2022 Summary Prospectus - iShares

1 MARCH 1, 20222022 Summary Prospectus iShares Broad USD High Yield Corporate Bond ETF | USHY | cboe BZXB efore you invest, you may want to review the Fund s Prospectus , which contains moreinformation about the Fund and its risks. You can find the Fund s Prospectus (includingamendments and supplements) and other information about the Fund, including theFund s statement of additional information and shareholder reports, online at 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 or from your financial professional. The Fund s prospectusand statement of additional information, both dated March 1, 2022, as amended andsupplemented from time to time, are incorporated by reference into (legally made a partof) this Summary Prospectus . Information on the Fund s net asset value, market price,premiums and discounts, and bid-ask spreads can be found at Securities and Exchange Commission has not approved or disapproved thesesecurities or passed upon the adequacy of this Prospectus .

2 Any representation to thecontrary is a criminal BROAD USD HIGH YIELDCORPORATE BOND ETFT icker: USHYS tock Exchange: cboe BZXI nvestment ObjectiveThe iShares Broad USD High Yield Corporate Bond ETF (the Fund ) seeks to track theinvestment results of an index composed of dollar-denominated, high yieldcorporate and ExpensesThe following table describes the fees and expenses that you will incur if you buy, holdand sell shares of the Fund. The investment advisory agreement between iShares Trust(the Trust ) and BlackRock Fund Advisors ( BFA ) (the Investment AdvisoryAgreement ) provides that BFA will pay all operating expenses of the Fund, except: (i)the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred withrespect to the acquisition and disposition of portfolio securities and the execution ofportfolio transactions, including brokerage commissions, (v) distribution fees orexpenses, and (vi) litigation expenses and any extraordinary expenses.

3 BFA, theinvestment adviser to the Fund, has contractually agreed to waive a portion of itsmanagement fee so that the Fund s total annual fund operating expenses after the feewaiver will not exceed through February 28, 2023. The contractual waiver maybe terminated prior to February 28, 2023 only upon written agreement of the Trust may pay other fees, such as brokerage commissions and other fees tofinancial intermediaries, which are not reflected in the tables and Fund Operating Expenses(ongoing expenses that you pay each year as apercentage of the value of your investments)ManagementFeesDistribution andService (12b-1)FeesOtherExpenses1 Total AnnualFundOperatingExpenses Fee WaiverTotal AnnualFundOperatingExpensesAfterFee ( )% amount rounded to Example is intended to help you compare the cost of owning shares ofthe Fund with the cost of investing in other funds. The Example assumes that youinvest $10,000 in the Fund for the time periods indicated and then sell all of yourshares at the end of those periods.

4 The Example also assumes that your investmenthas a 5% return each year and that the Fund s operating expenses remain the your actual costs may be higher or lower, based on these assumptions, yourcosts would be:1 Year3 Years5 Years10 Years$15$56$109$266 Portfolio Fund may paytransaction costs, such as commissions,when it buys and sells securities (or turns over its portfolio). A higherportfolio turnover rate may indicatehigher transaction costs and may resultin higher taxes when Fund shares areheld in a taxable account. These costs,which are not reflected in the AnnualFund Operating Expenses or in theExample, affect the Fund sperformance. During the most recentfiscal year, the Fund s portfolio turnoverrate was 24% of the average value of InvestmentStrategiesThe Fund seeks to track the investmentresults of the ICE BofA US High YieldConstrained Index (the UnderlyingIndex ), which is a rules-based indexconsisting of dollar-denominated,high yield (as determined by ICE DataIndices, LLC ( Index Provider or IDI ))corporate bonds for sale in the TheUnderlying Index is designed to providea broad representation of the high yield corporatebond market.

5 The Underlying Index is amodified market value-weighted indexwith a cap on each issuer of 2%. There isno limit to the number of issues in theUnderlying Index, but as of October 31,2021, the Underlying Index includedapproximately 2,137 constituents andthe issuers in the Underlying Index areprincipally located in the Thecomponents of the Underlying Index arelikely to change over of the date of this Prospectus (the Prospectus ), the bonds eligible forinclusion in the Underlying Index dollar-denominated high yieldcorporate bonds that: (i) are issued bycompanies having risk exposure tocountries ( , issuers that are subjectto the risks of one or more of thesecountries as a result of the principalcountry of domicile of the issuers (asdetermined by the Index Provider)) thatare members of the FX-G10, whichinclude Australia, Austria, Belgium,Canada, Cyprus, Estonia, Finland,France, Germany, Greece, Ireland, Italy,Japan, Latvia, Lithuania, Luxembourg,Malta, the Netherlands, New Zealand,Norway, Portugal, Slovakia, Slovenia,Spain, Sweden, Switzerland, the the and their respectiveterritories; (ii) have an average rating ofbelow investment grade (ratings fromFitch Ratings, Inc.)

