AUGUST 1, 2022

2022 Summary Prospectus

• iShares Biotechnology ETF | IBB | NASDAQ

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 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®
iShares, Inc.
iShares Trust
iShares U.S. ETF Trust
Supplement dated February 8, 2023 (the “Supplement”)
to the Summary Prospectus (the “Summary Prospectus”),
Prospectus (the “Prospectus”) and
Statement of Additional Information (“SAI”)
for each of the funds listed below (each, a “Fund”)
The information in this Supplement updates information in, and
should be read in conjunction with, each Fund’s Summary
Prospectus, Prospectus, and SAI.
As of February 8, 2023, Amy Whitelaw is no longer a Portfolio Manager
for the Funds. All references to Ms. Whitelaw in the Summary
Prospectus, Prospectus, and SAI are hereby removed
Supplement to the Summary Prospectus, Prospectus and Statement
of Additional Information each dated as of March 1, 2022:
iShares Bloomberg Roll Select iShares Gold Strategy ETF
Commodity Strategy ETF iShares GSCI Commodity Dynamic
iShares Commodity Curve Carry Roll Strategy ETF
Strategy ETF iShares Yield Optimized Bond ETF
Supplement to the Summary Prospectus dated April 26, 2022 and
the Prospectus and Statement of Additional Information each dated
as of April 6, 2022:
iShares Blockchain and Tech ETF
Supplement to the Summary Prospectus and Prospectus both dated
as of August 1, 2022, and to the Statement of Additional Information
dated as of August 1, 2022 (as revised October 3, 2022):
iShares Asia 50 ETF iShares Global Industrials ETF
iShares Emerging Markets iShares Global Materials ETF
Infrastructure ETF iShares Global Tech ETF
iShares Global 100 ETF iShares Global Timber & Forestry ETF
iShares Global Comm Services ETF iShares Global Utilities ETF
iShares Global Consumer iShares India 50 ETF
Discretionary ETF iShares International Developed
iShares Global Consumer Staples ETF Property ETF
iShares Global Energy ETF iShares International Dividend
iShares Global Financials ETF Growth ETF
iShares Global Healthcare ETF iShares Latin America 40 ETF
Supplement to the Summary Prospectus and Prospectus both dated
as of August 1, 2022, and to the Statement of Additional Information
dated as of August 1, 2022 (as revised January 27, 2023):
iShares Biotechnology ETF iShares Russell Mid-Cap ETF
iShares Core S&P 500 ETF iShares Russell Mid-Cap Growth
iShares Core S&P Mid-Cap ETF ETF
iShares Core S&P Small-Cap ETF iShares Russell Mid-Cap Value ETF
iShares Core S&P Total U.S. Stock iShares Russell Top 200 ETF
Market ETF iShares Russell Top 200 Growth ETF
iShares Core S&P U.S. Growth ETF iShares Russell Top 200 Value ETF
iShares Core S&P U.S. Value ETF iShares S&P 100 ETF
iShares ESG Screened S&P 500 ETF iShares S&P 500 Growth ETF
iShares ESG Screened S&P Mid-Cap iShares S&P 500 Value ETF
ETF iShares S&P Mid-Cap 400 Growth
iShares ESG Screened S&P ETF
Small-Cap ETF iShares S&P Mid-Cap 400 Value ETF
iShares Europe ETF iShares S&P Small-Cap 600
iShares Expanded Tech Sector ETF Growth ETF
iShares Expanded Tech-Software iShares S&P Small-Cap 600 Value
Sector ETF ETF
iShares Factors US Growth Style ETF iShares Semiconductor ETF
iShares Focused Value Factor ETF iShares U.S. Aerospace & Defense
