0001524513 2025-10-31 2025-10-31 0001524513 isust:S000080439Member 2025-10-31 2025-10-31 false 2025-10-31 497 0001524513 N-1A 2026-02-27 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 24pt; font-family: arial; font-weight: bold; text-align: center;">Important Notice Regarding Change in Investment Policy and Name</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 24pt; font-family: arial; font-weight: bold; text-align: center;">iShares<sup style="font-size: 75%; vertical-align: top;">®</sup></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">iShares U.S. ETF Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">Supplement dated March 27, 2026</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">to the currently effective Summary Prospectus, Prospectus,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">and Statement of Additional Information (“SAI”) for the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">iShares Transition-Enabling Metals ETF (TMET) (the “Fund”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Board of Trustees (the “Board”) has approved the below changes for the Fund that are expected to be implemented on or around May 29, 2026 (the “Effective Date”).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 99%; border-spacing: 0px;"> <tr> <td style="width: 12%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 43%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 43%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="2" style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;">  </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; text-align: center;"><span style="font-weight: bold;">Current</span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; text-align: center;"><span style="font-weight: bold;">New</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-right: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">Fund Name</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; text-align: center;">iShares Transition-Enabling Metals ETF</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; text-align: center;">iShares Strategic Metals ETF</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-right: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">Fund Ticker</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; text-align: center;">TMET</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; text-align: center;">ISTM</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-right: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">Underlying</div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">Index</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; text-align: center;">ICE Clean Energy Transition Metals Index</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; text-align: center;">ICE Strategic Re‑Industrialization Metals Index</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-right: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">Investment</div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">Objective</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; text-align: center;">Seeks to track the investment results of an index that provides exposure to metals that are essential to a wide range of clean energy technologies supporting the transition to a low‑carbon economy.</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; text-align: center;">Seeks to track the investment results of a commodities futures index that provides strategic exposure to metals that are essential to several structural themes, such as AI infrastructure, manufacturing, energy production and distribution, and national security.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Accordingly, as of the Effective Date, all references in the Summary Prospectus, Prospectus, and SAI to “iShares Transition-Enabling Metals ETF,” “TMET” and “ICE Clean Energy Transition Metals Index” are replaced with the Fund’s new name, new ticker, or new Underlying Index, respectively.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"></span><span style="font-weight: bold;"><span style="font-style: italic;"><span style="text-decoration: underline;">Changes to the Fund’s Summary Prospectus and Prospectus </span></span></span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">The Investment Objective is deleted in its entirety and replaced with the following:</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The iShares Strategic Metals ETF (the “Fund”) seeks to track the investment results of a commodities futures index that provides strategic exposure to metals that are essential to several structural themes, such as AI infrastructure, manufacturing, energy production and distribution, and national security.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">The first nine paragraphs of the section entitled Principal Investment Strategies are deleted in their entirety and replaced with the following:</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund seeks to track the investment results of the ICE Strategic Re‑Industrialization Metals Index (the “Underlying Index”), which measures the performance of a long-only basket of exchange-traded commodity metal futures contracts representing underlying metals that are extensively used in broader re‑industrialization related applications, such as Artificial Intelligence (“AI”) infrastructure, manufacturing, energy production and distribution, and national security, as determined by the Commodity Index Advisory Committee (“Advisory Committee”) established by ICE Data Indices, LLC (“IDI” or the “Index Provider”). To be eligible for review by the Advisory Committee, futures contracts must be U.S. dollar denominated; listed on the New York Mercantile Exchange, Chicago Mercantile Exchange, London Metal Exchange, or ICE Futures; and have a total trading volume of at least 5 million contracts per annual period. The Advisory Committee considers eligible contracts for inclusion in the Underlying Index based on (1) government, agency, and private company data and reports relating to the current and expected future usage of metals that derive at least 50% of their end use demand from re‑industrialization related themes; and (2) metals that exhibit a favorable supply-demand outlook and are not subject to prolonged oversupply dynamics. The Underlying Index includes commodity metal</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">futures contracts in copper, aluminum, silver, nickel, zinc, and platinum. These commodity metal futures contracts are reviewed annually by the Advisory Committee.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Underlying Index is rebalanced on a quarterly basis and occurs at the same time as any rolling of futures contracts after the close of the 5th to 9th business day in January, April, July, and October each year. “Roll” refers to the process of selling a futures contract as it approaches its settlement date and replacing the position with a similar contract with a more distant settlement date.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">As of May 29, 2026, the Underlying Index will have 12 components.