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style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">composed of U.S. dollar-denominated, investment-grade corporate bonds with remaining maturities between one and five </span><span style="color: #000000; font-family: arial; font-size: 9pt;">years.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0004 0.0000 0.0004 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing inother funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of yourshares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that theFund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,your costs would be: 4 13 23 51 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or“turnsover”its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes whenFund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or inthe Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 28% ofthe average value of its portfolio. 0.28 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the ICE</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> BofA</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> 1-5 Year US Corporate Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which </span><span style="color: #000000; font-family: arial; font-size: 9pt;">measures the performance of investment-grade corporate bonds of both U.S. and non-U.S. issuers that are U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">dollar-denominated, publicly issued in the U.S. domestic market or certain issuances pursuant to Rule 144A under the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities Act of 1933, as amended, (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1933 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) with or without registration rights, and have a remaining maturity of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater than or equal to one year and less than five years. As of February 28, 2026, there were 4,553 issues in the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index. As of February 28, 2026, a significant portion of the Underlying Index was represented by securities of companies in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the financials industry or sector. The components of the Underlying Index are likely to change over time. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index consists of investment-grade corporate bonds that have $250 million or more of outstanding face </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. The Index Provider deems securities as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment grade</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on the average rating of Fitch Ratings, Inc. (BBB or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">better), Moody’s Investors Service, Inc. (Baa or better) and/or Standard &amp; Poor's</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial Services LLC, a subsidiary of S&amp;P </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Global (BBB or better). In addition, the securities in the Underlying Index must be denominated in U.S. dollars and must be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-rate. Excluded from the Underlying Index are equity-linked securities, securities in legal default, hybrid securitized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">corporate bonds, Eurodollar bonds (U.S. dollar-denominated securities not issued in the U.S. domestic market), taxable and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tax-exempt U.S. municipal securities and dividends-received-deduction-eligible securities. The Underlying Index is market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capitalization-weighted, and the securities in the Underlying Index are updated on the last calendar day of each month. </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Weighted average maturity is a U.S. dollar-weighted average of the remaining term to maturity of the underlying securities in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s portfolio.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IDI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail thatof other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Currency Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between U.S. dollars and foreign currencies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Financial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">National Closed Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> To the extent that securities or other assets held by the Fund trade on foreign </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">there are likely to be deviations between such asset’s current price and its last quoted price (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 9pt;">., the quote from the closed </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These </span><span style="color: #000000; font-family: arial; font-size: 9pt;">deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">funds.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-U.S. Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less </span><span style="color: #000000; font-family: arial; font-size: 9pt;">publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investments are made in a limited number of countries, events in those countries will have a more significant impact on the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Privately Issued Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Privately issued securities are securities that have not been registered under the 1933 Act. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Such securities typically are subject to legal restrictions on resale and generally are not traded in established public markets. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">As a result, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly </span><span style="color: #000000; font-family: arial; font-size: 9pt;">traded securities, may be subject to wide fluctuations in value and may have higher transaction costs. There can be no </span><span style="color: #000000; font-family: arial; font-size: 9pt;">assurance that a trading market will exist at any time for any particular privately issued security. Difficulty in selling such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities at a desirable time or price may result in a loss to the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Reliance on Trading Partners Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund invests in countries or regions whose economies are heavily dependent upon </span><span style="color: #000000; font-family: arial; font-size: 9pt;">trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings of securities of certain issuers, the Fund is specifically exposed to </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asian Economic Risk, European Economic Risk </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">North American Economic Risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in China.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color: #000000; font-family: arial; font-size: 9pt;">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese economy and markets and the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">with its objective to track the performance of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">have limited legal remedies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> in their structure as a result of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color: #000000; font-family: arial; font-size: 9pt;">considerations.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the China Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">. The Fund invests directly in the domestic bond market in the People’s Republic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of China (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">PRC</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China Interbank Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) through the Bond Connect trading channel. All bonds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMU</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which holds such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially </span><span style="color: #000000; font-family: arial; font-size: 9pt;">altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Developed Countries. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund’s investment in  developed country issuers will subject the Fund to legal, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tend to represent a significant portion of the global economy and have generally experienced slower economic growth than </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">availability of certain commodities.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Saudi Arabia.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">political stability in Saudi Arabia.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian </span><span style="color: #000000; font-family: arial; font-size: 9pt;">government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of Fund transactions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and providessome indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied fromone calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriatebroad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund willperform in the future. www.iShares.com 800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%) <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">0.13%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">5.59%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2020</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-3.82%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0013 2026-03-31 Best Quarter 0.0559 2020-06-30 Worst Quarter -0.0382 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-01-05 0.0692 0.0233 0.0283 0.0499 0.0104 0.0171 0.0407 0.0122 0.0168 0.0715 -0.0042 0.0201 0.0680 0.0224 0.0292 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income taxrates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation andmay differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who holdshares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returnsafter taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains ofthe same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fundreturns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxeson distributions. iSHARES® 5-10 YEAR INVESTMENT GRADE CORPORATE BOND ETF IGIB | Nasdaq Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares 5-10 Year Investment Grade Corporate Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities between five and ten </span><span style="color: #000000; font-family: arial; font-size: 9pt;">years.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0004 0.0000 0.0004 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing inother funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of yourshares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that theFund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,your costs would be: 4 13 23 51 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or“turnsover”its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes whenFund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or inthe Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 27% ofthe average value of its portfolio. 0.27 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the ICE</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> BofA</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> 5-10 Year US Corporate Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which </span><span style="color: #000000; font-family: arial; font-size: 9pt;">measures the performance of investment-grade corporate bonds of both U.S. and non-U.S. issuers that are U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">dollar-denominated, publicly issued in the U.S. domestic market or certain issuances pursuant to Rule 144A under the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities Act of 1933, as amended, (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1933 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) with or without registration rights, and have a remaining maturity of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater than or equal to five years and less than ten years. As of February 28, 2026, there were 2,982 issues in the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index. As of February 28, 2026, a significant portion of the Underlying Index was represented by securities of companies in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the financials industry or sector. The components of the Underlying Index are likely to change over time.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index consists of investment-grade corporate bonds that have $250 million or more of outstanding face </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. The Index Provider deems securities as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment grade</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on the average rating of Fitch Ratings, Inc. (BBB or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">better), Moody’s Investors Service, Inc. (Baa or better) and/or Standard &amp; Poor's</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial Services LLC, a subsidiary of S&amp;P </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Global (BBB or better). In addition, the securities in the Underlying Index must be denominated in U.S. dollars and must be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-rate. Excluded from the Underlying Index are equity-linked securities, securities in legal default, hybrid securitized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">corporate bonds, Eurodollar bonds (U.S. dollar-denominated securities not issued in the U.S. domestic market), taxable and </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">tax-exempt U.S. municipal securities and dividends-received-deduction-eligible securities. The Underlying Index is market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capitalization-weighted, and the securities in the Underlying Index are updated on the last calendar day of each month. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Weighted average maturity is a U.S. dollar-weighted average of the remaining term to maturity of the underlying securities in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s portfolio.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IDI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail thatof other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Currency Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between U.S. dollars and foreign currencies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Financial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">National Closed Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> To the extent that securities or other assets held by the Fund trade on foreign </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">there are likely to be deviations between such asset’s current price and its last quoted price (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 9pt;">., the quote from the closed </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These </span><span style="color: #000000; font-family: arial; font-size: 9pt;">deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">funds.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-U.S. Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less </span><span style="color: #000000; font-family: arial; font-size: 9pt;">publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investments are made in a limited number of countries, events in those countries will have a more significant impact on the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Privately Issued Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Privately issued securities are securities that have not been registered under the 1933 Act. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Such securities typically are subject to legal restrictions on resale and generally are not traded in established public markets. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">As a result, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly </span><span style="color: #000000; font-family: arial; font-size: 9pt;">traded securities, may be subject to wide fluctuations in value and may have higher transaction costs. There can be no </span><span style="color: #000000; font-family: arial; font-size: 9pt;">assurance that a trading market will exist at any time for any particular privately issued security. Difficulty in selling such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities at a desirable time or price may result in a loss to the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Reliance on Trading Partners Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund invests in countries or regions whose economies are heavily dependent upon </span><span style="color: #000000; font-family: arial; font-size: 9pt;">trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings of securities of certain issuers, the Fund is specifically exposed to </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asian Economic Risk, European Economic Risk </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">North American Economic Risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in China.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color: #000000; font-family: arial; font-size: 9pt;">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese economy and markets and the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">with its objective to track the performance of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">have limited legal remedies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> in their structure as a result of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color: #000000; font-family: arial; font-size: 9pt;">considerations.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the China Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">. The Fund invests directly in the domestic bond market in the People’s Republic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of China (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">PRC</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China Interbank Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) through the Bond Connect trading channel. All bonds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMU</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which holds such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially </span><span style="color: #000000; font-family: arial; font-size: 9pt;">altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Developed Countries. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund’s investment in  developed country issuers will subject the Fund to legal, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tend to represent a significant portion of the global economy and have generally experienced slower economic growth than </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">availability of certain commodities.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Saudi Arabia.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">political stability in Saudi Arabia.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian </span><span style="color: #000000; font-family: arial; font-size: 9pt;">government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of Fund transactions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and providessome indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied fromone calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriatebroad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund willperform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%) <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 32.19pt;"> <div style="display: flex; white-space: nowrap; width: 32.19pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 1.55pt;">-0.58%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 32.19pt;"> <div style="display: flex; white-space: nowrap; width: 32.19pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">10.31%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2020</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 32.19pt;"> <div style="display: flex; white-space: nowrap; width: 32.19pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 1.55pt;">-7.01%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0058 2026-03-31 Best Quarter 0.1031 2020-06-30 Worst Quarter -0.0701 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-01-05 0.0958 0.0095 0.0341 0.0752 -0.0054 0.0202 0.0563 0.0006 0.0201 0.0715 -0.0042 0.0201 0.0950 0.0091 0.0348 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income taxrates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation andmay differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who holdshares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returnsafter taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains ofthe same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fundreturns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxeson distributions. iSHARES® 10+ YEAR INVESTMENT GRADE CORPORATE BOND ETF IGLB | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares 10+ Year Investment Grade Corporate Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities greater than ten years.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0004 0.0000 0.0004 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing inother funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of yourshares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that theFund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,your costs would be: 4 13 23 51 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or“turnsover”its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes whenFund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or inthe Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 7% ofthe average value of its portfolio. 0.07 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the ICE</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> BofA</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> 10+ Year US Corporate Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which </span><span style="color: #000000; font-family: arial; font-size: 9pt;">measures the performance of investment-grade corporate bonds of both U.S. and non-U.S. issuers that are U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">dollar-denominated, publicly issued in the U.S. domestic market or certain issuances pursuant to Rule 144A under the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities Act of 1933, as amended, (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1933 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) with or without registration rights, and have a remaining maturity of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater than or equal to ten years. As of February 28, 2026, there were 3,859 issues in the Underlying Index. As of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">February 28, 2026, a significant portion of the Underlying Index was represented by securities of companies in the financials </span><span style="color: #000000; font-family: arial; font-size: 9pt;">industry or sector. The components of the Underlying Index are likely to change over time. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index consists of investment-grade corporate bonds that have $250 million or more of outstanding face </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. The Index Provider deems securities as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment grade</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on the average rating of Fitch Ratings, Inc. (BBB or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">better), Moody’s Investors Service, Inc. (Baa or better) and/or Standard &amp; Poor's</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial Services LLC, a subsidiary of S&amp;P </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Global (BBB or better). In addition, the securities in the Underlying Index must be denominated in U.S. dollars and must be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-rate. Excluded from the Underlying Index are equity-linked securities, securities in legal default, hybrid securitized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">corporate bonds, Eurodollar bonds (U.S. dollar-denominated securities not issued in the U.S. domestic market), taxable and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tax-exempt U.S. municipal securities and dividends-received-deduction-eligible securities. The Underlying Index is market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capitalization-weighted, and the securities in the Underlying Index are updated on the last calendar day of each month. </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Weighted average maturity is a U.S. dollar-weighted average of the remaining term to maturity of the underlying securities in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund's portfolio.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.  Cash and cash </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IDI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail thatof other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Financial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Reliance on Trading Partners Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund invests in countries or regions whose economies are heavily dependent upon </span><span style="color: #000000; font-family: arial; font-size: 9pt;">trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings of securities of certain issuers, the Fund is specifically exposed to </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asian Economic Risk, European Economic Risk </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">North American Economic Risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in China.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color: #000000; font-family: arial; font-size: 9pt;">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese economy and markets and the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">with its objective to track the performance of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">have limited legal remedies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> in their structure as a result of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color: #000000; font-family: arial; font-size: 9pt;">considerations.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the China Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">. The Fund invests directly in the domestic bond market in the People’s Republic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of China (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">PRC</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China Interbank Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) through the Bond Connect trading channel. All bonds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMU</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which holds such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially </span><span style="color: #000000; font-family: arial; font-size: 9pt;">altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Saudi Arabia.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">political stability in Saudi Arabia.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian </span><span style="color: #000000; font-family: arial; font-size: 9pt;">government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of Fund transactions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and providessome indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied fromone calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriatebroad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund willperform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%) <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 5pt;">-1.03%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">13.25%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-12.61%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0103 2026-03-31 Best Quarter 0.1325 2023-12-31 Worst Quarter -0.1261 2022-06-30 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2009-12-08 0.0746 -0.0290 0.0330 0.0522 -0.0464 0.0151 0.0438 -0.0289 0.0178 0.0715 -0.0042 0.0201 0.0755 -0.0282 0.0347 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income taxrates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation andmay differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who holdshares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returnsafter taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains ofthe same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fundreturns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxeson distributions. iSHARES® BBB RATED CORPORATE BOND ETF LQDB | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares BBB Rated Corporate Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of BBB </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(or its equivalent) fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporate issuers.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0015 0.0000 0.0015 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing inother funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of yourshares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that theFund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,your costs would be: 15 48 85 192 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or“turnsover”its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes whenFund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or inthe Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 22% ofthe average value of its portfolio. 0.22 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the iBoxx</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> USD Liquid Investment Grade BBB 0+ Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is designed to reflect the performance of BBB (or its equivalent) fixed rate U.S. dollar-denominated bonds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">issued by U.S. and non-U.S. corporate issuers (as determined by S&amp;P Dow Jones Indices LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">SPDJI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">)). Securities of varying maturities are eligible for inclusion in the Underlying Index. The Underlying Index offers </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to liquid (according to SPDJI’s liquidity screens, which could vary from other measures of liquidity) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment-grade corporate bonds and is rebalanced on a monthly basis. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Bonds in the Underlying Index are selected from the universe of eligible bonds using defined rules. The bonds eligible for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">inclusion are fixed rate U.S. dollar-denominated corporate bonds that: (i) are issued by issuers domiciled in the countries </span><span style="color: #000000; font-family: arial; font-size: 9pt;">classified as developed markets by the Index Provider; (ii) are rated BBB or its equivalent by Fitch Ratings, Inc., Moody’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investor’s Service, Inc. or Standard &amp; Poor’s</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Global Ratings, a subsidiary of S&amp;P Global; (iii) are issued by issuers of debt </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities with at least $1 billion aggregate outstanding face value; (iv) have at least $500 million of outstanding face value; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(v) have a time to maturity of at least one year at issuance; and (vi) for new index insertions, have at least six months to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">maturity. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Existing bonds in the Underlying Index are held to maturity so long as they meet all criteria other than the six months to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">maturity criterion. Bonds in the Underlying Index that no longer satisfy all the criteria (except the six months to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">criterion) at month-end will be removed from the Underlying Index. A bond that drops out of the Underlying Index at the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rebalancing day is excluded from reentering the index for a three-month period. The rule for the lockout period takes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">precedence over the other rules for the Underlying Index selection. A locked out bond will not be selected, even if it qualifies </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">for the index. If a bond becomes eligible in the middle of the month, it will still need to satisfy the criteria at the end of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">month, and can be included only upon rebalancing at month-end. Any bond that enters the Underlying Index must remain in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index for a minimum of six months provided it is not downgraded to sub-investment grade, defaulted or fully </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redeemed in that period. Existing bonds in the Underlying Index that receive a rating upgrade can remain in the index if the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">six-month minimum has not been satisfied. The Underlying Index uses a modified market-value weighted methodology with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a cap on each issuer of 3%. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">As of February 28, 2026, there were 3,195 issues in the Underlying Index. As of February 28, 2026, a significant portion of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index was represented by securities of companies in the consumer goods and services and financials industries </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or sectors. The components of the Underlying Index are likely to change over time. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Regulation S promulgated under the Securities Act of 1933, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1933 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund invests at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by SPDJI, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund invests at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail thatof other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Assets Under Management (AUM) Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> From time to time, an Authorized Participant (as defined below in </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">Participant Concentration Risk</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There </span><span style="color: #000000; font-family: arial; font-size: 9pt;">can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">such levels, which could negatively impact the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Consumer Goods and Services Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Consumer goods and services companies face risks related to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to brand or reputation, economic slowdown and labor shortages, among other things.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Financial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Illiquid Investments Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An illiquid investment is any investment that the Fund reasonably expects cannot be sold or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce its returns because the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund may be unable to transact at advantageous times or prices. In addition, if the Fund is limited in its ability to sell illiquid </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investments during periods when shareholders are redeeming their shares, it will need to sell liquid securities to meet </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests and illiquid securities will become a larger portion of the Fund’s holdings. During periods of market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility, liquidity in the market for Fund shares may be impacted by the liquidity in the market for the underlying securities or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other assets held by the Fund, which could lead to Fund shares trading at a premium or discount to the Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and providessome indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied fromone calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriatebroad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund willperform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%) <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-0.33%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the period shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">8.30%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-7.63%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0033 2026-03-31 Best Quarter 0.0830 2023-12-31 Worst Quarter -0.0763 2022-06-30 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2021-05-18 0.0745 0.0099 0.0541 -0.0063 0.0437 0.0004 0.0758 0.0058 0.0747 0.0113 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income taxrates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation andmay differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who holdshares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returnsafter taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains ofthe same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fundreturns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxeson distributions. iSHARES® BROAD USD INVESTMENT GRADE CORPORATE BOND ETF USIG | Nasdaq Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Broad USD Investment Grade Corporate Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">composed of U.S. dollar-denominated investment-grade corporate bonds.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0004 0.0000 0.0004 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing inother funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of yourshares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that theFund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,your costs would be: 4 13 23 51 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or“turnsover”its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes whenFund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or inthe Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12% ofthe average value of its portfolio. 0.12 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the ICE</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> BofA</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Corporate Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the performance of investment-grade corporate bonds of both U.S. and non-U.S. issuers that are U.S. dollar-denominated, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">publicly issued in the U.S. domestic market or certain issuances pursuant to Rule 144A under the Securities Act of 1933, as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">amended, (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1933 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) with or without registration rights. As of February 28, 2026, there were 11,394 issues in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index. As of February 28, 2026, a significant portion of the Underlying Index was represented by securities of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies in the financials industry or sector. The components of the Underlying Index are likely to change over time.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index consists of investment-grade corporate bonds that have $250 million or more of outstanding face </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. As of February 28, 2026, the Underlying Index included issuers from the following countries: Argentina, Australia, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Austria, Barbados, Belgium, Bermuda, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Finland, France, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Kazakhstan, Kuwait, Luxembourg, Macau, Malaysia, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Mexico, Morocco, the Netherlands, New Zealand, Norway, Oman, Panama, Peru, Poland, Portugal, Puerto Rico, Qatar, Saudi </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, the United Arab Emirates, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the U.K. and the U.S. The Index Provider deems securities as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment grade</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on the average rating of Fitch Ratings, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Inc. (BBB or better), Moody’s Investors Service, Inc. (Baa or better) and/or Standard &amp; Poor's</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial Services LLC, a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subsidiary of S&amp;P Global (BBB or better). In addition, the securities in the Underlying Index must be denominated in U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">dollars and must be fixed-rate. Excluded from the Underlying Index are equity-linked securities, securities in legal default, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">hybrid securitized corporate bonds, Eurodollar bonds (U.S. dollar-denominated securities not issued in the U.S. domestic </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">market), taxable and tax-exempt U.S. municipal securities and dividends-received-deduction-eligible securities. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index is market capitalization-weighted, and the securities in the Underlying Index are updated on the last </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calendar day of each month.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.  Cash and cash </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IDI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail thatof other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Currency Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between U.S. dollars and foreign currencies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Financial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">National Closed Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> To the extent that securities or other assets held by the Fund trade on foreign </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">there are likely to be deviations between such asset’s current price and its last quoted price (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 9pt;">., the quote from the closed </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These </span><span style="color: #000000; font-family: arial; font-size: 9pt;">deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">funds.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-U.S. Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less </span><span style="color: #000000; font-family: arial; font-size: 9pt;">publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investments are made in a limited number of countries, events in those countries will have a more significant impact on the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Privately Issued Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Privately issued securities are securities that have not been registered under the 1933 Act. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Such securities typically are subject to legal restrictions on resale and generally are not traded in established public markets. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">As a result, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly </span><span style="color: #000000; font-family: arial; font-size: 9pt;">traded securities, may be subject to wide fluctuations in value and may have higher transaction costs. There can be no </span><span style="color: #000000; font-family: arial; font-size: 9pt;">assurance that a trading market will exist at any time for any particular privately issued security. Difficulty in selling such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities at a desirable time or price may result in a loss to the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Reliance on Trading Partners Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund invests in countries or regions whose economies are heavily dependent upon </span><span style="color: #000000; font-family: arial; font-size: 9pt;">trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings of securities of certain issuers, the Fund is specifically exposed to </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asian Economic Risk, European Economic Risk </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">North American Economic Risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in China.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color: #000000; font-family: arial; font-size: 9pt;">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese economy and markets and the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">with its objective to track the performance of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">have limited legal remedies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> in their structure as a result of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color: #000000; font-family: arial; font-size: 9pt;">considerations.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the China Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">. The Fund invests directly in the domestic bond market in the People’s Republic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of China (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">PRC</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China Interbank Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) through the Bond Connect trading channel. All bonds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMU</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which holds such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially </span><span style="color: #000000; font-family: arial; font-size: 9pt;">altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Developed Countries. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund’s investment in  developed country issuers will subject the Fund to legal, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tend to represent a significant portion of the global economy and have generally experienced slower economic growth than </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">availability of certain commodities.