6 ( Fitch ), Moody sInvestors Service, Inc. ( Moody s ) orS&P Global Ratings are considered; ifmore than one agency provides a rating,the average rating is attached to thebond); (iii) are registered with the SEC,S-2exempt from registration at issuance, oroffered pursuant to Rule 144A under theSecurities Act of 1933, as amended (the 1933 Act ), with or without registrationrights; (iv) have at least $250 million ofoutstanding face value; (v) have anoriginal maturity date of at least 18months; and (vi) have at least one yearto uses a passive or indexingapproach to try to achieve the Fund sinvestment objective. Unlike manyinvestment companies, the Fund doesnot try to beat the index it tracks anddoes not seek temporary defensivepositions when markets decline orappear may eliminate the chance thatthe Fund will substantially outperformthe Underlying Index but also mayreduce some of the risks of activemanagement, such as poor securityselection.

7 Indexing seeks to achievelower costs and better after-taxperformance by aiming to keep portfolioturnover low in comparison to activelymanaged investment uses a representative samplingindexing strategy to manage the Fund. Representative sampling is anindexing strategy that involves investingin a representative sample of securitiesthat collectively has an investmentprofile similar to that of an applicableunderlying index. The securitiesselected are expected to have, in theaggregate, investment characteristics(based on factors such as market valueand industry weightings), fundamentalcharacteristics (such as returnvariability, duration, maturity, creditratings and yield) and liquidity measuressimilar to those of an applicableunderlying index. The Fund may or maynot hold all of the securities in theUnderlying Fund will invest at least 80% of itsassets in the component securities ofthe Underlying Index, and the Fund willinvest at least 90% of its assets in fixedincome securities of the types includedin the Underlying Index that BFAbelieves will help the Fund track theUnderlying Index.

8 The Fund will investno more than 10% of its assets infutures, options and swaps contractsthat BFA believes will help the Fundtrack the Underlying Index as well as infixed income securities other than thetypes included in the Underlying Index,but which BFA believes will help theFund track the Underlying Index. Cashand cash equivalent investmentsassociated with a derivative position willbe treated as part of that position forthe purposes of calculating investmentsnot included in the Underlying Fund seeks to track the investmentresults of the Underlying Index beforefees and expenses of the Fund may lend securitiesrepresenting up to one-third of the valueof the Fund s total assets (including thevalue of any collateral received).The Underlying Index is sponsored bythe Index Provider, whichis independent of the Fund and BFA. TheIndex Provider determines thecomposition and relative weightings ofthe securities in the Underlying Indexand publishes information regarding themarket value of the Underlying Concentration will concentrate its investments( , hold 25% or more of its totalassets) in a particular industry or groupof industries to approximately the sameextent that the Underlying Index isconcentrated.

9 For purposes of thisS-3limitation, securities of the (including its agencies andinstrumentalities), repurchaseagreements collateralized by securities, and securities ofstate or municipal governments andtheir political subdivisions are notconsidered to be issued by members ofany of Principal RisksAs with any investment, you could loseall or part of your investment in theFund, and the Fund s performance couldtrail that of other investments. The Fundis subject to certain risks, including theprincipal risks noted below, any ofwhich may adversely affect the Fund snet asset value per share ( NAV ),trading price, yield, total return andability to meet its investment order of the below risk factors doesnot indicate the significance of anyparticular risk and otherassets in the Underlying Index or in theFund s portfolio may underperform incomparison to the general financialmarkets, a particular financial market orother asset an Authorized Participant (asdefined in theCreationsandRedemptionssection of the Prospectus )may engage in creation or redemptiontransactions directly with the Fund, andnone of those Authorized Participants isobligated to engage in creation and/orredemption transactions.

10 The Fund hasa limited number of institutions thatmay act as Authorized Participants onan agency basis ( ,on behalf of othermarket participants). To the extent thatAuthorized Participants exit thebusiness or are unable to proceed withcreation or redemption orders withrespect to the Fund and no otherAuthorized Participant is able to stepforward to create or redeem, Fundshares may be more likely to trade at apremium or discount to NAV andpossibly face trading halts or periods of fallinginterest rates, an issuer of a callablebond held by the Fund may call orrepay the security before its statedmaturity, and the Fund may have toreinvest the proceeds in securities withlower yields, which would result in adecline in the Fund s income, or insecurities with greater risks or withother less favorable Fund may besusceptible to an increased risk of loss,including losses due to adverse eventsthat affect the Fund s investments morethan the market as a whole.