iShares International Developed ETF
Small Cap Value Factor ETF iShares U.S. Broker-Dealers &
iShares JPX-Nikkei 400 ETF Securities Exchanges ETF
iShares Micro-Cap ETF iShares U.S. Healthcare Providers
iShares Mortgage Real Estate ETF ETF
iShares North American Natural iShares U.S. Home Construction ETF
Resources ETF iShares U.S. Infrastructure ETF
iShares North American Tech- iShares U.S. Insurance ETF
Multimedia Networking ETF iShares U.S. Medical Devices ETF
iShares Preferred and Income iShares U.S. Oil & Gas
Securities ETF Exploration & Production ETF
iShares Residential and Multisector iShares U.S. Oil Equipment &
Real Estate ETF Services ETF
iShares Russell 1000 ETF iShares U.S. Pharmaceuticals ETF
iShares Russell 1000 Growth ETF iShares U.S. Real Estate ETF
iShares Russell 1000 Value ETF iShares U.S. Regional Banks ETF
iShares Russell 2000 ETF iShares U.S. Telecommunications
iShares Russell 2000 Growth ETF ETF
iShares Russell 2000 Value ETF iShares US Small Cap Value Factor
iShares Russell 3000 ETF ETF
Supplement to the Summary Prospectus dated as of August 1, 2022
and the Prospectus and Statement of Additional Information each
dated as of August 1, 2022 (as revised October 3, 2022):
iShares Global Infrastructure ETF
Supplement to the Summary Prospectus, the Prospectus and
Statement of Additional Information each dated as of August 1, 2022
(as revised January 27, 2023):
iShares Factors US Value Style ETF
Supplement to the Summary Prospectus, Prospectus and Statement
of Additional Information each dated as of August 1, 2022:
iShares Russell 2500 ETF
Supplement to the Summary Prospectus, Prospectus and Statement
of Additional Information each dated as of September 1, 2022:
iShares Asia/Pacific Dividend ETF iShares Emerging Markets
Dividend ETF
Supplement to the Summary Prospectus and Prospectus both dated
as of September 1, 2022, and to the Statement of Additional
Information dated as of September 1, 2022 (as revised
October 3, 2022):
iShares Cohen & Steers REIT ETF iShares Morningstar U.S. Equity
iShares Core Dividend ETF ETF
iShares Core Dividend Growth ETF iShares Morningstar Value ETF
iShares Core High Dividend ETF iShares MSCI KLD 400 Social ETF
iShares Core U.S. REIT ETF iShares MSCI USA ESG Select ETF
iShares Dow Jones U.S. ETF iShares Select Dividend ETF
iShares Global REIT ETF iShares U.S. Basic Materials ETF
iShares International Select iShares U.S. Consumer
Dividend ETF Discretionary ETF
iShares Morningstar Growth ETF iShares U.S. Consumer Staples ETF
iShares Morningstar Mid-Cap ETF iShares U.S. Energy ETF
iShares Morningstar Mid-Cap iShares U.S. Financial Services ETF
Growth ETF iShares U.S. Financials ETF
iShares Morningstar Mid-Cap Value iShares U.S. Healthcare ETF
ETF iShares U.S. Industrials ETF
iShares Morningstar Small-Cap ETF iShares U.S. Technology ETF
iShares Morningstar Small-Cap iShares U.S. Transportation ETF
Growth ETF iShares U.S. Utilities ETF
iShares Morningstar Small-Cap
Value ETF
Supplement to the Summary Prospectus dated as of September 1,
2022 and the Prospectus and Statement of Additional Information
each dated as of September 1, 2022 (as revised October 3, 2022):