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Saudi Arabia.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">political stability in Saudi Arabia.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian </span><span style="color: #000000; font-family: arial; font-size: 9pt;">government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of Fund transactions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and providessome indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied fromone calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriatebroad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund willperform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-0.42%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">9.31%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2020</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-7.47%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0042 2026-03-31 Best Quarter 0.0931 2020-06-30 Worst Quarter -0.0747 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-01-05 0.0785 0.0011 0.0321 0.0582 -0.0139 0.0175 0.0461 -0.0058 0.0183 0.0715 -0.0042 0.0201 0.0778 0.0011 0.0331 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income taxrates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation andmay differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who holdshares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returnsafter taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains ofthe same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fundreturns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxeson distributions. iSHARES® ESG AWARE 1-5 YEAR USD CORPORATE BOND ETFSUSB | Nasdaq Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares ESG Aware 1-5 Year USD Corporate Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index </span><span style="color:#000000;font-family:arial;font-size:9pt">composed of U.S. dollar-denominated, investment-grade corporate bonds having remaining maturities between one and five </span><span style="color:#000000;font-family:arial;font-size:9pt">years and issued by companies that have positive environmental, social and governance characteristics while seeking to </span><span style="color:#000000;font-family:arial;font-size:9pt">exhibit risk and return characteristics similar to those of the parent index of such index.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0012 0.0000 0.0012 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: 12 39 68 154 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 34% of the average value of its portfolio. 0.34 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Bloomberg MSCI US Corporate 1-5 Year ESG Focus Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which has been developed by Bloomberg Finance L.P. and its affiliates (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Bloomberg</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) with environmental, social and governance (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">ESG</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) rating inputs from MSCI Solutions LLC (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">MSCI Solutions</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) </span><span style="color:#000000;font-family:arial;font-size:9pt">pursuant to an agreement between MSCI Solutions and Bloomberg Index Services Limited, a subsidiary of Bloomberg. The </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index is an optimized fixed-income index designed to reflect the performance of U.S. dollar-denominated, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment-grade (as determined by Bloomberg) corporate bonds having remaining maturities between one and five years </span><span style="color:#000000;font-family:arial;font-size:9pt">and issued by companies that have positive ESG characteristics (as determined by MSCI Solutions ratings), while seeking to </span><span style="color:#000000;font-family:arial;font-size:9pt">exhibit risk and return characteristics similar to those of the Bloomberg US Corporate 1-5 Years Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Parent Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). As </span><span style="color:#000000;font-family:arial;font-size:9pt">of February 28, 2026, the Underlying Index included issuers from Australia, Belgium, Bermuda, Brazil, Canada, Chile, China, </span><span style="color:#000000;font-family:arial;font-size:9pt">Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Macau, Mexico, the Netherlands, Spain, Sweden, Switzerland, </span><span style="color:#000000;font-family:arial;font-size:9pt">Taiwan, the United Kingdom (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">U.K.) and the U.S. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Index Provider begins with the Parent Index and excludes companies involved in the business of tobacco, companies </span><span style="color:#000000;font-family:arial;font-size:9pt">involved with controversial weapons, producers and retailers of civilian firearms, companies involved in certain fossil </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">fuels-related activity (such as the production of thermal coal, thermal coal-based power generation and extraction of oil </span><span style="color:#000000;font-family:arial;font-size:9pt">sands) based on revenue or percentage of revenue thresholds for certain categories (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">e.g., </span><span style="color:#000000;font-family:arial;font-size:9pt">$20 million or 5%) and categorical </span><span style="color:#000000;font-family:arial;font-size:9pt">exclusions for others (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">e.g., </span><span style="color:#000000;font-family:arial;font-size:9pt">controversial weapons). The Index Provider also excludes companies involved in very severe </span><span style="color:#000000;font-family:arial;font-size:9pt">business controversies (in each case as determined by MSCI Solutions), as well as securities of companies without an MSCI </span><span style="color:#000000;font-family:arial;font-size:9pt">Solutions rating, and then follows a quantitative process in an effort to determine optimal weights for securities to maximize </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to securities of companies with higher ESG ratings and require a minimum ESG score improvement of 10% or </span><span style="color:#000000;font-family:arial;font-size:9pt">greater relative to the Parent Index.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">For each industry, MSCI Solutions identifies key ESG issues that can lead to substantial costs or opportunities for companies </span><span style="color:#000000;font-family:arial;font-size:9pt">(</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">e.g.</span><span style="color:#000000;font-family:arial;font-size:9pt">, climate change, resource scarcity, demographic shifts). MSCI Solutions then rates each company’s exposure to each key </span><span style="color:#000000;font-family:arial;font-size:9pt">issue based on the company’s business segment and geographic risk and analyzes the extent to which companies have </span><span style="color:#000000;font-family:arial;font-size:9pt">developed robust strategies and programs to manage ESG risks and opportunities. MSCI Solutions scores companies based </span><span style="color:#000000;font-family:arial;font-size:9pt">on both their risk exposure and risk management. To score well on a key issue, MSCI Solutions assesses management </span><span style="color:#000000;font-family:arial;font-size:9pt">practices, management performance (through demonstrated track record and other quantitative performance indicators), </span><span style="color:#000000;font-family:arial;font-size:9pt">governance structures, and/or implications in controversies, which all may be taken as a proxy for overall management </span><span style="color:#000000;font-family:arial;font-size:9pt">quality. Controversies, including, among other things, issues involving anti-competitive practices, toxic emissions and waste, </span><span style="color:#000000;font-family:arial;font-size:9pt">and health and safety, occurring within the last three years lead to a deduction from the overall management score on each </span><span style="color:#000000;font-family:arial;font-size:9pt">issue. Using a sector-specific key issue weighting model, companies are rated and ranked in comparison to their industry </span><span style="color:#000000;font-family:arial;font-size:9pt">peers. Key issues and weights are reviewed at the end of each calendar year. Corporate governance is always weighted and </span><span style="color:#000000;font-family:arial;font-size:9pt">analyzed for all companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">As of February 28, 2026, there were 1,768 issues in the Underlying Index. As of February 28, 2026, a significant portion of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index was represented by securities of companies in the consumer goods and services and financials industries </span><span style="color:#000000;font-family:arial;font-size:9pt">or sectors. The components of the Underlying Index are likely to change over time.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index consists of U.S. dollar-denominated corporate bonds that are investment-grade, fixed-rate and taxable </span><span style="color:#000000;font-family:arial;font-size:9pt">and have remaining effective maturities between one and five years. The securities in the Underlying Index are updated on </span><span style="color:#000000;font-family:arial;font-size:9pt">the last business day of each month.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color:#000000;font-family:arial;font-size:9pt">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund track the Underlying Index. The Fund will invest no more than 10% of its assets in futures, options, and swaps contracts </span><span style="color:#000000;font-family:arial;font-size:9pt">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.  Cash and cash </span><span style="color:#000000;font-family:arial;font-size:9pt">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color:#000000;font-family:arial;font-size:9pt">calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Bloomberg, MSCI Solutions or their affiliates, which are</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA, pursuant to an agreement between MSCI Solutions and Bloomberg Index Services Limited (a subsidiary of Bloomberg) </span><span style="color:#000000;font-family:arial;font-size:9pt">or an affiliate. The Index Provider determines the composition and relative weightings of the components of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color:#000000;font-family:arial;font-size:9pt">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Credit Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color:#000000;font-family:arial;font-size:9pt">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color:#000000;font-family:arial;font-size:9pt">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color:#000000;font-family:arial;font-size:9pt">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color:#000000;font-family:arial;font-size:9pt">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color:#000000;font-family:arial;font-size:9pt">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">ESG Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the </span><span style="color:#000000;font-family:arial;font-size:9pt">types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds </span><span style="color:#000000;font-family:arial;font-size:9pt">whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing </span><span style="color:#000000;font-family:arial;font-size:9pt">in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform </span><span style="color:#000000;font-family:arial;font-size:9pt">other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level </span><span style="color:#000000;font-family:arial;font-size:9pt">ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or </span><span style="color:#000000;font-family:arial;font-size:9pt">rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless </span><span style="color:#000000;font-family:arial;font-size:9pt">remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain </span><span style="color:#000000;font-family:arial;font-size:9pt">securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or </span><span style="color:#000000;font-family:arial;font-size:9pt">constraints at all times.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Call Risk. </span><span style="color:#000000;font-family:arial;font-size:9pt">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">call</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or repay </span><span style="color:#000000;font-family:arial;font-size:9pt">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color:#000000;font-family:arial;font-size:9pt">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color:#000000;font-family:arial;font-size:9pt">features.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Consumer Goods and Services Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Consumer goods and services companies face risks related to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage </span><span style="color:#000000;font-family:arial;font-size:9pt">to brand or reputation, economic slowdown and labor shortages, among other things.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Currency Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of </span><span style="color:#000000;font-family:arial;font-size:9pt">foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions </span><span style="color:#000000;font-family:arial;font-size:9pt">between U.S. dollars and foreign currencies.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Financial Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color:#000000;font-family:arial;font-size:9pt">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color:#000000;font-family:arial;font-size:9pt">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color:#000000;font-family:arial;font-size:9pt">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">National Closed Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> To the extent that securities or other assets held by the Fund trade on foreign </span><span style="color:#000000;font-family:arial;font-size:9pt">exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, </span><span style="color:#000000;font-family:arial;font-size:9pt">there are likely to be deviations between such asset’s current price and its last quoted price (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e</span><span style="color:#000000;font-family:arial;font-size:9pt">., the quote from the closed </span><span style="color:#000000;font-family:arial;font-size:9pt">foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These </span><span style="color:#000000;font-family:arial;font-size:9pt">deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other </span><span style="color:#000000;font-family:arial;font-size:9pt">funds.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Non-U.S. Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, </span><span style="color:#000000;font-family:arial;font-size:9pt">regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market </span><span style="color:#000000;font-family:arial;font-size:9pt">volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color:#000000;font-family:arial;font-size:9pt">may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less </span><span style="color:#000000;font-family:arial;font-size:9pt">publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement </span><span style="color:#000000;font-family:arial;font-size:9pt">procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">investments are made in a limited number of countries, events in those countries will have a more significant impact on the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Reliance on Trading Partners Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund invests in countries or regions whose economies are heavily dependent upon </span><span style="color:#000000;font-family:arial;font-size:9pt">trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings of securities of certain issuers, the Fund is specifically exposed to </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asian Economic Risk, European Economic Risk </span><span style="color:#000000;font-family:arial;font-size:9pt">and </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">North American Economic Risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in China.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color:#000000;font-family:arial;font-size:9pt">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color:#000000;font-family:arial;font-size:9pt">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color:#000000;font-family:arial;font-size:9pt">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color:#000000;font-family:arial;font-size:9pt">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span><span style="color:#000000;font-family:arial;font-size:9pt">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color:#000000;font-family:arial;font-size:9pt">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color:#000000;font-family:arial;font-size:9pt">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span><span style="color:#000000;font-family:arial;font-size:9pt">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color:#000000;font-family:arial;font-size:9pt">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span><span style="color:#000000;font-family:arial;font-size:9pt">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color:#000000;font-family:arial;font-size:9pt">Chinese economy and markets and the Fund’s investments.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color:#000000;font-family:arial;font-size:9pt">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color:#000000;font-family:arial;font-size:9pt">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color:#000000;font-family:arial;font-size:9pt">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span><span style="color:#000000;font-family:arial;font-size:9pt">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color:#000000;font-family:arial;font-size:9pt">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color:#000000;font-family:arial;font-size:9pt">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color:#000000;font-family:arial;font-size:9pt">with its objective to track the performance of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color:#000000;font-family:arial;font-size:9pt">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color:#000000;font-family:arial;font-size:9pt">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color:#000000;font-family:arial;font-size:9pt">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span><span style="color:#000000;font-family:arial;font-size:9pt">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color:#000000;font-family:arial;font-size:9pt">have limited legal remedies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">VIEs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> in their structure as a result of </span><span style="color:#000000;font-family:arial;font-size:9pt">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span><span style="color:#000000;font-family:arial;font-size:9pt">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color:#000000;font-family:arial;font-size:9pt">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color:#000000;font-family:arial;font-size:9pt">considerations.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the China Bond Market</span><span style="color:#000000;font-family:arial;font-size:9pt">. The Fund invests directly in the domestic bond market in the People’s Republic </span><span style="color:#000000;font-family:arial;font-size:9pt">of China (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">China</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">PRC</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">China Interbank Bond Market</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) through the Bond Connect trading channel. All bonds </span><span style="color:#000000;font-family:arial;font-size:9pt">traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">CMU</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which holds such </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market </span><span style="color:#000000;font-family:arial;font-size:9pt">may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may </span><span style="color:#000000;font-family:arial;font-size:9pt">not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations </span><span style="color:#000000;font-family:arial;font-size:9pt">that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially </span><span style="color:#000000;font-family:arial;font-size:9pt">altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions </span><span style="color:#000000;font-family:arial;font-size:9pt">under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or </span><span style="color:#000000;font-family:arial;font-size:9pt">indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China </span><span style="color:#000000;font-family:arial;font-size:9pt">Interbank Bond Market.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in Developed Countries. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund’s investment in  developed country issuers will subject the Fund to legal, </span><span style="color:#000000;font-family:arial;font-size:9pt">regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries </span><span style="color:#000000;font-family:arial;font-size:9pt">tend to represent a significant portion of the global economy and have generally experienced slower economic growth than </span><span style="color:#000000;font-family:arial;font-size:9pt">some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and </span><span style="color:#000000;font-family:arial;font-size:9pt">strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and </span><span style="color:#000000;font-family:arial;font-size:9pt">may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or </span><span style="color:#000000;font-family:arial;font-size:9pt">availability of certain commodities.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Valuation Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color:#000000;font-family:arial;font-size:9pt">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color:#000000;font-family:arial;font-size:9pt">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color:#000000;font-family:arial;font-size:9pt">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color:#000000;font-family:arial;font-size:9pt">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color:#000000;font-family:arial;font-size:9pt">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">0.09%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">5.23%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-3.77%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0009 2026-03-31 Best Quarter 0.0523 2020-06-30 Worst Quarter -0.0377 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2017-07-11 0.0672 0.0212 0.0279 0.0481 0.0095 0.0168 0.0395 0.0111 0.0166 0.0758 0.0006 0.0212 0.0684 0.0225 0.0299 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® ESG AWARE USD CORPORATE BOND ETFSUSC | Nasdaq Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares ESG Aware USD Corporate Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. dollar-denominated, investment-grade corporate bonds issued by companies that have positive environmental, social </span><span style="color:#000000;font-family:arial;font-size:9pt">and governance characteristics while seeking to exhibit risk and return characteristics similar to those of the parent index of </span><span style="color:#000000;font-family:arial;font-size:9pt">such index.