peter Sietsema and Steven White (the “Portfolio
Managers”) are primarily
responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio
management team. Ms. Hsui has been a Portfolio Manager of the Fund since 2012. Mr. Waldron, Mr. Sietsema
and Mr. White have been Portfolio Managers of the Fund since 2025.
Purchase and Sale of Fund Shares
The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may
only be bought and sold in the secondary market through a broker-dealer. Because ETF shares trade at market
prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a
discount). An investor may incur costs attributable to the difference between the highest price a buyer is
willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for
shares of the Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).
Tax Information
The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are
investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your
distributions generally will be taxed when withdrawn.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other related companies may pay the intermediary for marketing
activities and presentations, educational training programs, conferences, the development of technology
platforms and reporting systems or other services related to the sale or promotion of the Fund. These
payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your
salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial
intermediary’s website for more information.
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