iShares International Developed Real Estate ETF
Supplement to the Summary Prospectus and Prospectus both dated
as of September 1, 2022 (as revised January 31. 2023), and to the
Statement of Additional Information dated as of September 1, 2022
(as revised October 3, 2022):
iShares Global Clean Energy ETF
Supplement to the Summary Prospectus, Prospectus and Statement
of Additional Information each dated as of December 1, 2022:
iShares China Large-Cap ETF iShares MSCI EAFE Small-Cap ETF
iShares Core MSCI EAFE ETF iShares MSCI EAFE Value ETF
iShares Core MSCI Europe ETF iShares MSCI Europe Financials
iShares Core MSCI International ETF
Developed Markets ETF iShares MSCI Europe Small-Cap
iShares Core MSCI Pacific ETF ETF
iShares Core MSCI Total iShares MSCI Global Multifactor
International Stock ETF ETF
iShares Cybersecurity and Tech ETF iShares MSCI Intl Momentum
iShares ESG MSCI USA Min Vol Factor ETF
Factor ETF iShares MSCI Intl Quality Factor
iShares Exponential Technologies ETF
ETF iShares MSCI Intl Size Factor ETF
iShares Future Cloud 5G and Tech iShares MSCI Intl Small-Cap
ETF Multifactor ETF
iShares Genomics Immunology and iShares MSCI Intl Value Factor ETF
Healthcare ETF iShares MSCI Kokusai ETF
iShares International Equity Factor iShares MSCI USA Min Vol Factor
ETF ETF
iShares MSCI ACWI ETF iShares MSCI USA Momentum
iShares MSCI ACWI ex U.S. ETF Factor ETF
iShares MSCI ACWI Low Carbon iShares MSCI USA Quality Factor
Target ETF ETF
iShares MSCI All Country Asia ex iShares MSCI USA Size Factor ETF
Japan ETF iShares MSCI USA Small-Cap Min
iShares MSCI China A ETF Vol Factor ETF
iShares MSCI EAFE ETF iShares MSCI USA Small-Cap
iShares MSCI EAFE Growth ETF Multifactor ETF
iShares MSCI EAFE Min Vol Factor iShares MSCI USA Value Factor
ETF ETF
iShares Neuroscience and iShares U.S. Equity Factor ETF
Healthcare ETF iShares U.S. Tech Breakthrough
iShares Robotics and Artificial Multisector ETF
Intelligence Multisector ETF iShares Virtual Work and Life
iShares Self-Driving EV and Tech Multisector ETF
ETF
Supplement to the Prospectus and Statement of Additional
Information each dated as of December 1, 2022:
iShares Core Aggressive Allocation iShares ESG Aware Conservative
ETF Allocation ETF
iShares Core Conservative iShares ESG Aware Growth
Allocation ETF Allocation ETF
iShares Core Growth Allocation ETF iShares ESG Aware Moderate
iShares Core Moderate Allocation Allocation ETF
ETF iShares Morningstar Multi-Asset
iShares ESG Aware Aggressive Income ETF
Allocation ETF
Supplement to the Summary Prospectus, Prospectus and Statement
of Additional Information each dated as of December 29, 2022:
iShares Core MSCI Emerging iShares MSCI BIC ETF
Markets ETF iShares MSCI Brazil ETF
iShares Emergent Food and AgTech iShares MSCI Brazil Small-Cap ETF
Multisector ETF iShares MSCI Canada ETF
iShares ESG Advanced MSCI EAFE iShares MSCI Chile ETF
ETF iShares MSCI China ETF
iShares ESG Advanced MSCI EM iShares MSCI China Multisector
ETF Tech ETF
iShares ESG Advanced MSCI USA iShares MSCI China Small-Cap ETF
ETF iShares MSCI Denmark ETF
iShares ESG Aware MSCI EAFE ETF iShares MSCI Emerging Markets
iShares ESG Aware MSCI EM ETF Asia ETF
iShares ESG Aware MSCI USA ETF iShares MSCI Emerging Markets
