PDF iShares Dow Jones Select Dividend Index Fund Prospectus

September 1, 2012

2012 Prospectus

iShares Dow Jones Select Dividend Index Fund

DVY ? NYSE ARCA

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.

Table of Contents

Fund Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-1 More Information About the Fund . . . . . . . . 1 A Further Discussion of Principal Risks . . 2 A Further Discussion of Other Risks. . . . . . 5 Portfolio Holdings Information. . . . . . . . . . . . . 7 Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Shareholder Information . . . . . . . . . . . . . . . . . . . . 10 Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Index Provider. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Disclaimers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Supplemental Information . . . . . . . . . . . . . . . . . . 23

S&P is a registered trademark of Standard & Poor's Financial Services LLC ("S&P") and "Dow Jones?" is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by BlackRock Fund Advisors or its affiliates. The "Dow Jones U.S. Select Dividend IndexSM" is a product of S&P Dow Jones Indices LLC or its affiliates, and has been licensed for use by BlackRock Fund Advisors or its affiliates. iShares? is a registered trademark of BlackRock Fund Advisors or its affiliates. The Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, their respective affiliates, and none of S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates makes any representation regarding the advisability of investing in such product(s).

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iSHARES? DOW JONES SELECT DIVIDEND INDEX FUND

Ticker: DVY

Stock Exchange: NYSE Arca

Investment Objective

The iShares Dow Jones Select Dividend Index Fund (the "Fund") seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Select Dividend Index (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:

Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)

Management Fees

Distribution and Service (12b-1)

Fees

Other Expenses

Total Annual Fund

Operating Expenses

0.40%

None

None

0.40%

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 $41

3 Years $128

5 Years $224

10 Years $505

S-1

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