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August 1, 2025 |
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Summary Prospectus |
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iShares U.S. Infrastructure ETF | IFRA | 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.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® U.S. INFRASTRUCTURE ETF
Ticker: IFRAStock Exchange: Cboe BZX
Investment Objective
The iShares U.S. Infrastructure ETF (the
“Fund”) seeks to track the investment results of an index composed of equities of U.S. companies that have infrastructure
exposure and that could benefit from a potential increase in domestic infrastructure activities.
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 |
| 0.30% |
None |
0.00% |
0.30% |
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 |
| $31 |
$97 |
$169 |
$381 |
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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 29% of the average value of its
portfolio.
Principal Investment Strategies
The Fund seeks to track the investment results of the NYSE®
FactSet U.S. Infrastructure Index (the “Underlying Index”), which is designed to measure the performance of equity securities of U.S. companies involved in U.S.-focused
infrastructure activities (as determined by ICE Data Indices, LLC or its affiliates (the “Index Provider” or “IDI”)).
The
Underlying Index is composed of equity securities primarily listed on the New York Stock Exchange
(“NYSE”), NYSE American or Nasdaq (excluding master limited partnerships, royalty trusts, business development companies, and American depositary receipts (“ADRs”)) that are classified to be under one of the 95 infrastructure-related industries as defined by FactSet Revere Business Industry Classification System
(“RBICS”). Each company in the Underlying Index is classified as either Category 1 or Category 2, where Category 1 companies are infrastructure enablers and Category 2 are infrastructure asset owners and
operators.
Infrastructure enablers are potential beneficiaries of infrastructure investment in the U.S. Category 1 companies in the
Underlying Index include companies in construction and engineering services, machineries and materials.
Infrastructure asset owners and operators are companies associated with traditional equity infrastructure
investing. Category 2 companies in the Underlying Index include companies in energy transportation and
storage, railroad transportation, and utilities.
At the time of
inclusion, eligible companies must derive 50% or more of their annual revenues from the U.S. The Underlying Index applies an equal weighting to Category 1 and Category 2, and within each category, an equal weighting is also applied to
all individual securities.
The Underlying Index is reviewed and reconstituted annually in March. Constituent weights of the Underlying Index are
rebalanced quarterly. The Underlying Index includes large-, mid-, and small- capitalization companies and
may change over time. As of March 31, 2025, a significant portion of the Underlying Index is represented by
securities of companies in the industrials, materials and utilities industries or sectors. 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 owned, maintained and administered
by the Index Provider, 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. The Underlying Index is compiled utilizing RBICS classifications licensed from FactSet
Research Systems, Inc.
(“FactSet”). RBICS is an industry classification system defined by FactSet, which has full discretion over the classification system and is not affiliated with the Index Provider, the Fund or BFA. The
classification methodology utilized for RBICS combines both market-defined information and a bottom-up
approach to classify companies from all economic sectors and industries, including those in the
infrastructure industry. RBICS's assignment for companies is reviewed at least once a year, with corporate
actions being monitored on an ongoing basis.
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.
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,
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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.
Infrastructure Companies Risk. Companies involved in infrastructure or infrastructure-related industries may be adversely affected by supply chain and distribution
disruptions, business interruptions, third-party vendor risks, shifts in public and private capital
spending levels, regulations, cyber or other attacks, volatility in commodity prices and currencies, trade
disputes, scarcity of materials or parts, excess capacity, and liability claims, among other things. The
performance of such companies also may be affected by technological developments, extreme weather or other
catastrophic events, labor relations, government spending policies, and changes in domestic and
international economies.
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.
Industrial Companies Risk. Industrial companies
face a number of risks, including supply chain and distribution disruptions, business interruptions,
product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability
claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in
commodity prices and currencies. The performance of such companies may also be affected by technological
developments, labor relations, legislative and regulatory changes, government spending policies, and
changes in domestic and international economies.
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.
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.
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
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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.
Materials Companies Risk. Materials companies may be
adversely affected by volatility in commodity prices, changes in exchange rates, social and political
unrest, war, depletion of resources, lower demand, overproduction, litigation and government regulations,
among other factors.
Mid-Capitalization Companies
Risk. Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more volatile and less liquid than those of large-capitalization
companies. As a result, the Fund’s share price may be more volatile than that of a fund with a
greater investment in large-capitalization stocks.
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 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.
Small-Capitalization Companies
Risk. Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse
developments. The securities of small-capitalization companies may be more volatile and less liquid than
those of mid- and large-capitalization companies. As a result, the Fund’s share price may be more
volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.
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.
Utility Companies Risk. The utilities sector is
generally subject to significant government regulation and oversight, including restrictions on rates as
well as environmental and other regulations. Utility companies also may face risks related to, among other
things, natural disasters, cyber or other attacks, capital project funding, energy price volatility and increased competition.
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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 |
7.39% |
June 30, 2025 |
| During the periods shown in the chart:
| ||
| Best Quarter |
24.12% |
December 31, 2020 |
| Worst Quarter |
-28.72% |
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 |
Since Fund
Inception |
| (Inception Date: 4/3/2018) |
|
|
|
| Return Before Taxes |
17.03% |
12.31% |
11.68% |
| Return After Taxes on Distributions |
16.53% |
11.78% |
11.10% |
| Return After Taxes on Distributions and Sale of Fund Shares |
10.42% |
9.73% |
9.30% |
| MSCI USA Index1 (Returns do not reflect deductions for fees, expenses or taxes) |
25.08% |
14.56% |
14.71% |
| NYSE FactSet U.S. Infrastructure Index (Returns do not reflect
deductions for fees, expenses or taxes) |
17.46% |
12.61% |
12.03% |
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.
S-5
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 2018. 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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