iShares ESG Aware MSCI USA ETF
Small-Cap ETF iShares MSCI Emerging Markets ex
iShares ESG MSCI EM Leaders ETF China ETF
iShares ESG MSCI USA Leaders ETF iShares MSCI Emerging Markets
iShares MSCI Agriculture Producers Min Vol Factor ETF
ETF iShares MSCI Emerging Markets
iShares MSCI Australia ETF Multifactor ETF
iShares MSCI Austria ETF iShares MSCI Emerging Markets
iShares MSCI Belgium ETF Small-Cap ETF
iShares MSCI Eurozone ETF iShares MSCI Malaysia ETF
iShares MSCI Finland ETF iShares MSCI Mexico ETF
iShares MSCI France ETF iShares MSCI Netherlands ETF
iShares MSCI Frontier and Select iShares MSCI New Zealand ETF
EM ETF iShares MSCI Norway ETF
iShares MSCI Germany ETF iShares MSCI Pacific ex Japan ETF
iShares MSCI Germany Small-Cap iShares MSCI Peru ETF
ETF iShares MSCI Philippines ETF
iShares MSCI Global Energy iShares MSCI Poland ETF
Producers ETF iShares MSCI Qatar ETF
iShares MSCI Global Gold Miners iShares MSCI Russia ETF
ETF iShares MSCI Saudi Arabia ETF
iShares MSCI Global Metals & iShares MSCI Singapore ETF
Mining Producers ETF iShares MSCI South Africa ETF
iShares MSCI Global Min Vol Factor iShares MSCI South Korea ETF
ETF iShares MSCI Spain ETF
iShares MSCI Global Silver and iShares MSCI Sweden ETF
Metals Miners ETF iShares MSCI Switzerland ETF
iShares MSCI Global Sustainable iShares MSCI Taiwan ETF
Development Goals ETF iShares MSCI Thailand ETF
iShares MSCI Hong Kong ETF iShares MSCI Turkey ETF
iShares MSCI India Small-Cap ETF iShares MSCI UAE ETF
iShares MSCI Indonesia ETF iShares MSCI United Kingdom ETF
iShares MSCI Ireland ETF iShares MSCI United Kingdom
iShares MSCI Israel ETF Small-Cap ETF
iShares MSCI Italy ETF iShares MSCI USA Equal Weighted
iShares MSCI Japan ETF ETF
iShares MSCI Japan Small-Cap ETF iShares MSCI World ETF
iShares MSCI Japan Value ETF iShares Paris-Aligned Climate
iShares MSCI Kuwait ETF MSCI USA ETF
Supplement to the Summary Prospectus and Prospectus both dated
as of December 29, 2022 (as revised January 13, 2023) and
Statement of Additional Information dated as of December 29, 2022:
iShares MSCI India ETF
Supplement to the Summary Prospectus dated September 21, 2022
and the Prospectus and Statement of Additional Information each
dated as of September 6, 2022:
iShares MSCI Water Management Multisector ETF
Supplement to the Summary Prospectus dated November 16, 2022
and the Prospectus and Statement of Additional Information each
dated as of September 22, 2022 (as revised November 9, 2022):
iShares Environmentally Aware Real Estate ETF
Supplement to the Summary Prospectus dated November 2, 2022
and the Prospectus and Statement of Additional Information each
dated as of October 24, 2022:
iShares Environmental Infrastructure and Industrials ETF
Supplement to the Summary Prospectus dated February 1, 2023 and
the Prospectus and Statement of Additional Information each dated
as of December 29, 2022:
iShares ESG Aware MSCI USA iShares ESG Aware MSCI USA
Growth ETF Value ETF
Supplement to Prospectus and Statement of Additional Information
each dated as of January 31, 2023:
iShares Future Metaverse Tech and Communications ETF
If you have any questions, please call 1-800-iShares (1-800-474-2737).