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0018 0.0000 0.0018 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: 18 58 101 230 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15% of the average value of its portfolio. 0.15 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Bloomberg MSCI US Corporate  ESG Focus Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which has been developed by Bloomberg Finance L.P. and its affiliates (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Bloomberg</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) with </span><span style="color:#000000;font-family:arial;font-size:9pt">environmental, social and governance (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">ESG</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) rating inputs from MSCI Solutions LLC (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">MSCI Solutions</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) pursuant to an </span><span style="color:#000000;font-family:arial;font-size:9pt">agreement between MSCI Solutions and Bloomberg Index Services Limited, a subsidiary of Bloomberg. The Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">is an optimized fixed-income index designed to reflect the performance of U.S. dollar-denominated, investment-grade (as </span><span style="color:#000000;font-family:arial;font-size:9pt">determined by Bloomberg) corporate bonds issued by companies that have positive ESG characteristics (as determined by </span><span style="color:#000000;font-family:arial;font-size:9pt">MSCI Solutions ratings), while seeking to exhibit risk and return characteristics similar to those of the Bloomberg US </span><span style="color:#000000;font-family:arial;font-size:9pt">Corporate Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Parent Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). As of February 28, 2026, the Underlying Index included issuers from Australia, Belgium, </span><span style="color:#000000;font-family:arial;font-size:9pt">Bermuda, Brazil, Canada, Chile, China, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Macau, Mexico, the </span><span style="color:#000000;font-family:arial;font-size:9pt">Netherlands, Spain, Switzerland, Taiwan, the United Kingdom (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">U.K.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), and the U.S. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Index Provider begins with the Parent Index and excludes companies involved in the business of tobacco, companies </span><span style="color:#000000;font-family:arial;font-size:9pt">involved with controversial weapons, producers and retailers of civilian firearms, companies involved in certain fossil </span><span style="color:#000000;font-family:arial;font-size:9pt">fuels-related activity (such as the production of thermal coal, thermal coal-based power generation and extraction of oil </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">sands) based on revenue or percentage of revenue thresholds for certain categories (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">e.g., </span><span style="color:#000000;font-family:arial;font-size:9pt">$20 million or 5%) and categorical </span><span style="color:#000000;font-family:arial;font-size:9pt">exclusions for others (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">e.g., </span><span style="color:#000000;font-family:arial;font-size:9pt">controversial weapons). The Index Provider also excludes companies involved in very severe </span><span style="color:#000000;font-family:arial;font-size:9pt">business controversies (in each case as determined by MSCI Solutions), as well as securities of companies without an MSCI </span><span style="color:#000000;font-family:arial;font-size:9pt">Solutions rating, and then follows a quantitative process in an effort to determine optimal weights for securities to maximize </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to securities of companies with higher ESG ratings and require a minimum ESG score improvement of 10% or </span><span style="color:#000000;font-family:arial;font-size:9pt">greater relative to the Parent Index.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">For each industry, MSCI Solutions identifies key ESG issues that can lead to substantial costs or opportunities for companies </span><span style="color:#000000;font-family:arial;font-size:9pt">(</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">e.g.</span><span style="color:#000000;font-family:arial;font-size:9pt">, climate change, resource scarcity, demographic shifts). MSCI Solutions then rates each company’s exposure to each key </span><span style="color:#000000;font-family:arial;font-size:9pt">issue based on the company’s business segment and geographic risk and analyzes the extent to which companies have </span><span style="color:#000000;font-family:arial;font-size:9pt">developed robust strategies and programs to manage ESG risks and opportunities. MSCI Solutions scores companies based </span><span style="color:#000000;font-family:arial;font-size:9pt">on both their risk exposure and risk management. To score well on a key issue, MSCI Solutions assesses management </span><span style="color:#000000;font-family:arial;font-size:9pt">practices, management performance (through demonstrated track record and other quantitative performance indicators), </span><span style="color:#000000;font-family:arial;font-size:9pt">governance structures, and/or implications in controversies, which all may be taken as a proxy for overall management </span><span style="color:#000000;font-family:arial;font-size:9pt">quality. Controversies, including, among other things, issues involving anti-competitive practices, toxic emissions and waste, </span><span style="color:#000000;font-family:arial;font-size:9pt">and health and safety, occurring within the last three years lead to a deduction from the overall management score on each </span><span style="color:#000000;font-family:arial;font-size:9pt">issue. Using a sector-specific key issue weighting model, companies are rated and ranked in comparison to their industry </span><span style="color:#000000;font-family:arial;font-size:9pt">peers. Key issues and weights are reviewed at the end of each calendar year. Corporate governance is always weighted and </span><span style="color:#000000;font-family:arial;font-size:9pt">analyzed for all companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">As of February 28, 2026, there were 4,008 issues in the Underlying Index. As of February 28, 2026, a significant portion of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index was represented by securities of companies in the consumer goods and services and financials industries </span><span style="color:#000000;font-family:arial;font-size:9pt">or sectors. The components of the Underlying Index are likely to change over time.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index consists of U.S. dollar-denominated corporate bonds that are investment-grade, fixed-rate and taxable </span><span style="color:#000000;font-family:arial;font-size:9pt">and have remaining maturities of greater than or equal to one year. The securities in the Underlying Index are updated on the </span><span style="color:#000000;font-family:arial;font-size:9pt">last business day of each month.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color:#000000;font-family:arial;font-size:9pt">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund track the Underlying Index. The Fund will invest no more than 10% of its assets in futures, options, and swaps contracts </span><span style="color:#000000;font-family:arial;font-size:9pt">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.  Cash and cash </span><span style="color:#000000;font-family:arial;font-size:9pt">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color:#000000;font-family:arial;font-size:9pt">calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Bloomberg, MSCI Solutions or their affiliates, which are</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA, pursuant to an agreement between MSCI Solutions and Bloomberg Index Services Limited (a subsidiary of Bloomberg) </span><span style="color:#000000;font-family:arial;font-size:9pt">or an affiliate. The Index Provider determines the composition and relative weightings of the components of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color:#000000;font-family:arial;font-size:9pt">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Credit Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color:#000000;font-family:arial;font-size:9pt">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color:#000000;font-family:arial;font-size:9pt">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color:#000000;font-family:arial;font-size:9pt">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color:#000000;font-family:arial;font-size:9pt">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color:#000000;font-family:arial;font-size:9pt">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">ESG Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the </span><span style="color:#000000;font-family:arial;font-size:9pt">types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds </span><span style="color:#000000;font-family:arial;font-size:9pt">whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing </span><span style="color:#000000;font-family:arial;font-size:9pt">in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform </span><span style="color:#000000;font-family:arial;font-size:9pt">other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level </span><span style="color:#000000;font-family:arial;font-size:9pt">ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or </span><span style="color:#000000;font-family:arial;font-size:9pt">rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless </span><span style="color:#000000;font-family:arial;font-size:9pt">remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain </span><span style="color:#000000;font-family:arial;font-size:9pt">securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or </span><span style="color:#000000;font-family:arial;font-size:9pt">constraints at all times.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Call Risk. </span><span style="color:#000000;font-family:arial;font-size:9pt">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">call</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or repay </span><span style="color:#000000;font-family:arial;font-size:9pt">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color:#000000;font-family:arial;font-size:9pt">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color:#000000;font-family:arial;font-size:9pt">features.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Consumer Goods and Services Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Consumer goods and services companies face risks related to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage </span><span style="color:#000000;font-family:arial;font-size:9pt">to brand or reputation, economic slowdown and labor shortages, among other things.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Financial Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color:#000000;font-family:arial;font-size:9pt">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color:#000000;font-family:arial;font-size:9pt">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color:#000000;font-family:arial;font-size:9pt">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Reliance on Trading Partners Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund invests in countries or regions whose economies are heavily dependent upon </span><span style="color:#000000;font-family:arial;font-size:9pt">trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings of securities of certain issuers, the Fund is specifically exposed to </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asian Economic Risk, European Economic Risk </span><span style="color:#000000;font-family:arial;font-size:9pt">and </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">North American Economic Risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in China.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color:#000000;font-family:arial;font-size:9pt">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color:#000000;font-family:arial;font-size:9pt">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color:#000000;font-family:arial;font-size:9pt">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color:#000000;font-family:arial;font-size:9pt">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color:#000000;font-family:arial;font-size:9pt">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color:#000000;font-family:arial;font-size:9pt">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span><span style="color:#000000;font-family:arial;font-size:9pt">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color:#000000;font-family:arial;font-size:9pt">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span><span style="color:#000000;font-family:arial;font-size:9pt">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color:#000000;font-family:arial;font-size:9pt">Chinese economy and markets and the Fund’s investments.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color:#000000;font-family:arial;font-size:9pt">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color:#000000;font-family:arial;font-size:9pt">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color:#000000;font-family:arial;font-size:9pt">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span><span style="color:#000000;font-family:arial;font-size:9pt">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color:#000000;font-family:arial;font-size:9pt">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color:#000000;font-family:arial;font-size:9pt">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color:#000000;font-family:arial;font-size:9pt">with its objective to track the performance of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color:#000000;font-family:arial;font-size:9pt">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color:#000000;font-family:arial;font-size:9pt">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color:#000000;font-family:arial;font-size:9pt">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span><span style="color:#000000;font-family:arial;font-size:9pt">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color:#000000;font-family:arial;font-size:9pt">have limited legal remedies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">VIEs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> in their structure as a result of </span><span style="color:#000000;font-family:arial;font-size:9pt">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span><span style="color:#000000;font-family:arial;font-size:9pt">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color:#000000;font-family:arial;font-size:9pt">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color:#000000;font-family:arial;font-size:9pt">considerations.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the China Bond Market</span><span style="color:#000000;font-family:arial;font-size:9pt">. The Fund invests directly in the domestic bond market in the People’s Republic </span><span style="color:#000000;font-family:arial;font-size:9pt">of China (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">China</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">PRC</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">China Interbank Bond Market</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) through the Bond Connect trading channel. All bonds </span><span style="color:#000000;font-family:arial;font-size:9pt">traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">CMU</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which holds such </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China </span><span style="color:#000000;font-family:arial;font-size:9pt">Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market </span><span style="color:#000000;font-family:arial;font-size:9pt">may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may </span><span style="color:#000000;font-family:arial;font-size:9pt">not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations </span><span style="color:#000000;font-family:arial;font-size:9pt">that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially </span><span style="color:#000000;font-family:arial;font-size:9pt">altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions </span><span style="color:#000000;font-family:arial;font-size:9pt">under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or </span><span style="color:#000000;font-family:arial;font-size:9pt">indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China </span><span style="color:#000000;font-family:arial;font-size:9pt">Interbank Bond Market.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Valuation Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color:#000000;font-family:arial;font-size:9pt">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color:#000000;font-family:arial;font-size:9pt">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color:#000000;font-family:arial;font-size:9pt">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color:#000000;font-family:arial;font-size:9pt">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color:#000000;font-family:arial;font-size:9pt">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-0.49%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">9.01%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-7.61%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0049 2026-03-31 Best Quarter 0.0901 2020-06-30 Worst Quarter -0.0761 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2017-07-11 0.0756 -0.0029 0.0252 0.0564 -0.0172 0.0116 0.0444 -0.0084 0.0134 0.0758 0.0006 0.0212 0.0783 -0.0007 0.0279 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® HIGH YIELD SYSTEMATIC BOND ETFHYDB | Cboe BZX Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares High Yield Systematic Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">dollar-denominated, high yield corporate bonds.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0035 0.0000 0.0035 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: 36 113 197 443 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 93% of the average value of its portfolio. 0.93 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the BlackRock High Yield Systematic Bond Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which consists of U.S. dollar-denominated, high yield (as determined by BlackRock Index Services, LLC (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">)) </span><span style="color:#000000;font-family:arial;font-size:9pt">corporate bonds. Component securities include publicly-issued debt of U.S. corporate issuers, U.S. dollar-denominated, </span><span style="color:#000000;font-family:arial;font-size:9pt">publicly issued debt of non-U.S. corporate issuers, and bonds offered pursuant to Rule 144A under the Securities Act of 1933, </span><span style="color:#000000;font-family:arial;font-size:9pt">as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1933 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) with or without registration rights. As of February 28, 2026, there were 254 issues in the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index. As of February 28, 2026, a significant portion of the Underlying Index was represented by securities of </span><span style="color:#000000;font-family:arial;font-size:9pt">companies in the consumer goods and services, energy and financials industries or sectors. The components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index are likely to change over time.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The securities in the Underlying Index must have $350 million or more current face amount outstanding, and have at least </span><span style="color:#000000;font-family:arial;font-size:9pt">one year to final maturity, regardless of optionality, at time of rebalance. In addition, the securities in the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">must be denominated in U.S. dollars and have a fixed-rate, although they can carry a coupon that steps-up (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.,</span><span style="color:#000000;font-family:arial;font-size:9pt"> or changes </span><span style="color:#000000;font-family:arial;font-size:9pt">according to a predetermined schedule), and must be rated below investment-grade, which is below Baa3 by Moody’s </span><span style="color:#000000;font-family:arial;font-size:9pt">Investors Service, Inc. (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Moody's</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) or below BBB- by Standard &amp; Poor's</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> Global Ratings, a subsidiary of S&amp;P Global (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">S&amp;P </span><span style="color:#000000;font-family:arial;font-size:9pt">Global Ratings</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) or Fitch Ratings, Inc. (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fitch</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Eligibility in the Underlying Index is determined by the middle of the three </span><span style="color:#000000;font-family:arial;font-size:9pt">available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one </span><span style="color:#000000;font-family:arial;font-size:9pt">agency is available, that rating is used to determine eligibility in the Underlying Index.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index determines constituent weights  based on a proprietary methodology which first aims to systematically </span><span style="color:#000000;font-family:arial;font-size:9pt">screen out certain bonds with the highest probability of default (a measure of credit quality) and then optimizes to improve </span><span style="color:#000000;font-family:arial;font-size:9pt">risk-adjusted returns by weighting more heavily to bonds with attractive default-adjusted spreads (a measure of value) while </span><span style="color:#000000;font-family:arial;font-size:9pt">mitigating portfolio risks and limiting turnover. This methodology, unlike the methodologies used by traditional </span><span style="color:#000000;font-family:arial;font-size:9pt">market-value-weighted bond indexes, selects a portion of the component bonds from the broader universe of high yield </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds based on application of analytics measuring the probability of default.  The resulting grouping of bonds is referred to </span><span style="color:#000000;font-family:arial;font-size:9pt">as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">defensive,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> by comparison to other groupings of high yield bonds, because those included in the Underlying Index possess </span><span style="color:#000000;font-family:arial;font-size:9pt">specific characteristics that the index methodology identifies as reducing the risk of default. Key investment characteristics </span><span style="color:#000000;font-family:arial;font-size:9pt">such as duration are constrained to be within a specified range of a broader market-value-weighted high yield bond universe. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is rebalanced on the last business day of each month to reflect changes in eligibility, credit quality and </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation. High yield bonds included in the Underlying Index, like all high yield debt, continue to be subject to a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">risks, including the risk of an issuer default and volatility of the market value of the bonds.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color:#000000;font-family:arial;font-size:9pt">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color:#000000;font-family:arial;font-size:9pt">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.  Cash and cash </span><span style="color:#000000;font-family:arial;font-size:9pt">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color:#000000;font-family:arial;font-size:9pt">calculating the percentage of investments included in the Underlying Index.  The Fund seeks to track the investment results </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by the Index Provider, an affiliated person of the Fund and of BFA, the Fund's investment </span><span style="color:#000000;font-family:arial;font-size:9pt">adviser. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color:#000000;font-family:arial;font-size:9pt">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index.  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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">High Yield Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Debt securities that are rated below investment grade (commonly referred to as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">junk bonds</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and </span><span style="color:#000000;font-family:arial;font-size:9pt">debt securities that are unrated are generally considered to be speculative. Compared to higher-quality debt securities, high </span><span style="color:#000000;font-family:arial;font-size:9pt">yield securities are subject to a greater risk of default, illiquidity, price volatility and valuation uncertainty. Such investments </span><span style="color:#000000;font-family:arial;font-size:9pt">may be subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of </span><span style="color:#000000;font-family:arial;font-size:9pt">a regular trading market, prepayment risk, and lack of publicly available information.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Credit Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color:#000000;font-family:arial;font-size:9pt">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color:#000000;font-family:arial;font-size:9pt">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color:#000000;font-family:arial;font-size:9pt">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color:#000000;font-family:arial;font-size:9pt">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color:#000000;font-family:arial;font-size:9pt">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Because the </span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider is relatively new to the creation of indexes, these risks may be greater with respect to the Underlying Index than </span><span style="color:#000000;font-family:arial;font-size:9pt">in the case of an index maintained by a long-standing index provider. Unusual market conditions or other unforeseen </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider </span><span style="color:#000000;font-family:arial;font-size:9pt">and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its </span><span style="color:#000000;font-family:arial;font-size:9pt">normal or expected composition. Because the Index Provider is relatively new to the creation of indexes, these risks may be </span><span style="color:#000000;font-family:arial;font-size:9pt">greater with respect to the Underlying Index than in the case of an index maintained by a long-standing index provider.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Call Risk. </span><span style="color:#000000;font-family:arial;font-size:9pt">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">call</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or repay </span><span style="color:#000000;font-family:arial;font-size:9pt">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color:#000000;font-family:arial;font-size:9pt">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color:#000000;font-family:arial;font-size:9pt">features.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Consumer Goods and Services Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Consumer goods and services companies face risks related to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage </span><span style="color:#000000;font-family:arial;font-size:9pt">to brand or reputation, economic slowdown and labor shortages, among other things.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Energy Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Companies in the energy sector may be adversely affected by volatility in energy and commodity </span><span style="color:#000000;font-family:arial;font-size:9pt">prices, lower demand, overproduction, depletion of resources, social and political unrest, war, trade disputes, government </span><span style="color:#000000;font-family:arial;font-size:9pt">regulations and energy transition efforts, among other factors. The energy sector is cyclical and can be significantly impacted </span><span style="color:#000000;font-family:arial;font-size:9pt">by changes in economic conditions. Some energy companies, such as those in the oil and gas sector, face substantial costs </span><span style="color:#000000;font-family:arial;font-size:9pt">related to exploration and production and significant operational risks. Energy companies are at risk of environmental </span><span style="color:#000000;font-family:arial;font-size:9pt">damage claims and other litigation.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Financial Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color:#000000;font-family:arial;font-size:9pt">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color:#000000;font-family:arial;font-size:9pt">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color:#000000;font-family:arial;font-size:9pt">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Privately Issued Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">Privately issued securities are securities that have not been registered under the 1933 Act. </span><span style="color:#000000;font-family:arial;font-size:9pt">Such securities typically are subject to legal restrictions on resale and generally are not traded in established public markets. </span><span style="color:#000000;font-family:arial;font-size:9pt">As a result, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly </span><span style="color:#000000;font-family:arial;font-size:9pt">traded securities, may be subject to wide fluctuations in value and may have higher transaction costs. There can be no </span><span style="color:#000000;font-family:arial;font-size:9pt">assurance that a trading market will exist at any time for any particular privately issued security. Difficulty in selling such </span><span style="color:#000000;font-family:arial;font-size:9pt">securities at a desirable time or price may result in a loss to the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions. A </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund that tracks an index where high yield securities are an investment focus may experience higher tracking error than ETFs </span><span style="color:#000000;font-family:arial;font-size:9pt">that do not track such indexes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Valuation Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color:#000000;font-family:arial;font-size:9pt">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color:#000000;font-family:arial;font-size:9pt">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color:#000000;font-family:arial;font-size:9pt">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color:#000000;font-family:arial;font-size:9pt">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color:#000000;font-family:arial;font-size:9pt">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:5pt">-0.81%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.45pt">8.73%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-11.97%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0081 2026-03-31 Best Quarter 0.0873 2020-06-30 Worst Quarter -0.1197 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2017-07-11 0.0808 0.0502 0.0573 0.0501 0.0232 0.0308 0.0471 0.0262 0.0320 0.0758 0.0006 0.0212 0.0891 0.0564 0.0616 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® iBOXX® $ HIGH YIELD CORPORATE BOND ETFHYG | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares iBoxx $ High Yield Corporate Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed </span><span style="color:#000000;font-family:arial;font-size:9pt">of U.S. dollar-denominated, high yield corporate bonds.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0049 0.0000 0.0049 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: 50 157 274 616 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 22% of the average value of its portfolio. 0.22 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the iBoxx</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> USD Liquid High Yield Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is a </span><span style="color:#000000;font-family:arial;font-size:9pt">rules-based index consisting of U.S. dollar-denominated, high yield (as determined by S&amp;P Dow Jones Indices LLC (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">SPDJI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">)) corporate bonds for sale in the U.S. The Underlying Index is designed to provide a broad representation </span><span style="color:#000000;font-family:arial;font-size:9pt">of the U.S. dollar-denominated liquid high yield corporate bond market. The Underlying Index is a modified market-value </span><span style="color:#000000;font-family:arial;font-size:9pt">weighted index with a cap on each issuer of 3%. There is no limit to the number of issues in the Underlying Index. As of </span><span style="color:#000000;font-family:arial;font-size:9pt">February 28, 2026, the Underlying Index included approximately 1,300 constituents. As of February 28, 2026, a significant </span><span style="color:#000000;font-family:arial;font-size:9pt">portion of the Underlying Index was represented by securities of companies in the consumer goods and services industry or </span><span style="color:#000000;font-family:arial;font-size:9pt">sector. The components of the Underlying Index are likely to change over time. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Bonds in the Underlying Index are selected from the universe of eligible bonds in the iBoxx USD Corporate Bond Index using </span><span style="color:#000000;font-family:arial;font-size:9pt">defined rules. As of the date of this prospectus (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Prospectus</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), the bonds eligible for inclusion in the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">include U.S. dollar-denominated high yield corporate bonds that: (i) are issued by companies domiciled in countries classified </span><span style="color:#000000;font-family:arial;font-size:9pt">as developed markets by SPDJI; (ii) have an average rating of sub-investment grade (ratings from Fitch Ratings, Inc. (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fitch</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">Moody's Investors Service, Inc. (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Moody's</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) or Standard &amp; Poor's</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> Global Ratings, a subsidiary of S&amp;P Global (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">S&amp;P Global </span><span style="color:#000000;font-family:arial;font-size:9pt">Ratings</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) are considered; if more than one agency provides a rating, the average rating is attached to the bond); (iii) are from </span><span style="color:#000000;font-family:arial;font-size:9pt">issuers with at least $1 billion outstanding face value; (iv) have at least $400 million of outstanding face value; (v) have an </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">original maturity date of less than 15 years; (vi) have at least one year to maturity; and (vii) have at least one year and 6 </span><span style="color:#000000;font-family:arial;font-size:9pt">months to maturity for new index insertions. </span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color:#000000;font-family:arial;font-size:9pt">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color:#000000;font-family:arial;font-size:9pt">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash </span><span style="color:#000000;font-family:arial;font-size:9pt">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color:#000000;font-family:arial;font-size:9pt">calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by SPDJI, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and BFA. The Index Provider determines the </span><span style="color:#000000;font-family:arial;font-size:9pt">composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color:#000000;font-family:arial;font-size:9pt">market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color:#000000;font-family:arial;font-size:9pt">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">High Yield Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Debt securities that are rated below investment grade (commonly referred to as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">junk bonds</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and </span><span style="color:#000000;font-family:arial;font-size:9pt">debt securities that are unrated are generally considered to be speculative. Compared to higher-quality debt securities, high </span><span style="color:#000000;font-family:arial;font-size:9pt">yield securities are subject to a greater risk of default, illiquidity, price volatility and valuation uncertainty. Such investments </span><span style="color:#000000;font-family:arial;font-size:9pt">may be subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of </span><span style="color:#000000;font-family:arial;font-size:9pt">a regular trading market, prepayment risk, and lack of publicly available information.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Credit Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color:#000000;font-family:arial;font-size:9pt">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color:#000000;font-family:arial;font-size:9pt">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color:#000000;font-family:arial;font-size:9pt">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color:#000000;font-family:arial;font-size:9pt">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color:#000000;font-family:arial;font-size:9pt">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Call Risk. </span><span style="color:#000000;font-family:arial;font-size:9pt">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">call</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or repay </span><span style="color:#000000;font-family:arial;font-size:9pt">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color:#000000;font-family:arial;font-size:9pt">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color:#000000;font-family:arial;font-size:9pt">features.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Consumer Goods and Services Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Consumer goods and services companies face risks related to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage </span><span style="color:#000000;font-family:arial;font-size:9pt">to brand or reputation, economic slowdown and labor shortages, among other things.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Privately Issued Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">Privately issued securities are securities that have not been registered under the Securities </span><span style="color:#000000;font-family:arial;font-size:9pt">Act of 1933, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1933 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Such securities typically are subject to legal restrictions on resale and generally are </span><span style="color:#000000;font-family:arial;font-size:9pt">not traded in established public markets. As a result, privately issued securities may be deemed to be illiquid investments, </span><span style="color:#000000;font-family:arial;font-size:9pt">may be more difficult to value than publicly traded securities, may be subject to wide fluctuations in value and may have </span><span style="color:#000000;font-family:arial;font-size:9pt">higher transaction costs. There can be no assurance that a trading market will exist at any time for any particular privately </span><span style="color:#000000;font-family:arial;font-size:9pt">issued security. Difficulty in selling such securities at a desirable time or price may result in a loss to the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions. A </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund that tracks an index where high yield securities are an investment focus may experience higher tracking error than ETFs </span><span style="color:#000000;font-family:arial;font-size:9pt">that do not track such indexes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Valuation Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color:#000000;font-family:arial;font-size:9pt">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color:#000000;font-family:arial;font-size:9pt">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color:#000000;font-family:arial;font-size:9pt">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color:#000000;font-family:arial;font-size:9pt">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color:#000000;font-family:arial;font-size:9pt">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund willperform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:5pt">-0.51%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.45pt">7.42%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-11.90%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0051 2026-03-31 Best Quarter 0.0742 2020-06-30 Worst Quarter -0.1190 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-04-04 0.0856 0.0394 0.0551 0.0604 0.0169 0.0323 0.0501 0.0199 0.0323 0.0758 0.0006 0.0244 0.0883 0.0434 0.0601 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® iBOXX® $ INVESTMENT GRADE CORPORATE BOND ETFLQD | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares iBoxx $ Investment Grade Corporate Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index </span><span style="color:#000000;font-family:arial;font-size:9pt">composed of U.S. dollar-denominated, investment-grade corporate bonds.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0014 0.0000 0.0014 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: 14 45 79 179 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16% of the average value of its portfolio. 0.16 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the iBoxx</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> USD Liquid Investment Grade Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which is a rules-based index consisting of U.S. dollar-denominated, investment-grade (as determined by S&amp;P Dow Jones </span><span style="color:#000000;font-family:arial;font-size:9pt">Indices LLC (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">SPDJI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">)) corporate bonds for sale in the U.S. The Underlying Index is designed to provide </span><span style="color:#000000;font-family:arial;font-size:9pt">a broad representation of the U.S. dollar-denominated liquid investment-grade corporate bond market. The Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">is a modified market-value weighted index with a cap on each issuer of 3%. There is no limit to the number of issues in the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index. As of February 28, 2026, the Underlying Index included approximately 3,039 constituents. As of </span><span style="color:#000000;font-family:arial;font-size:9pt">February 28, 2026, a significant portion of the Underlying Index was represented by securities of companies in the consumer </span><span style="color:#000000;font-family:arial;font-size:9pt">goods and services and financials industries or sectors. The components of the Underlying Index are likely to change over </span><span style="color:#000000;font-family:arial;font-size:9pt">time. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is a subset of the iBoxx USD Corporate Bond Index, which as of February 28, 2026, included 8,827 </span><span style="color:#000000;font-family:arial;font-size:9pt">investment-grade bonds. Bonds in the Underlying Index are selected from the universe of eligible bonds in the iBoxx USD </span><span style="color:#000000;font-family:arial;font-size:9pt">Corporate Bond Index using defined rules. As of the date of this prospectus (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Prospectus</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), the bonds eligible for inclusion </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index consist of U.S. dollar-denominated corporate bonds that: (i) are issued by companies domiciled in </span><span style="color:#000000;font-family:arial;font-size:9pt">countries classified as developed markets by SPDJI; (ii) have an average rating of investment grade  (ratings from Fitch </span><span style="color:#000000;font-family:arial;font-size:9pt">Ratings, Inc., Moody's Investors Service, Inc. or Standard &amp; Poor's</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> Global Ratings, a subsidiary of S&amp;P Global (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">S&amp;P Global </span><span style="color:#000000;font-family:arial;font-size:9pt">Ratings</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) are considered; if more than one agency provides a rating, the average rating is attached to the bond); (iii) are from </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">issuers with at least $2 billion outstanding face value; (iv) have at least $750 million of outstanding face value; (v) have at </span><span style="color:#000000;font-family:arial;font-size:9pt">least three years to maturity; and (vi) have at least three years and 6 months to maturity for new index insertions.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color:#000000;font-family:arial;font-size:9pt">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color:#000000;font-family:arial;font-size:9pt">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.  