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">In seeking to achieve its investment objective, the Fund, through its Subsidiary (as defined below), invests in financial instruments that provide the same or similar exposure to commodities as the components of the Underlying Index, and not in the physical commodities themselves. For example, the Fund may invest in “similar” metals futures contracts to those in the Underlying Index where exposure to the same underlying metal is available on a similar contract trading on a different exchange. To obtain its exposure to the commodities markets, the Fund may invest in a combination of exchange-traded commodity futures contracts and exchange-traded options on commodity-related futures contracts (together, “Commodity-Linked Investments”). Investing in Commodity-Linked Investments may have a leveraging effect on the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund also seeks to generate interest income and capital appreciation on the cash balances arising from its investment in Commodity-Linked Investments through a cash management strategy consisting primarily of investments in cash and cash equivalents, short-term, investment-grade fixed-income securities that include U.S. government and agency securities, Treasury Inflation-Protected Securities, sovereign debt obligations of non‑U.S. countries, repurchase agreements and money market instruments (collectively, “Fixed-Income Investments”). The Fund uses Fixed-Income Investments as investments and to provide liquidity, serve as margin and/or collateralize the Subsidiary’s Commodity-Linked Investments exposure on a day‑to‑day basis.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund gains exposure to Commodity-Linked Investments by investing through a wholly owned subsidiary organized in the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by BFA and has the same investment objective as the Fund. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and, unless otherwise noted in this Prospectus, is not subject to the investor protections of the 1940 Act. The Subsidiary will invest solely in Commodity-Linked Investments and cash and cash equivalents.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">Transition-Enabling Metals Risk is deleted in its entirety and replaced with the following:</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;">Re‑Industrialization Metals Risk.</span> The performance of re‑industrialization metals (i.e., metals used to facilitate AI infrastructure, manufacturing, energy production and distribution, and national security) is highly dependent on manufacturing reshoring, amplified battery production, increased defense spending and the expansion of AI infrastructure. Investments in re‑industrialization metals may be speculative and subject to greater price volatility than investments in other types of assets. The market value of re‑industrialization metals may be significantly affected for many reasons, including, among others, obsolescence of existing technology, changes in energy prices, worldwide metal prices and extraction and production costs, global political changes, terrorism, war, natural disasters and other catastrophes, government regulations and subsidies, supply chains, and taxation policies. Worldwide metal prices may fluctuate substantially over short periods of time, and as a result, the Fund’s share price may be more volatile than other types of investments. Such risks may be heightened to the extent the Fund’s Commodity-Linked Investments provide exposure to emerging markets. In addition, the industry is relatively nascent and under-researched in comparison to more established and mature sectors, and should therefore be regarded as having greater investment risk.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">If you have any questions, please call 1‑800‑iShares (1‑800‑474‑2737).</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">iShares<sup style="font-size: 75%; vertical-align: top;">®</sup> is a registered trademark of BlackRock Fund Advisors and its affiliates.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 24pt; font-family: arial; font-weight: bold; text-align: center;">Important Notice Regarding Change in Investment Policy and Name</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 24pt; font-family: arial; font-weight: bold; text-align: center;">iShares<sup style="font-size: 75%; vertical-align: top;">®</sup></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">iShares U.S. ETF Trust</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">Supplement dated March 27, 2026</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">to the currently effective Summary Prospectus, Prospectus,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">and Statement of Additional Information (“SAI”) for the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">iShares Transition-Enabling Metals ETF (TMET) (the “Fund”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Board of Trustees (the “Board”) has approved the below changes for the Fund that are expected to be implemented on or around May 29, 2026 (the “Effective Date”).</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 99%; border-spacing: 0px;"> <tr> <td style="width: 12%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 43%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 43%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="2" style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;">  </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; text-align: center;"><span style="font-weight: bold;">Current</span></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; text-align: center;"><span style="font-weight: bold;">New</span></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-right: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">Fund Name</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; text-align: center;">iShares Transition-Enabling Metals ETF</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; text-align: center;">iShares Strategic Metals ETF</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-right: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">Fund Ticker</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; text-align: center;">TMET</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; text-align: center;">ISTM</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-right: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">Underlying</div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">Index</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; text-align: center;">ICE Clean Energy Transition Metals Index</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; text-align: center;">ICE Strategic Re‑Industrialization Metals Index</div> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 3pt;"> </td> <td colspan="2" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 3pt;"> </td> <td colspan="2" style="border-right: 0.75pt solid #000000; height: 3pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;"> <td style="padding-bottom: 3pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">Investment</div> <div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; font-weight: bold; text-align: center;">Objective</div> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; text-align: center;">Seeks to track the investment results of an index that provides exposure to metals that are essential to a wide range of clean energy technologies supporting the transition to a low‑carbon economy.</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 3pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: arial; text-align: center;">Seeks to track the investment results of a commodities futures index that provides strategic exposure to metals that are essential to several structural themes, such as AI infrastructure, manufacturing, energy production and distribution, and national security.