iShares® is a registered trademark of BlackRock Fund Advisors and its affiliates.

IS-A-RPM-0223

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 iSHARES® BIOTECHNOLOGY ETF
Ticker: IBB Stock Exchange: Nasdaq

Investment Objective
The iShares Biotechnology ETF (the “Fund”) seeks to track the investment results of an
index composed of U.S.-listed equities in the biotechnology sector.

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)
Total Annual
Distribution and Fund
Management Service (12b-1) Other Operating
Fees Fees Expenses1 Expenses
0.44% None 0.00% 0.44%

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

$45 $141 $246 $555

S-1
Portfolio Turnover. The Fund may pay capitalization companies and may
transaction costs, such as commissions, change over time. As of March 31,
when it buys and sells securities (or 2022, a significant portion of the
“turns over” its portfolio). A higher Underlying Index is represented by
portfolio turnover rate may indicate securities of companies in the
higher transaction costs and may result biotechnology and healthcare industries
in higher taxes when Fund shares are or sectors. The components of the
held in a taxable account. These costs, Underlying Index are likely to change
which are not reflected in the Annual over time.
Fund Operating Expenses or in the BFA uses a “passive” or indexing
Example, affect the Fund’s approach to try to achieve the Fund’s
performance. During the most recent investment objective. Unlike many
fiscal year, the Fund’s portfolio turnover investment companies, the Fund does
rate was 46% of the average value of its not try to “beat” the index it tracks and
portfolio. does not seek temporary defensive
Principal Investment positions when markets decline or
appear overvalued.
Strategies
Indexing may eliminate the chance that
The Fund seeks to track the investment
the Fund will substantially outperform
results of the ICE Biotechnology Index
the Underlying Index but also may
(the “Underlying Index”), which
reduce some of the risks of active
measures the performance of U.S.-listed
management, such as poor security
securities of companies that are
selection. Indexing seeks to achieve
classified according to the ICE Uniform
lower costs and better after-tax
Sector Classification schema within the
performance by aiming to keep portfolio
Biotechnology Sub-Industry Group (as
turnover low in comparison to actively
determined by ICE Data Indices, LLC or
managed investment companies.
its affiliates (collectively “Index
Provider” or “IDI”)) and that also meet BFA uses a representative sampling
other eligibility criteria determined by indexing strategy to manage the Fund.
the Index Provider, including minimum “Representative sampling” is an
market capitalization and liquidity indexing strategy that involves investing
requirements. Companies classified in a representative sample of securities
within the Biotechnology Sub-Industry that collectively has an investment
Group include those companies that are profile similar to that of an applicable
engaged in the research and underlying index. The securities
development of therapeutic treatments selected are expected to have, in the
but that are not focused on the aggregate, investment characteristics
commercialization and mass production (based on factors such as market
of pharmaceutical drugs. The capitalization and industry weightings),
Biotechnology Sub-Industry Group also fundamental characteristics (such as
includes those companies that are return variability and yield) and liquidity
engaged in the production of tools or measures similar to those of an
systems that enable biotechnology applicable underlying index. The Fund
processes. The Underlying Index may or may not hold all of the securities
includes large-, mid- and small- in the Underlying Index.

S-2
The Fund generally will invest at least limitation, securities of the U.S.
80% of its assets in the component government (including its agencies and
securities of its Underlying Index and in instrumentalities) and repurchase
investments that have economic agreements collateralized by U.S.
characteristics that are substantially government securities are not
identical to the component securities of considered to be issued by members of
its Underlying Index (i.e., depositary any industry.
receipts representing securities of the
Underlying Index) and may invest up to Summary of Principal Risks
20% of its assets in certain futures, As with any investment, you could lose
options and swap contracts, cash and all or part of your investment in the
cash equivalents, including shares of Fund, and the Fund’s performance could
money market funds advised by BFA or trail that of other investments. The Fund
its affiliates, as well as in securities not is subject to certain risks, including the
included in the Underlying Index, but principal risks noted below, any of
which BFA believes will help the Fund which may adversely affect the Fund’s
track the Underlying Index. Cash and net asset value per share (“NAV”),
cash equivalent investments associated trading price, yield, total return and
with a derivative position will be treated ability to meet its investment objective.
as part of that position for the purposes The order of the below risk factors does
of calculating the percentage of not indicate the significance of any
investments included in the Underlying particular risk factor.
Index. The Fund seeks to track the
Asset Class Risk. Securities and other
investment results of the Underlying
assets in the Underlying Index or in the
Index before fees and expenses of the
Fund’s portfolio may underperform in
Fund.
comparison to the general financial
The Fund may lend securities markets, a particular financial market or
representing up to one-third of the value other asset classes.
of the Fund’s total assets (including the
Authorized Participant Concentration
value of any collateral received).
Risk. Only an Authorized Participant (as
The Underlying Index is sponsored by defined in the Creations and
the Index Provider, which Redemptions section of this prospectus
is independent of the Fund and BFA. The (the “Prospectus”)) may engage in
Index Provider determines the creation or redemption transactions
composition and relative weightings of directly with the Fund, and none of
the securities in the Underlying Index those Authorized Participants is
and publishes information regarding the obligated to engage in creation and/or
market value of the Underlying Index. redemption transactions. The Fund has
Industry Concentration Policy. The a limited number of institutions that
Fund will concentrate its investments may act as Authorized Participants on
(i.e., hold 25% or more of its total an agency basis (i.e., on behalf of other
assets) in a particular industry or group market participants). To the extent that
of industries to approximately the same Authorized Participants exit the
extent that the Underlying Index is business or are unable to proceed with
concentrated. For purposes of this creation or redemption orders with
respect to the Fund and no other