Cash and cash </span><span style="color:#000000;font-family:arial;font-size:9pt">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color:#000000;font-family:arial;font-size:9pt">calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by SPDJI, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and BFA. The Index Provider determines the </span><span style="color:#000000;font-family:arial;font-size:9pt">composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color:#000000;font-family:arial;font-size:9pt">market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color:#000000;font-family:arial;font-size:9pt">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Credit Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color:#000000;font-family:arial;font-size:9pt">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color:#000000;font-family:arial;font-size:9pt">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color:#000000;font-family:arial;font-size:9pt">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color:#000000;font-family:arial;font-size:9pt">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color:#000000;font-family:arial;font-size:9pt">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Call Risk. </span><span style="color:#000000;font-family:arial;font-size:9pt">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">call</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or repay </span><span style="color:#000000;font-family:arial;font-size:9pt">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color:#000000;font-family:arial;font-size:9pt">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color:#000000;font-family:arial;font-size:9pt">features.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Consumer Goods and Services Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Consumer goods and services companies face risks related to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage </span><span style="color:#000000;font-family:arial;font-size:9pt">to brand or reputation, economic slowdown and labor shortages, among other things.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Financial Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color:#000000;font-family:arial;font-size:9pt">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color:#000000;font-family:arial;font-size:9pt">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color:#000000;font-family:arial;font-size:9pt">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Valuation Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color:#000000;font-family:arial;font-size:9pt">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color:#000000;font-family:arial;font-size:9pt">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color:#000000;font-family:arial;font-size:9pt">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color:#000000;font-family:arial;font-size:9pt">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color:#000000;font-family:arial;font-size:9pt">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-0.58%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">9.85%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">December 31, 2023</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-8.63%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0058 2026-03-31 Best Quarter 0.0985 2023-12-31 Worst Quarter -0.0863 2022-06-30 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2002-07-22 0.0800 -0.0078 0.0319 0.0603 -0.0226 0.0172 0.0470 -0.0123 0.0181 0.0758 0.0006 0.0244 0.0803 -0.0067 0.0333 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® INVESTMENT GRADE SYSTEMATIC BOND ETFIGEB | Cboe BZX Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares Investment Grade Systematic Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed </span><span style="color:#000000;font-family:arial;font-size:9pt">of U.S. dollar-denominated, investment-grade corporate bonds.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0018 0.0000 0.0018 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: 18 58 101 230 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 63% of the average value of its portfolio. 0.63 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the BlackRock Investment Grade Systematic Bond Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which consists of U.S. dollar-denominated, investment-grade (as determined by BlackRock Index Services, LLC (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">)) corporate bonds. Component securities include publicly-issued debt of U.S. corporate issuers and U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">dollar-denominated, publicly issued debt of non-U.S. corporate issuers. As of February 28, 2026, there were 463 issues in the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index. As of February 28, 2026, a significant portion of the Underlying Index was represented by securities of </span><span style="color:#000000;font-family:arial;font-size:9pt">companies in the consumer goods and services and financials industries or sectors. The components of the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">are likely to change over time.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The securities in the Underlying Index must have $500 million or more current face amount outstanding, and have at least </span><span style="color:#000000;font-family:arial;font-size:9pt">one year to final maturity, regardless of optionality, at time of rebalance. In addition, the securities in the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">must be denominated in U.S. dollars and have a fixed-rate, although they can carry a coupon that steps-up (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.,</span><span style="color:#000000;font-family:arial;font-size:9pt"> changes </span><span style="color:#000000;font-family:arial;font-size:9pt">according to a predetermined schedule). Fixed-to-Float bonds are eligible, provided that there is a minimum of 12 months </span><span style="color:#000000;font-family:arial;font-size:9pt">until the transition date to the floating rate period. Component securities must be rated investment-grade, which is Baa3 or </span><span style="color:#000000;font-family:arial;font-size:9pt">higher by Moody’s Investors Service, Inc. (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Moody's</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) or BBB- or higher by Standard &amp; Poor's</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> Global Ratings, a subsidiary of </span><span style="color:#000000;font-family:arial;font-size:9pt">S&amp;P Global (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">S&amp;P Global Ratings</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) or Fitch Ratings, Inc. (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fitch</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Eligibility for the Underlying Index is determined by the </span><span style="color:#000000;font-family:arial;font-size:9pt">middle of the three available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating </span><span style="color:#000000;font-family:arial;font-size:9pt">from only one agency is available, that rating is used to determine eligibility for the Underlying Index.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index determines constituent weights based on a proprietary methodology which first aims to systematically </span><span style="color:#000000;font-family:arial;font-size:9pt">screen out certain bonds with the highest probability of default (a measure of credit quality) and then optimizes to improve </span><span style="color:#000000;font-family:arial;font-size:9pt">risk-adjusted returns by weighting more heavily to bonds with attractive default-adjusted spreads (a measure of value) while </span><span style="color:#000000;font-family:arial;font-size:9pt">mitigating portfolio risks and limiting turnover. This methodology, unlike the methodologies used by traditional </span><span style="color:#000000;font-family:arial;font-size:9pt">market-value-weighted bond indexes, selects a portion of the component bonds from the broader universe of </span><span style="color:#000000;font-family:arial;font-size:9pt">investment-grade bonds based on application of analytics measuring the probability of default.  The resulting grouping of </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds is referred to as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">enhanced,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> by comparison to other groupings of investment-grade bonds, because the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index seeks to provide superior risk-adjusted and total returns over longer periods of time than a comparable </span><span style="color:#000000;font-family:arial;font-size:9pt">market-value-weighted index. Key investment characteristics such as duration are constrained to be within a specified range </span><span style="color:#000000;font-family:arial;font-size:9pt">of a broader market-value-weighted investment-grade bond universe. The Underlying Index is rebalanced on the last </span><span style="color:#000000;font-family:arial;font-size:9pt">business day of each month to reflect changes in eligibility, credit quality and valuation. Investment-grade bonds included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index, like all investment-grade debt, continue to be subject to a number of risks, including the risk of an </span><span style="color:#000000;font-family:arial;font-size:9pt">issuer default and volatility of the market value of the bonds.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color:#000000;font-family:arial;font-size:9pt">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color:#000000;font-family:arial;font-size:9pt">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.  Cash and cash </span><span style="color:#000000;font-family:arial;font-size:9pt">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color:#000000;font-family:arial;font-size:9pt">calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by the Index Provider, an affiliated person of the Fund and of BFA, the Fund's investment </span><span style="color:#000000;font-family:arial;font-size:9pt">adviser. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color:#000000;font-family:arial;font-size:9pt">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Credit Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color:#000000;font-family:arial;font-size:9pt">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color:#000000;font-family:arial;font-size:9pt">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color:#000000;font-family:arial;font-size:9pt">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color:#000000;font-family:arial;font-size:9pt">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color:#000000;font-family:arial;font-size:9pt">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Because the </span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider is relatively new to the creation of indexes, these risks may be greater with respect to the Underlying Index than </span><span style="color:#000000;font-family:arial;font-size:9pt">in the case of an index maintained by a long-standing index provider. Unusual market conditions or other unforeseen </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider </span><span style="color:#000000;font-family:arial;font-size:9pt">and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its </span><span style="color:#000000;font-family:arial;font-size:9pt">normal or expected composition. Because the Index Provider is relatively new to the creation of indexes, these risks may be </span><span style="color:#000000;font-family:arial;font-size:9pt">greater with respect to the Underlying Index than in the case of an index maintained by a long-standing index provider.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Call Risk. </span><span style="color:#000000;font-family:arial;font-size:9pt">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">call</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or repay </span><span style="color:#000000;font-family:arial;font-size:9pt">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color:#000000;font-family:arial;font-size:9pt">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color:#000000;font-family:arial;font-size:9pt">features.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Consumer Goods and Services Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Consumer goods and services companies face risks related to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage </span><span style="color:#000000;font-family:arial;font-size:9pt">to brand or reputation, economic slowdown and labor shortages, among other things.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Financial Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color:#000000;font-family:arial;font-size:9pt">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color:#000000;font-family:arial;font-size:9pt">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Valuation Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color:#000000;font-family:arial;font-size:9pt">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color:#000000;font-family:arial;font-size:9pt">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color:#000000;font-family:arial;font-size:9pt">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color:#000000;font-family:arial;font-size:9pt">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color:#000000;font-family:arial;font-size:9pt">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:32.19pt;"> <div style="display:flex;white-space:nowrap;width:32.19pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:1.55pt">-0.54%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:32.19pt;"> <div style="display:flex;white-space:nowrap;width:32.19pt;"><span style="color:#000000;font-family:arial;font-size:8pt">11.36%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:32.19pt;"> <div style="display:flex;white-space:nowrap;width:32.19pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:1.55pt">-7.42%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0054 2026-03-31 Best Quarter 0.1136 2020-06-30 Worst Quarter -0.0742 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2017-07-11 0.0813 0.0060 0.0333 0.0596 -0.0115 0.0157 0.0477 -0.0029 0.0181 0.0758 0.0006 0.0212 0.0842 0.0082 0.0351 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® 0-1 YEAR TREASURY BOND ETFSHV | NYSE Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares 0-1 Year Treasury Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. Treasury bonds with remaining maturities of one year or less.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may incur </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Acquired Fund Fees and Expenses.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> Acquired Fund Fees and Expenses reflect the Fund’s pro rata share </span><span style="color:#000000;font-family:arial;font-size:9pt">of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of </span><span style="color:#000000;font-family:arial;font-size:9pt">Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to </span><span style="color:#000000;font-family:arial;font-size:9pt">average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Prospectus</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">).  </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount </span><span style="color:#000000;font-family:arial;font-size:9pt">equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA, </span><span style="color:#000000;font-family:arial;font-size:9pt">or its affiliates, through June 30, 2027. The contractual waiver may be terminated prior to June 30, 2027 only upon written </span><span style="color:#000000;font-family:arial;font-size:9pt">agreement of the Trust and BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”).  June 30, 2027 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0015 0.0000 0.0000 0.0015 0.0000 0.0015 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: 15 48 85 192 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 115% of the average value of its portfolio. 1.15 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the ICE</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> Short US Treasury Securities Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which </span><span style="color:#000000;font-family:arial;font-size:9pt">measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of less than or equal to </span><span style="color:#000000;font-family:arial;font-size:9pt">one year. Under normal circumstances, the Fund will seek to maintain a weighted average maturity of less than one year. </span><span style="color:#000000;font-family:arial;font-size:9pt">Weighted average maturity is the U.S. dollar weighted average of the remaining term to maturity of the underlying securities </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Fund’s portfolio. As of February 28, 2026, there were 104 issues in the Underlying Index. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is market value-weighted based on amounts outstanding of issuances consisting of publicly issued </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. Treasury securities that have a remaining term to final maturity of less than or equal to one year as of the rebalance date </span><span style="color:#000000;font-family:arial;font-size:9pt">and $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market </span><span style="color:#000000;font-family:arial;font-size:9pt">Account. In addition, the securities in the Underlying Index must have a fixed coupon schedule and be denominated in U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">dollars. Excluded from the Underlying Index are inflation-linked debt and zero-coupon bonds that have been stripped from </span><span style="color:#000000;font-family:arial;font-size:9pt">coupon-paying bonds (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">e.g.</span><span style="color:#000000;font-family:arial;font-size:9pt">, Separate Trading of Registered Interest and Principal of Securities). However, the amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">outstanding of qualifying coupon securities are not reduced by any individual components of such securities (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, coupon or </span><span style="color:#000000;font-family:arial;font-size:9pt">principal) that have been stripped after inclusion in the Underlying Index. Securities issued or marketed primarily to retail </span><span style="color:#000000;font-family:arial;font-size:9pt">investors do not qualify for inclusion in the Underlying Index. The Underlying Index is rebalanced on the last calendar day of </span><span style="color:#000000;font-family:arial;font-size:9pt">each month. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index’s cash from coupon payments and the proceeds of maturing component securities will receive a return </span><span style="color:#000000;font-family:arial;font-size:9pt">equal to that of the ICE US 1-Month Treasury Bill Index from the point of which cash is received until the end of the month. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index’s cash position is treated as cash and cash equivalents by the Fund, so the Fund may have material </span><span style="color:#000000;font-family:arial;font-size:9pt">positions in cash and cash equivalents, including money market funds. Prior to October 31, 2025, the cash from coupon </span><span style="color:#000000;font-family:arial;font-size:9pt">payments and the proceeds of maturing component securities did not earn any reinvestment income.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color:#000000;font-family:arial;font-size:9pt">least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of </span><span style="color:#000000;font-family:arial;font-size:9pt">that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks </span><span style="color:#000000;font-family:arial;font-size:9pt">to track the investment results of the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IDI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and publishes information regarding the market value of the Underlying Index.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">U.S. Treasury Obligations Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color:#000000;font-family:arial;font-size:9pt">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color:#000000;font-family:arial;font-size:9pt">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color:#000000;font-family:arial;font-size:9pt">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color:#000000;font-family:arial;font-size:9pt">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">High Portfolio Turnover Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> High portfolio turnover is considered by the Fund to mean turnover of greater than 100% </span><span style="color:#000000;font-family:arial;font-size:9pt">annually. Portfolio turnover (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e</span><span style="color:#000000;font-family:arial;font-size:9pt">., the sale of securities or other assets and reinvestment in other securities or assets) generally </span><span style="color:#000000;font-family:arial;font-size:9pt">involves transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other costs. In addition, the </span><span style="color:#000000;font-family:arial;font-size:9pt">sale of securities by the Fund may result in the realization of taxable capital gains, including short-term capital gains. Higher </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio turnover may cause the Fund to incur additional transaction costs, which have the effect of reducing the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">investment return, and may result in different tax consequences for shareholders compared to a fund with lower portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">turnover.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%) <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">0.82%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">1.43%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">September 30, 2024</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-0.15%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0082 2026-03-31 Best Quarter 0.0143 2024-09-30 Worst Quarter -0.0015 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-01-05 0.0420 0.0302 0.0210 0.0247 0.0175 0.0124 0.0246 0.0177 0.0124 0.0715 -0.0042 0.0201 0.0378 0.0274 0.0203 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® 0-3 MONTH TREASURY BOND ETFSGOV | NYSE Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares 0-3 Month Treasury Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. Treasury bonds with remaining maturities of less than or equal to three months.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0009 0.0000 0.0009 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: 9 29 51 115 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the ICE</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> 0-3 Month US Treasury Securities Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of less than or </span><span style="color:#000000;font-family:arial;font-size:9pt">equal to three months. As of February 28, 2026, there were 39 issues in the Underlying Index. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is market value weighted based on amounts outstanding of issuances consisting of publicly issued </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. Treasury securities that have a remaining term to final maturity of less than or equal to three months as of the rebalance </span><span style="color:#000000;font-family:arial;font-size:9pt">date and $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market </span><span style="color:#000000;font-family:arial;font-size:9pt">Account. In addition, the securities in the Underlying Index must have a fixed coupon schedule and be denominated in U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">dollars. Excluded from the Underlying Index are inflation-linked securities and zero-coupon bonds that have been stripped </span><span style="color:#000000;font-family:arial;font-size:9pt">from coupon-paying bonds (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">e.g.