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August 1, 2012
(as revised July 1, 2013)
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2012 Summary Prospectus
iShares Global Energy ETF
IXC NYSE ARCA
Before you invest, you may want to review the Funds prospectus, which contains more
information about the Fund and its risks. You can find the Funds prospectus (including amendments and supplements) and other information about the Fund, including the Funds statement of additional information and shareholder report,
online at http://us.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 iSharesETFs@blackrock.com, or from your financial professional. The Funds
prospectus and statement of additional information, both dated August 1, 2012, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.
The Securities and Exchange Commission (SEC) 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
®
GLOBAL ENERGY ETF
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Ticker: IXC
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Stock Exchange: NYSE Arca
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Investment Objective
The iShares Global Energy ETF (the Fund) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Global 1200 Energy Sector
Index
TM
(the Underlying Index).
Fees and Expenses
The following table describes the fees and
expenses that you will incur if you own 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 interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.
You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:
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Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a
percentage of the value of your investments)
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Management
Fees
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Distribution and
Service (12b-1)
Fees
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Other
Expenses
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Total Annual
Fund
Operating
Expenses
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0.48%
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None
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None
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0.48%
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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
Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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$49
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$154
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$269
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$604
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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 Annual Fund
Operating Expenses or in the Example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 3% of the average value of its portfolio.
S-1
Principal Investment Strategies
The Underlying Index measures the performance of companies that Standard & Poors Financial Services LLC, a subsidiary of The McGraw-Hill Companies (S&P) deems to be part of the energy
sector of the economy and that S&P believes are important to global markets. It is a subset of the S&P Global
1200
TM
. Components primarily include energy and oil and gas companies, and may
change over time. As of March 31, 2012, the Underlying Index was comprised of stocks of companies in the following countries: Australia, Austria, Brazil, Canada, China, Colombia, France, Italy, Japan, Norway, Portugal, South Korea, Spain, the
United Kingdom and the United States.
BFA uses a passive or indexing approach to try to achieve the Funds investment objective. Unlike
many investment companies, 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 keeping 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 the
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 the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.
The Fund
generally invests at least 90% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap
contracts, cash and cash equivalents, including 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.
The Fund may lend securities representing up to one-third of the value of the Funds total assets (including the value of the collateral received).
The Underlying Index is sponsored by an organization (the Index Provider) that 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 Funds Index Provider is S&P.
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, which may include large-, mid- or small-capitalization companies, to approximately the same extent that
S-2
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 Funds performance could trail that of other investments. The Fund
is subject to the principal risks noted below, any of which may adversely affect the Funds net asset value per share (NAV), trading price, yield, total return and ability to meet its investment objective.
Asset Class Risk
.
Securities in the Underlying Index or in the Funds portfolio may underperform in comparison to the general securities
markets or other asset classes.
Commodity Risk.
The Funds investments in certain companies, especially resource extraction and
production companies, are sensitive to fluctuations in certain commodity markets, and changes in those markets may cause the Funds portfolio to lose value.
Concentration Risk.
To the extent that the Funds investments are concentrated in a particular region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse
occurrences affecting that region, country, market, industry or asset class.
Currency Risk
.
Because the Funds NAV is
determined in U.S. dollars, the Funds NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.
Custody Risk
.
Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.
Energy Sector Risk.
The value of securities issued by companies in the energy sector may decline for many reasons, including, without
limitation, changes in energy prices, government regulations, energy conservation efforts and potential civil liabilities.
Equity Securities
Risk
.
Equity securities are subject to changes in value and their values may be more volatile than other asset classes.
Geographic
Risk
.
A natural or other disaster could occur in a geographic region in which the Fund invests.
Index-Related Risk.
There
is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Funds ability to
adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its
Shareholders.
Issuer Risk
.
Fund performance depends on the performance of individual securities to which the Fund has exposure.
Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.
S-3
Management Risk
.
As the Fund may not fully replicate the Underlying Index, it is subject to the
risk that BFAs investment management strategy may not produce the intended results.
Market Risk
.
The Fund could lose money
over short periods due to short-term market movements and over longer periods during market downturns.