S-3
Authorized Participant is able to step Authorized Participants or issuers of
forward to create or redeem, Fund securities in which the Fund invests.
shares may be more likely to trade at a Equity Securities Risk. Equity
premium or discount to NAV and securities are subject to changes in
possibly face trading halts or delisting. value, and their values may be more
Biotechnology Industry Risk. volatile than those of other asset
Biotechnology companies face intense classes. The Underlying Index is
competition and potentially rapid composed of common stocks, which
product obsolescence. Biotechnology generally subject their holders to more
companies may be adversely affected risks than preferred stocks and debt
by the loss or impairment of intellectual securities because common
property rights or changes in stockholders’ claims are subordinated
government regulations. to those of holders of preferred stocks
Concentration Risk. The Fund may be and debt securities upon the bankruptcy
susceptible to an increased risk of loss, of the issuer.
including losses due to adverse events Healthcare Sector Risk. The
that affect the Fund’s investments more profitability of companies in the
than the market as a whole, to the healthcare sector may be affected by
extent that the Fund’s investments are government regulations and
concentrated in the securities and/or government healthcare programs,
other assets of a particular issuer or increases or decreases in the cost of
issuers, country, group of countries, medical products and services, an
region, market, industry, group of increased emphasis on outpatient
industries, sector, market segment or services, demand for medical products
asset class. and services and product liability
Cybersecurity Risk. Failures or claims, among other factors. Many
breaches of the electronic systems of healthcare companies are heavily
the Fund, the Fund’s adviser, distributor, dependent on patent protection, and
the Index Provider and other service the expiration of a company’s patent
providers, market makers, Authorized may adversely affect that company’s
Participants or the issuers of securities profitability. Healthcare companies are
in which the Fund invests have the subject to competitive forces that may
ability to cause disruptions, negatively result in price discounting, and may be
impact the Fund’s business operations thinly capitalized and susceptible to
and/or potentially result in financial product obsolescence.
losses to the Fund and its shareholders. Index-Related Risk. There is no
While the Fund has established business guarantee that the Fund’s investment
continuity plans and risk management results will have a high degree of
systems seeking to address system correlation to those of the Underlying
breaches or failures, there are inherent Index or that the Fund will achieve its
limitations in such plans and systems. investment objective. Market
Furthermore, the Fund cannot control disruptions and regulatory restrictions
the cybersecurity plans and systems of could have an adverse effect on the
the Fund’s Index Provider and other Fund’s ability to adjust its exposure to
service providers, market makers, the required levels in order to track the