</span><span style="color:#000000;font-family:arial;font-size:9pt">, Separate Trading of Registered Interest and Principal of Securities). However, the amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">outstanding of qualifying coupon securities are not reduced by any individual components of such securities (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, coupon or </span><span style="color:#000000;font-family:arial;font-size:9pt">principal) that have been stripped after inclusion in the Underlying Index. Securities issued or marketed primarily to retail </span><span style="color:#000000;font-family:arial;font-size:9pt">investors do not qualify for inclusion in the Underlying Index. The Underlying Index is rebalanced on the last calendar day of </span><span style="color:#000000;font-family:arial;font-size:9pt">each month. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index’s cash from coupon payments and the proceeds of maturing component securities receive a return </span><span style="color:#000000;font-family:arial;font-size:9pt">equal to that of the ICE US 1-Month Treasury Bill Index from the point at which cash is received until the end of the month. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index’s cash position is treated as cash and cash equivalents by the Fund, so the Fund may have material </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">positions in cash and cash equivalents, including money market funds. Prior to October 31, 2025, the cash from coupon </span><span style="color:#000000;font-family:arial;font-size:9pt">payments and the proceeds of maturing component securities did not earn any reinvestment income.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color:#000000;font-family:arial;font-size:9pt">least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of </span><span style="color:#000000;font-family:arial;font-size:9pt">that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks </span><span style="color:#000000;font-family:arial;font-size:9pt">to track the investment results of the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IDI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and publishes information regarding the market value of the Underlying Index.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">U.S. Treasury Obligations Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color:#000000;font-family:arial;font-size:9pt">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color:#000000;font-family:arial;font-size:9pt">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color:#000000;font-family:arial;font-size:9pt">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color:#000000;font-family:arial;font-size:9pt">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:27.19pt;"> <div style="display:flex;white-space:nowrap;width:27.19pt;"><span style="color:#000000;font-family:arial;font-size:8pt">0.87%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:27.19pt;"> <div style="display:flex;white-space:nowrap;width:27.19pt;"><span style="color:#000000;font-family:arial;font-size:8pt">1.36%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">December 31, 2023</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:27.19pt;"> <div style="display:flex;white-space:nowrap;width:27.19pt;"><span style="color:#000000;font-family:arial;font-size:8pt">0.00%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">December 31, 2021</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0087 2026-03-31 Best Quarter 0.0136 2023-12-31 Worst Quarter 0.0000 2021-12-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2020-05-26 0.0424 0.0323 0.0289 0.0251 0.0193 0.0173 0.0249 0.0191 0.0171 0.0715 -0.0042 0.0004 0.0341 0.0254 0.0227 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® 1-3 YEAR TREASURY BOND ETFSHY | Nasdaq Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares 1-3 Year Treasury Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. Treasury bonds with remaining maturities between one and three years.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0015 0.0000 0.0015 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: 15 48 85 192 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 57% of the average value of its portfolio. 0.57 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the ICE</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury 1-3 Year Bond Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which </span><span style="color:#000000;font-family:arial;font-size:9pt">measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than one year </span><span style="color:#000000;font-family:arial;font-size:9pt">and less than or equal to three years. As of February 28, 2026, there were 96 issues in the Underlying Index. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index consists of publicly-issued U.S. Treasury securities that have a remaining maturity of greater than or </span><span style="color:#000000;font-family:arial;font-size:9pt">equal to one year and less than three years and have $300 million or more of outstanding face value, excluding amounts held </span><span style="color:#000000;font-family:arial;font-size:9pt">by the Federal Reserve System. In addition, the securities in the Underlying Index must be fixed-rate and denominated in U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills, cash management bills, any </span><span style="color:#000000;font-family:arial;font-size:9pt">government agency debt issued with or without a government guarantee, original issue zero-coupon securities and </span><span style="color:#000000;font-family:arial;font-size:9pt">zero-coupon issues that have been stripped from coupon-paying bonds.  However, the amounts outstanding of qualifying </span><span style="color:#000000;font-family:arial;font-size:9pt">securities are not reduced by any individual components of such securities (i.e., coupon or principal) that have been stripped </span><span style="color:#000000;font-family:arial;font-size:9pt">after inclusion in the Underlying Index. Securities issued or marketed primarily to retail investors do not qualify for inclusion </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index. The Underlying Index is market value weighted, and the securities in the Underlying Index are </span><span style="color:#000000;font-family:arial;font-size:9pt">updated on the last calendar day of each month.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color:#000000;font-family:arial;font-size:9pt">least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of </span><span style="color:#000000;font-family:arial;font-size:9pt">that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks </span><span style="color:#000000;font-family:arial;font-size:9pt">to track the investment results of the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IDI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and publishes information regarding the market value of the Underlying Index.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">U.S. Treasury Obligations Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color:#000000;font-family:arial;font-size:9pt">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color:#000000;font-family:arial;font-size:9pt">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color:#000000;font-family:arial;font-size:9pt">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color:#000000;font-family:arial;font-size:9pt">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">0.25%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">2.88%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">September 30, 2024</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-2.49%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0025 2026-03-31 Best Quarter 0.0288 2024-09-30 Worst Quarter -0.0249 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2002-07-22 0.0500 0.0163 0.0170 0.0338 0.0062 0.0092 0.0294 0.0080 0.0096 0.0715 -0.0042 0.0201 0.0514 0.0174 0.0183 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® 3-7 YEAR TREASURY BOND ETFIEI | Nasdaq Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares 3-7 Year Treasury Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. Treasury bonds with remaining maturities between three and seven years.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0015 0.0000 0.0015 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: 15 48 85 192 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 37% of the average value of its portfolio. 0.37 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the ICE</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury 3-7 Year Bond Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which </span><span style="color:#000000;font-family:arial;font-size:9pt">measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than three </span><span style="color:#000000;font-family:arial;font-size:9pt">years and less than or equal to seven years. As of February 28, 2026, there were 88 issues in the Underlying Index. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index consists of publicly-issued U.S. Treasury securities that have a remaining maturity of greater than or </span><span style="color:#000000;font-family:arial;font-size:9pt">equal to three years and less than seven years and have $300 million or more of outstanding face value, excluding amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">held by the Federal Reserve System. In addition, the securities in the Underlying Index must be fixed-rate and denominated in </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills, cash management bills, any </span><span style="color:#000000;font-family:arial;font-size:9pt">government agency debt issued with or without a government guarantee, original issue zero-coupon securities and </span><span style="color:#000000;font-family:arial;font-size:9pt">zero-coupon issues that have been stripped from coupon-paying bonds.  However, the amounts outstanding of qualifying </span><span style="color:#000000;font-family:arial;font-size:9pt">securities are not reduced by any individual components of such securities (i.e., coupon or principal) that have been stripped </span><span style="color:#000000;font-family:arial;font-size:9pt">after inclusion in the Underlying Index. Securities issued or marketed primarily to retail investors do not qualify for inclusion </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index. The Underlying Index is market value weighted, and the securities in the Underlying Index are </span><span style="color:#000000;font-family:arial;font-size:9pt">updated on the last calendar day of each month.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color:#000000;font-family:arial;font-size:9pt">least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index.  Cash and cash equivalent investments associated with a derivative position will be treated as part of </span><span style="color:#000000;font-family:arial;font-size:9pt">that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks </span><span style="color:#000000;font-family:arial;font-size:9pt">to track the investment results of the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IDI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and publishes information regarding the market value of the Underlying Index.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">U.S. Treasury Obligations Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color:#000000;font-family:arial;font-size:9pt">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color:#000000;font-family:arial;font-size:9pt">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color:#000000;font-family:arial;font-size:9pt">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color:#000000;font-family:arial;font-size:9pt">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-0.04%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">6.29%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-5.04%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0004 2026-03-31 Best Quarter 0.0629 2020-03-31 Worst Quarter -0.0504 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-01-05 0.0701 0.0005 0.0164 0.0550 -0.0085 0.0085 0.0413 -0.0035 0.0091 0.0715 -0.0042 0.0201 0.0716 0.0017 0.0176 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® 7-10 YEAR TREASURY BOND ETFIEF | Nasdaq Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares 7-10 Year Treasury Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. Treasury bonds with remaining maturities between seven and ten years.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0015 0.0000 0.0015 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: 15 48 85 192 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 53% of the average value of its portfolio. 0.53 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the ICE</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury 7-10 Year Bond Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which </span><span style="color:#000000;font-family:arial;font-size:9pt">measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than seven </span><span style="color:#000000;font-family:arial;font-size:9pt">years and less than or equal to ten years. As of February 28, 2026, there were 13 issues in the Underlying Index. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index consists of publicly-issued U.S. Treasury securities that have a remaining maturity of greater than or </span><span style="color:#000000;font-family:arial;font-size:9pt">equal to seven years and less than ten years and have $300 million or more of outstanding face value, excluding amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">held by the Federal Reserve System (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fed</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). In addition, the securities in the Underlying Index must be fixed-rate and </span><span style="color:#000000;font-family:arial;font-size:9pt">denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills, cash </span><span style="color:#000000;font-family:arial;font-size:9pt">management bills, any government agency debt issued with or without a government guarantee, original issue zero-coupon </span><span style="color:#000000;font-family:arial;font-size:9pt">securities and zero-coupon issues that have been stripped from coupon-paying bonds.  However, the amounts outstanding of </span><span style="color:#000000;font-family:arial;font-size:9pt">qualifying securities are not reduced by any individual components of such securities (i.e., coupon or principal) that have </span><span style="color:#000000;font-family:arial;font-size:9pt">been stripped after inclusion in the Underlying Index. Securities issued or marketed primarily to retail investors do not qualify </span><span style="color:#000000;font-family:arial;font-size:9pt">for inclusion in the Underlying Index. The Underlying Index is market value weighted, and the securities in the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index are updated on the last calendar day of each month.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color:#000000;font-family:arial;font-size:9pt">least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of </span><span style="color:#000000;font-family:arial;font-size:9pt">that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks </span><span style="color:#000000;font-family:arial;font-size:9pt">to track the investment results of the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IDI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and publishes information regarding the market value of the Underlying Index.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">U.S. Treasury Obligations Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color:#000000;font-family:arial;font-size:9pt">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color:#000000;font-family:arial;font-size:9pt">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color:#000000;font-family:arial;font-size:9pt">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color:#000000;font-family:arial;font-size:9pt">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:32.19pt;"> <div style="display:flex;white-space:nowrap;width:32.19pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:1.55pt">-0.12%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:32.19pt;"> <div style="display:flex;white-space:nowrap;width:32.19pt;"><span style="color:#000000;font-family:arial;font-size:8pt">10.27%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:32.19pt;"> <div style="display:flex;white-space:nowrap;width:32.19pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:1.55pt">-6.51%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0012 2026-03-31 Best Quarter 0.1027 2020-03-31 Worst Quarter -0.0651 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2002-07-22 0.0806 -0.0182 0.0126 0.0640 -0.0285 0.0034 0.0474 -0.0181 0.0057 0.0715 -0.0042 0.0201 0.0820 -0.0170 0.0137 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® 10-20 YEAR TREASURY BOND ETFTLH | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares 10-20 Year Treasury Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. Treasury bonds with remaining maturities between ten and twenty years.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0015 0.0000 0.0015 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: 15 48 85 192 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15% of the average value of its portfolio. 0.15 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the ICE</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury 10-20 Year Bond Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than ten </span><span style="color:#000000;font-family:arial;font-size:9pt">years and less than or equal to twenty years. As of February 28, 2026, there were 57 issues in the Underlying Index.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index consists of publicly-issued U.S. Treasury securities that have a remaining maturity of greater than or </span><span style="color:#000000;font-family:arial;font-size:9pt">equal to ten years and less than twenty years and have $300 million or more of outstanding face value, excluding amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">held by the Federal Reserve System. In addition, the securities in the Underlying Index must be fixed-rate and denominated in </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills, cash management bills, any </span><span style="color:#000000;font-family:arial;font-size:9pt">government agency debt issued with or without a government guarantee, original issue zero-coupon securities and </span><span style="color:#000000;font-family:arial;font-size:9pt">zero-coupon issues that have been stripped from coupon-paying bonds.  However, the amounts outstanding of qualifying </span><span style="color:#000000;font-family:arial;font-size:9pt">securities are not reduced by any individual components of such securities (i.e., coupon or principal) that have been stripped </span><span style="color:#000000;font-family:arial;font-size:9pt">after inclusion in the Underlying Index. Securities issued or marketed primarily to retail investors do not qualify for inclusion </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index. The Underlying Index is market value weighted, and the securities in the Underlying Index are </span><span style="color:#000000;font-family:arial;font-size:9pt">updated on the last calendar day of each month.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color:#000000;font-family:arial;font-size:9pt">least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index.  Cash and cash equivalent investments associated with a derivative position will be treated as part of </span><span style="color:#000000;font-family:arial;font-size:9pt">that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks </span><span style="color:#000000;font-family:arial;font-size:9pt">to track the investment results of the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IDI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and publishes information regarding the market value of the Underlying Index.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">U.S. Treasury Obligations Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color:#000000;font-family:arial;font-size:9pt">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color:#000000;font-family:arial;font-size:9pt">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color:#000000;font-family:arial;font-size:9pt">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color:#000000;font-family:arial;font-size:9pt">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:5pt">-0.19%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">16.72%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-11.88%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2021</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0019 2026-03-31 Best Quarter 0.1672 2020-03-31 Worst Quarter -0.1188 2021-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-01-05 0.0639 -0.0560 -0.0010 0.0461 -0.0684 -0.0119 0.0377 -0.0462 -0.0049 0.0715 -0.0042 0.0201 0.0653 -0.0557 -0.0005 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® 20+ YEAR TREASURY BOND ETFTLT | Nasdaq Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares 20+ Year Treasury Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. Treasury bonds with remaining maturities greater than twenty years.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0015 0.0000 0.0015 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: 15 48 85 192 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 18% of the average value of its portfolio. 0.18 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the ICE</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury 20+ Year Bond Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which </span><span style="color:#000000;font-family:arial;font-size:9pt">measures the performance of public obligations of the U.S. Treasury that have a remaining maturity greater than twenty </span><span style="color:#000000;font-family:arial;font-size:9pt">years. As of February 28, 2026, there were 40 issues in the Underlying Index. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index consists of publicly-issued U.S. Treasury securities that have a remaining maturity greater than twenty </span><span style="color:#000000;font-family:arial;font-size:9pt">years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve System (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fed</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). In addition, the securities in the Underlying Index must be fixed-rate and denominated in U.S. dollars. Excluded from </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index are inflation-linked securities, Treasury bills, cash management bills, any government agency debt </span><span style="color:#000000;font-family:arial;font-size:9pt">issued with or without a government guarantee, original issue zero-coupon securities and zero-coupon issues that have been </span><span style="color:#000000;font-family:arial;font-size:9pt">stripped from coupon-paying bonds.  However, the amounts outstanding of qualifying securities are not reduced by any </span><span style="color:#000000;font-family:arial;font-size:9pt">individual components of such securities (i.e., coupon or principal) that have been stripped after inclusion in the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index. Securities issued or marketed primarily to retail investors do not qualify for inclusion in the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index is market value weighted, and the securities in the Underlying Index are updated on the last calendar day of </span><span style="color:#000000;font-family:arial;font-size:9pt">each month.