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Accordingly, as of the Effective Date, all references in the Summary Prospectus, Prospectus, and SAI to “iShares Transition-Enabling Metals ETF,” “TMET” and “ICE Clean Energy Transition Metals Index” are replaced with the Fund’s new name, new ticker, or new Underlying Index, respectively.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"></span><span style="font-weight: bold;"><span style="font-style: italic;"><span style="text-decoration: underline;">Changes to the Fund’s Summary Prospectus and Prospectus </span></span></span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">The Investment Objective is deleted in its entirety and replaced with the following:</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The iShares Strategic Metals ETF (the “Fund”) seeks to track the investment results of a commodities futures index that provides strategic exposure to metals that are essential to several structural themes, such as AI infrastructure, manufacturing, energy production and distribution, and national security.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">The first nine paragraphs of the section entitled Principal Investment Strategies are deleted in their entirety and replaced with the following:</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund seeks to track the investment results of the ICE Strategic Re‑Industrialization Metals Index (the “Underlying Index”), which measures the performance of a long-only basket of exchange-traded commodity metal futures contracts representing underlying metals that are extensively used in broader re‑industrialization related applications, such as Artificial Intelligence (“AI”) infrastructure, manufacturing, energy production and distribution, and national security, as determined by the Commodity Index Advisory Committee (“Advisory Committee”) established by ICE Data Indices, LLC (“IDI” or the “Index Provider”). To be eligible for review by the Advisory Committee, futures contracts must be U.S. dollar denominated; listed on the New York Mercantile Exchange, Chicago Mercantile Exchange, London Metal Exchange, or ICE Futures; and have a total trading volume of at least 5 million contracts per annual period. The Advisory Committee considers eligible contracts for inclusion in the Underlying Index based on (1) government, agency, and private company data and reports relating to the current and expected future usage of metals that derive at least 50% of their end use demand from re‑industrialization related themes; and (2) metals that exhibit a favorable supply-demand outlook and are not subject to prolonged oversupply dynamics. The Underlying Index includes commodity metal</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">futures contracts in copper, aluminum, silver, nickel, zinc, and platinum. These commodity metal futures contracts are reviewed annually by the Advisory Committee.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Underlying Index is rebalanced on a quarterly basis and occurs at the same time as any rolling of futures contracts after the close of the 5th to 9th business day in January, April, July, and October each year. “Roll” refers to the process of selling a futures contract as it approaches its settlement date and replacing the position with a similar contract with a more distant settlement date.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">As of May 29, 2026, the Underlying Index will have 12 components.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">In seeking to achieve its investment objective, the Fund, through its Subsidiary (as defined below), invests in financial instruments that provide the same or similar exposure to commodities as the components of the Underlying Index, and not in the physical commodities themselves. For example, the Fund may invest in “similar” metals futures contracts to those in the Underlying Index where exposure to the same underlying metal is available on a similar contract trading on a different exchange. To obtain its exposure to the commodities markets, the Fund may invest in a combination of exchange-traded commodity futures contracts and exchange-traded options on commodity-related futures contracts (together, “Commodity-Linked Investments”). Investing in Commodity-Linked Investments may have a leveraging effect on the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund also seeks to generate interest income and capital appreciation on the cash balances arising from its investment in Commodity-Linked Investments through a cash management strategy consisting primarily of investments in cash and cash equivalents, short-term, investment-grade fixed-income securities that include U.S. government and agency securities, Treasury Inflation-Protected Securities, sovereign debt obligations of non‑U.S. countries, repurchase agreements and money market instruments (collectively, “Fixed-Income Investments”). The Fund uses Fixed-Income Investments as investments and to provide liquidity, serve as margin and/or collateralize the Subsidiary’s Commodity-Linked Investments exposure on a day‑to‑day basis.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund gains exposure to Commodity-Linked Investments by investing through a wholly owned subsidiary organized in the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by BFA and has the same investment objective as the Fund. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and, unless otherwise noted in this Prospectus, is not subject to the investor protections of the 1940 Act. The Subsidiary will invest solely in Commodity-Linked Investments and cash and cash equivalents.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial; font-weight: bold;">Transition-Enabling Metals Risk is deleted in its entirety and replaced with the following:</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;">Re‑Industrialization Metals Risk.</span> The performance of re‑industrialization metals (i.e., metals used to facilitate AI infrastructure, manufacturing, energy production and distribution, and national security) is highly dependent on manufacturing reshoring, amplified battery production, increased defense spending and the expansion of AI infrastructure. Investments in re‑industrialization metals may be speculative and subject to greater price volatility than investments in other types of assets. The market value of re‑industrialization metals may be significantly affected for many reasons, including, among others, obsolescence of existing technology, changes in energy prices, worldwide metal prices and extraction and production costs, global political changes, terrorism, war, natural disasters and other catastrophes, government regulations and subsidies, supply chains, and taxation policies. Worldwide metal prices may fluctuate substantially over short periods of time, and as a result, the Fund’s share price may be more volatile than other types of investments. Such risks may be heightened to the extent the Fund’s Commodity-Linked Investments provide exposure to emerging markets. In addition, the industry is relatively nascent and under-researched in comparison to more established and mature sectors, and should therefore be regarded as having greater investment risk.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">If you have any questions, please call 1‑800‑iShares (1‑800‑474‑2737).</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">iShares<sup style="font-size: 75%; vertical-align: top;">®</sup> is a registered trademark of BlackRock Fund Advisors and its affiliates.</div> iShares U.S. ETF Trust