S-4
Underlying Index. Errors in index data, companies to adapt to changing market
index computations or the construction conditions. Large-capitalization
of the Underlying Index in accordance companies may be more mature and
with its methodology may occur from subject to more limited growth potential
time to time and may not be identified compared with smaller capitalization
and corrected by the Index Provider for companies. During different market
a period of time or at all, which may cycles, the performance of large-
have an adverse impact on the Fund and capitalization companies has trailed the
its shareholders. Unusual market overall performance of the broader
conditions may cause the Index securities markets.
Provider to postpone a scheduled Management Risk. As the Fund will not
rebalance, which could cause the fully replicate the Underlying Index, it is
Underlying Index to vary from its normal subject to the risk that BFA’s
or expected composition. investment strategy may not produce
Infectious Illness Risk. An outbreak of the intended results.
an infectious respiratory illness, COVID- Market Risk. The Fund could lose
19, caused by a novel coronavirus has money over short periods due to short-
resulted in travel restrictions, disruption term market movements and over
of healthcare systems, prolonged longer periods during more prolonged
quarantines, cancellations, supply chain market downturns. Local, regional or
disruptions, lower consumer demand, global events such as war, acts of
layoffs, ratings downgrades, defaults terrorism, the spread of infectious
and other significant economic impacts. illness or other public health issues,
Certain markets have experienced recessions, or other events could have a
temporary closures, extreme volatility, significant impact on the Fund and its
severe losses, reduced liquidity and investments and could result in
increased trading costs. These events increased premiums or discounts to the
will have an impact on the Fund and its Fund’s NAV.
investments and could impact the
Fund’s ability to purchase or sell Market Trading Risk. The Fund faces
securities or cause elevated tracking numerous market trading risks,
error and increased premiums or including the potential lack of an active
discounts to the Fund’s NAV. Other market for Fund shares, losses from
infectious illness outbreaks in the future trading in secondary markets, periods of
may result in similar impacts. high volatility and disruptions in the
creation/redemption process. ANY OF
Issuer Risk. The performance of the THESE FACTORS, AMONG OTHERS,
Fund depends on the performance of MAY LEAD TO THE FUND’S SHARES
individual securities to which the Fund TRADING AT A PREMIUM OR DISCOUNT
has exposure. Changes in the financial TO NAV.
condition or credit rating of an issuer of
those securities may cause the value of Mid-Capitalization Companies Risk.
the securities to decline. Compared to large-capitalization
companies, mid-capitalization
Large-Capitalization Companies Risk. companies may be less stable and more
Large-capitalization companies may be susceptible to adverse developments. In
less able than smaller capitalization

S-5
addition, the securities of mid- lending involves the risk that the Fund
capitalization companies may be more may lose money because the borrower
volatile and less liquid than those of of the loaned securities fails to return
large-capitalization companies. the securities in a timely manner or at
all. The Fund could also lose money in
Non-Diversification Risk. The Fund the event of a decline in the value of
may invest a large percentage of its collateral provided for loaned securities
assets in securities issued by or or a decline in the value of any
representing a small number of issuers. investments made with cash collateral.
As a result, the Fund’s performance may These events could also trigger adverse
depend on the performance of a small tax consequences for the Fund.
number of issuers. Tracking Error Risk. The Fund may be
subject to “tracking error,” which is the
Operational Risk. The Fund is exposed
divergence of the Fund’s performance
to operational risks arising from a
from that of the Underlying Index.
number of factors, including, but not
Tracking error may occur because of
limited to, human error, processing and
differences between the securities and
communication errors, errors of the
other instruments held in the Fund’s
Fund’s service providers, counterparties
portfolio and those included in the
or other third parties, failed or
Underlying Index, pricing
inadequate processes and technology
differences (including, as applicable,
or systems failures. The Fund and BFA
differences between a security’s price
seek to reduce these operational risks
at the local market close and the Fund’s
through controls and procedures.
valuation of a security at the time of
However, these measures do not
calculation of the Fund’s NAV),
address every possible risk and may be
transaction costs incurred by the Fund,
inadequate to address significant
the Fund’s holding of uninvested cash,
operational risks.
differences in timing of the accrual of or
Passive Investment Risk. The Fund is the valuation of dividends or interest
not actively managed, and BFA generally received by the Fund or distributions
does not attempt to take defensive paid to the Fund’s shareholders, the
positions under any market conditions, requirements to maintain pass-through
including declining markets. tax treatment, portfolio transactions
Reliance on Trading Partners Risk. carried out to minimize the distribution
The Fund invests in countries or regions of capital gains to shareholders,
whose economies are heavily acceptance of custom baskets, changes
dependent upon trading with key to the Underlying Index or the costs to
partners. Any reduction in this trading the Fund of complying with various new
may have an adverse impact on the or existing regulatory requirements,
Fund’s investments. among other reasons. This risk may be
heightened during times of increased
Risk of Investing in the U.S. Certain market volatility or other unusual
changes in the U.S. economy, such as market conditions. Tracking error also
when the U.S. economy weakens or may result because the Fund incurs fees
when its financial markets decline, may and expenses, while the Underlying
have an adverse effect on the securities Index does not.
to which the Fund has exposure.
Securities Lending Risk. The Fund may
engage in securities lending. Securities