Market Trading Risk
.
The
Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from
trading in secondary markets,
periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUNDS SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.
Non-Diversification Risk
.
The Fund may invest a large percentage of its assets in securities issued by or representing a small number of
issuers. As a result, the Funds performance may depend on the performance of a small number of issuers.
Non-U.S. Securities Risk
.
Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and
geographic events affecting a non-U.S. issuer or market. The Fund is specifically exposed to
European Economic Risk
and
North American Economic Risk
.
Oil and Gas Sector Risk.
Companies in the oil and gas sector are affected by worldwide energy prices and exploration and production costs. Companies in the oil and gas sector may have significant
operations in areas at risk for natural disasters, social unrest and environmental damage. These companies may also be at risk for increased government regulation and intervention, litigation, and negative publicity and perception.
Passive Investment Risk
.
The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions,
including declining markets.
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 Funds 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 the 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.
Security Risk
.
Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a countrys or regions security may cause uncertainty in
these markets and may adversely affect their economies and the Funds investments.
Structural Risk
.
The countries in which the
Fund invests may be subject to considerable degrees of economic, political and social instability.
Tracking Error Risk
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Tracking
error is the divergence of the Funds performance from that of the Underlying Index. Tracking error may occur because of imperfect correlation between the Funds holdings of portfolio securities and those in the Underlying Index,
S-4
pricing differences, the Funds holding of cash, differences on timing of the accrual of dividends, changes to the Underlying Index or the need to meet various regulatory requirements. This
risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.
Valuation Risk
.
The sales price the Fund could receive for a security may differ from the Funds valuation of the security and may differ
from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Funds portfolio may change
on days when shareholders will not be able to purchase or sell the Funds shares.
Performance Information
The bar chart and table that follow show how the Fund has performed on a calendar year
basis and provide an indication of the risks of investing in the Fund. 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. Supplemental information about the Funds performance is shown under the heading
Total Return Information
in the
Supplemental Information
section of the Funds prospectus (the Prospectus).
Year-by-Year Returns
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(Years Ended December 31)
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The Funds total return for the six months ended June 30, 2012 was -4.04%.
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The best calendar quarter return during the periods shown above was 18.59% in the 2nd quarter of 2008; the worst was -27.21% in the
3rd quarter of 2008.
Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).
S-5
Average Annual Total Returns
(for the periods ended December 31, 2011)
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One Year
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Five Years
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Ten Years
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(Inception Date: 11/12/2001)
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Return Before Taxes
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0.47%
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2.85%
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10.76%
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Return After Taxes on Distributions
1
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0.29%
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2.63%
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10.47%
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Return After Taxes on Distributions and Sale of Fund Shares
1
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0.92%
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2.53%
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9.60%
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S&P Global 1200 Energy Sector Index
TM
(Index returns do not reflect deductions for fees, expenses, or
taxes)
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0.57%
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2.84%
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10.46%
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1
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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 investors 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 sale 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.
Rene Casis, Diane Hsiung, Jennifer Hsui and Greg Savage (the Portfolio Managers) are primarily responsible for the day-to-day
management of the Fund. Each Portfolio Manager supervises a portfolio management team. Mr. Casis, Ms. Hsiung, Ms. Hsui and Mr. Savage have been Portfolio Managers of the Fund since 2011, 2008, 2012 and 2008, respectively.
Purchase and Sale of Fund Shares
The Fund is an
exchange-traded fund (commonly referred to as an ETF). Individual Fund shares may only be purchased and sold on a national securities exchange through a broker-dealer. The price of Fund shares is based on market price, and because ETF
shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund will only issue or redeem shares that have been aggregated into blocks of 150,000 shares or
multiples thereof (Creation Units) to authorized participants who have entered into agreements with the Funds distributor. The Fund generally will issue or redeem Creation Units in return for a designated portfolio of securities
(and an amount of cash) that the Fund specifies each day.
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.
S-6
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 intermediarys website for more information.
S-7
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For more information visit www.iShares.com or call 1-800-474-2737
Investment Company Act File No.: 811-09729
IS-SP-IXC-0713
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