S-6
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, 5, and 10 years 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)

100%
75% 65.47%

50% 31.96% 34.13%

21.20% 24.75% 25.90%
25% 11.47%
0.99%
0%
-9.14%
-25% -21.53%
-50%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

1
The Fund’s year-to-date return as of June 30, 2022 was -22.80%.
The best calendar quarter return during the periods shown above was 26.81% in the
2nd quarter of 2020; the worst was -22.92% in the 1st quarter of 2016.
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).

S-7
 Average Annual Total Returns
(for the periods ended December 31, 2021)
One Year Five Years Ten Years
(Inception Date: 2/5/2001)
Return Before Taxes 0.99% 11.80% 16.17%
Return After Taxes on Distributions1 0.94% 11.74% 16.11%
Return After Taxes on Distributions and Sale of Fund
Shares1 0.62% 9.42% 13.80%
ICE Biotechnology Index2 (Index returns do not reflect
deductions for fees, expenses, or taxes) 1.37% 12.19% 16.51%

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 April 2, 2014 reflect the performance of the NASDAQ Biotechnology
Index (price return), which, effective as of April 3, 2014, was replaced by the NASDAQ
Biotechnology Index (total return) as the Underlying Index of the Fund. Index returns from
April 3, 2014 through June 20, 2021 reflect the performance of the NASDAQ
Biotechnology Index (total return). Index returns beginning on June 21, 2021 reflect the
performance of the ICE Biotechnology Index, which, effective as of June 21, 2021, replaced
the NASDAQ Biotechnology Index (total return) as the Underlying Index of the Fund. The
inception date of the ICE Biotechnology Index was April 13, 2021.

S-8
Management Tax Information
Investment Adviser. BlackRock Fund The Fund intends to make distributions
Advisors. that may be taxable to you as ordinary
Portfolio Managers. Jennifer Hsui, income or capital gains, unless you are
Greg Savage, Paul Whitehead and Amy investing through a tax-deferred
Whitelaw (the “Portfolio Managers”) are arrangement such as a 401(k) plan or
primarily responsible for the day-to-day an IRA, in which case, your distributions
management of the Fund. Each Portfolio generally will be taxed when withdrawn.
Manager supervises a portfolio Payments to Broker-Dealers
management team. Ms. Hsui, Mr.
Savage, Mr. Whitehead and Ms.
and Other Financial
Whitelaw have been Portfolio Managers Intermediaries
of the Fund since 2012, 2008, 2022 If you purchase shares of the Fund
and 2018, respectively. through a broker-dealer or other
financial intermediary (such as a bank),
Purchase and Sale of Fund BFA or other related companies may
Shares pay the intermediary for marketing
The Fund is an exchange-traded fund activities and presentations, educational
(commonly referred to as an “ETF”). training programs, conferences, the
Individual shares of the Fund may only development of technology platforms
be bought and sold in the secondary and reporting systems or other services
market through a broker-dealer. related to the sale or promotion of the
Because ETF shares trade at market Fund. These payments may create a
prices rather than at NAV, shares may conflict of interest by influencing the
trade at a price greater than NAV (a broker-dealer or other intermediary and
premium) or less than NAV (a discount). your salesperson to recommend the
An investor may incur costs attributable Fund over another investment. Ask your
to the difference between the highest salesperson or visit your financial
price a buyer is willing to pay to intermediary’s website for more
purchase shares of the Fund (bid) and information.
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”).

S-9
[THIS PAGE INTENTIONALLY LEFT BLANK]
 For more information visit www.iShares.com or call 1-800-474-2737
IS-SP-IBB-0822

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