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color:#000000;font-family:arial;font-size:9pt">least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index.  Cash and cash equivalent investments associated with a derivative position will be treated as part of </span><span style="color:#000000;font-family:arial;font-size:9pt">that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks </span><span style="color:#000000;font-family:arial;font-size:9pt">to track the investment results of the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IDI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and publishes information regarding the market value of the Underlying Index.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">U.S. Treasury Obligations Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color:#000000;font-family:arial;font-size:9pt">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color:#000000;font-family:arial;font-size:9pt">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color:#000000;font-family:arial;font-size:9pt">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color:#000000;font-family:arial;font-size:9pt">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.45pt">0.11%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">22.42%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-13.98%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2021</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0011 2026-03-31 Best Quarter 0.2242 2020-03-31 Worst Quarter -0.1398 2021-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2002-07-22 0.0417 -0.0837 -0.0055 0.0234 -0.0953 -0.0165 0.0246 -0.0650 -0.0082 0.0715 -0.0042 0.0201 0.0429 -0.0830 -0.0046 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® 25+ YEAR TREASURY STRIPS BOND ETFGOVZ | Cboe BZX Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares 25+ Year Treasury STRIPS Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of </span><span style="color:#000000;font-family:arial;font-size:9pt">the principal payments of U.S. Treasury bonds (specifically principal </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">STRIPS</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">, also known as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Separate Trading of Registered </span><span style="color:#000000;font-family:arial;font-size:9pt">Interest and Principal of Securities</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) with remaining maturities of at least 25 years.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses. BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its </span><span style="color:#000000;font-family:arial;font-size:9pt">management fee so that the Fund’s total annual fund operating expenses after the fee waiver will not exceed 0.10% through </span><span style="color:#000000;font-family:arial;font-size:9pt">February 28, 2029. The contractual waiver may be terminated prior to February 28, 2029 only upon written agreement of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Trust and BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> February 28, 2029 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0015 0.0000 0.0015 -0.0005 0.0010 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: 10 34 70 178 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21% of the average value of its portfolio. 0.21 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the ICE</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> BofA</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> Long US Treasury Principal STRIPS Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of long maturity Separate Trading of Registered Interest and Principal of Securities </span><span style="color:#000000;font-family:arial;font-size:9pt">(</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">STRIPS</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) representing the final principal payment of U.S. Treasury bonds. Qualifying principal STRIPS must have at least </span><span style="color:#000000;font-family:arial;font-size:9pt">25 years remaining term to final maturity and must be stripped from U.S. Treasury bonds having at least $1 billion in </span><span style="color:#000000;font-family:arial;font-size:9pt">outstanding face value. As of February 28, 2026, there were 20 issues in the Underlying Index. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index constituents are weighted based on the market price of each constituent multiplied by an assumed face </span><span style="color:#000000;font-family:arial;font-size:9pt">value of $1 billion per constituent. The Underlying Index is rebalanced quarterly.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color:#000000;font-family:arial;font-size:9pt">least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index.  The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of </span><span style="color:#000000;font-family:arial;font-size:9pt">that position for the purposes of calculating the percentage of investments included in the Underlying Index.  The Fund seeks </span><span style="color:#000000;font-family:arial;font-size:9pt">to track the investment results of the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IDI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and publishes information regarding the market value of the Underlying Index.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in U.S. Treasury STRIPS.</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury STRIPS are created when the interest and principal components of a </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. Treasury note or bond are separated and sold as separate securities. STRIPS are also called </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">zero-coupon</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> securities </span><span style="color:#000000;font-family:arial;font-size:9pt">because they do not make periodic interest payments and therefore have longer durations than U.S. Treasury securities of </span><span style="color:#000000;font-family:arial;font-size:9pt">similar maturities that distribute interest on a current basis. As a result, the market value of U.S. Treasury STRIPS generally </span><span style="color:#000000;font-family:arial;font-size:9pt">fluctuates more in response to interest rate movements than the value of traditional notes or bonds. U.S. Treasury STRIPS </span><span style="color:#000000;font-family:arial;font-size:9pt">generally lose value when interest rates rise.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">U.S. Treasury Obligations Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color:#000000;font-family:arial;font-size:9pt">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color:#000000;font-family:arial;font-size:9pt">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color:#000000;font-family:arial;font-size:9pt">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color:#000000;font-family:arial;font-size:9pt">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.45pt">0.03%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">18.81%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">December 31, 2023</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-20.13%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">September 30, 2023</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0003 2026-03-31 Best Quarter 0.1881 2023-12-31 Worst Quarter -0.2013 2023-09-30 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2020-09-22 -0.0190 -0.1419 -0.1435 -0.0379 -0.1542 -0.1553 -0.0110 -0.1026 -0.1027 0.0715 -0.0042 -0.0032 -0.0192 -0.1431 -0.1448 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® AGENCY BOND ETFAGZ | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares Agency Bond ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of agency securities </span><span style="color:#000000;font-family:arial;font-size:9pt">that are publicly issued by U.S. government agencies, and corporate and non-U.S. debt guaranteed by the U.S. government.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0020 0.0000 0.0020 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: 20 64 113 255 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 45% of the average value of its portfolio. 0.45 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Bloomberg U.S. Agency Bond Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which </span><span style="color:#000000;font-family:arial;font-size:9pt">measures the performance of the agency sector of the U.S. government bond market and is composed of investment-grade </span><span style="color:#000000;font-family:arial;font-size:9pt">(as determined by Bloomberg Index Services Limited (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Bloomberg</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">)) U.S. dollar-denominated </span><span style="color:#000000;font-family:arial;font-size:9pt">publicly-issued government agency bonds or debentures. As of February 28, 2026, there were 299 issues in the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index. The Underlying Index includes callable and non-callable securities issued by U.S. government agencies, quasi-federal </span><span style="color:#000000;font-family:arial;font-size:9pt">corporations (as described below), and corporate and non-U.S. debt guaranteed by the U.S. government. A minimum 50% </span><span style="color:#000000;font-family:arial;font-size:9pt">ownership rule is used to classify issuers as government agencies. In addition, the securities in the Underlying Index must be </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-rate and non-convertible and have $300 million or more of outstanding face value. The Underlying Index includes </span><span style="color:#000000;font-family:arial;font-size:9pt">securities of the following categories:</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:14pt;position:relative;top:1pt">•</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">U.S. government guaranteed securities:</span><span style="color:#000000;font-family:arial;font-size:9pt"> corporate and non-U.S. issuances that carry direct guarantees from the U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">government; </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:14pt;position:relative;top:1pt">•</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">government owned, not guaranteed, securities: </span><span style="color:#000000;font-family:arial;font-size:9pt">issuances of quasi-federal corporations (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, entities that are partially or </span><span style="color:#000000;font-family:arial;font-size:9pt">wholly-owned by the U.S. government); such issuances generally carry no explicit guarantee of repayment from the U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">government; and </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:14pt;position:relative;top:1pt">•</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">government sponsored securities:</span><span style="color:#000000;font-family:arial;font-size:9pt"> issuances of U.S. government sponsored entities (including the Federal National </span><span style="color:#000000;font-family:arial;font-size:9pt">Mortgage Association (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fannie Mae</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and the Federal Home Loan Mortgage Corporation (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Freddie Mac</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">)), which are not </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">100% government owned, but carry out government policies and benefit from implied involvement of the U.S. government, </span><span style="color:#000000;font-family:arial;font-size:9pt">such as by benefiting from certain government subsidies, credit provisions, or other government support; such issuances </span><span style="color:#000000;font-family:arial;font-size:9pt">generally have no guarantees from the U.S. government.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index represents the agency portion of the Bloomberg U.S. Aggregate Index (whose eligible universe is </span><span style="color:#000000;font-family:arial;font-size:9pt">defined by total market issuance) that meets the selection criteria mentioned above. The Underlying Index is market-value </span><span style="color:#000000;font-family:arial;font-size:9pt">weighted, and the securities in the Underlying Index are updated on the last business day of each month.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and to-be-announced </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">TBAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) that have economic characteristics that are substantially identical to the economic characteristics of </span><span style="color:#000000;font-family:arial;font-size:9pt">the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income </span><span style="color:#000000;font-family:arial;font-size:9pt">securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index.  The </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but </span><span style="color:#000000;font-family:arial;font-size:9pt">which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a </span><span style="color:#000000;font-family:arial;font-size:9pt">TBA position will be treated as part of that position for purposes of calculating the percentage of investments in the </span><span style="color:#000000;font-family:arial;font-size:9pt">component securities of the Underlying Index. Cash and cash equivalent investments associated with a derivative position </span><span style="color:#000000;font-family:arial;font-size:9pt">will be treated as part of that position for the purposes of calculating the percentage of investments included in the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Bloomberg, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and BFA. The Index Provider determines </span><span style="color:#000000;font-family:arial;font-size:9pt">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color:#000000;font-family:arial;font-size:9pt">market value of the Underlying Index.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and to-be-announced transactions (“TBAs”) that have economic characteristics that are substantially identical to the economic characteristics of the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">U.S. Agency Debt Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Certain debt issuances by U.S. government agencies or sponsored entities, including, among others, </span><span style="color:#000000;font-family:arial;font-size:9pt">Fannie Mae, Freddie Mac, the Federal Home Loan Banks, and the Tennessee Valley Authority, are backed only by the general </span><span style="color:#000000;font-family:arial;font-size:9pt">creditworthiness and reputation of the U.S. government agency or sponsored entity and not by the full faith and credit of the </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. government. As a result, such debt is subject to additional credit risk than debt that is backed by the full faith and credit </span><span style="color:#000000;font-family:arial;font-size:9pt">of the U.S. government. Changes in the financial condition or credit rating of the U.S. government or its agencies and </span><span style="color:#000000;font-family:arial;font-size:9pt">sponsored entities may cause a decline in the value of U.S. agency debt. There can be no assurance that the U.S. government </span><span style="color:#000000;font-family:arial;font-size:9pt">will provide support to a U.S. agency or sponsored entity, even if it has done so in the past.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Call Risk. </span><span style="color:#000000;font-family:arial;font-size:9pt">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">call</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or repay </span><span style="color:#000000;font-family:arial;font-size:9pt">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color:#000000;font-family:arial;font-size:9pt">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color:#000000;font-family:arial;font-size:9pt">features.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Extension Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly </span><span style="color:#000000;font-family:arial;font-size:9pt">than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income </span><span style="color:#000000;font-family:arial;font-size:9pt">and potentially in the value of the Fund’s investments.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Prepayment Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the </span><span style="color:#000000;font-family:arial;font-size:9pt">debt obligation’s maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of </span><span style="color:#000000;font-family:arial;font-size:9pt">default, resulting in a decline in the Fund’s income or return potential.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Sovereign and Quasi-Sovereign Obligations Risk</span><span style="color:#000000;font-family:arial;font-size:9pt">. Sovereign debt refers to securities issued or guaranteed by a sovereign </span><span style="color:#000000;font-family:arial;font-size:9pt">government, and quasi-sovereign debt refers to securities issued or guaranteed by entities affiliated with or backed by a </span><span style="color:#000000;font-family:arial;font-size:9pt">sovereign government. Bonds issued by government agencies or instrumentalities generally are backed only by the </span><span style="color:#000000;font-family:arial;font-size:9pt">creditworthiness and reputation of the entity issuing the debt and may not be backed by the full faith and credit of the </span><span style="color:#000000;font-family:arial;font-size:9pt">government. The governmental entity that controls the repayment of such debt may be unable or unwilling to repay principal </span><span style="color:#000000;font-family:arial;font-size:9pt">or pay interest when due. Changes in a government’s financial condition or credit rating may cause a decline in the value of </span><span style="color:#000000;font-family:arial;font-size:9pt">its sovereign obligations as well as quasi-sovereign obligations issued by the government’s agencies or instrumentalities. Any </span><span style="color:#000000;font-family:arial;font-size:9pt">restructuring of sovereign debt will likely have a significant adverse effect on the debt’s value. Certain governments have </span><span style="color:#000000;font-family:arial;font-size:9pt">refused to honor the payment obligations on their debt. The Fund may have limited recourse in the event of a default on </span><span style="color:#000000;font-family:arial;font-size:9pt">sovereign or quasi-sovereign obligations.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">U.S. Government Issuers Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The obligations of U.S. government agencies and authorities are supported by varying </span><span style="color:#000000;font-family:arial;font-size:9pt">degrees of credit, but generally are not backed by the full faith and credit of the U.S. government. Similar to other issuers, </span><span style="color:#000000;font-family:arial;font-size:9pt">changes to the financial condition or credit rating of the U.S. government or U.S. government agencies and authorities may </span><span style="color:#000000;font-family:arial;font-size:9pt">cause a decline in the value of debt issued by such entities.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Valuation Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color:#000000;font-family:arial;font-size:9pt">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color:#000000;font-family:arial;font-size:9pt">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color:#000000;font-family:arial;font-size:9pt">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color:#000000;font-family:arial;font-size:9pt">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color:#000000;font-family:arial;font-size:9pt">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">0.24%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">4.44%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:30.63pt;"> <div style="display:flex;white-space:nowrap;width:30.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-4.05%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0024 2026-03-31 Best Quarter 0.0444 2020-03-31 Worst Quarter -0.0405 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2008-11-05 0.0594 0.0093 0.0205 0.0432 -0.0012 0.0111 0.0349 0.0026 0.0116 0.0758 0.0006 0.0244 0.0611 0.0091 0.0205 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> 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 sales 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. iSHARES® CALIFORNIA MUNI BOND ETF CMF | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares California Muni Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment-grade municipal bonds issued in the State of California.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0008 0.0000 0.0008 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: 8 26 45 103 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16% of the average value of its portfolio. 0.16 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the ICE</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> AMT-Free California Municipal Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which measures the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">domestic market by the state of California and its political subdivisions. As of February 28, 2026, there were 11,290 issues in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index. As of February 28, 2026, a significant portion of the Underlying Index was represented by municipal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The components of the Underlying Index are likely to change over time. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index includes municipal bonds issued in the State of California (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">California</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), the interest of which is exempt </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from federal income taxes and not subject to alternative minimum tax. Each bond in the Underlying Index must have a rating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of at least BBB- by Standard &amp; Poor’s</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Global Ratings, a subsidiary of S&amp;P Global, Baa3 by Moody’s Investors Service, Inc., or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BBB- by Fitch Ratings, Inc. A bond must be rated by at least one of these three rating agencies in order to qualify for the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, and the lowest rating will be used in determining if the bond is investment grade. Each bond in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index must be a constituent of an offering where the original offering amount was at least $50 million and have a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">minimum par amount (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, currently outstanding face value) of $5 million. In addition, each bond must have a minimum </span><span style="color: #000000; font-family: arial; font-size: 9pt;">remaining term to final maturity greater than or equal to one calendar month to be included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index is a market-value weighted index and is subject to a capping methodology that aims at reducing index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">concentration. The Underlying Index is rebalanced on the last calendar day of the month.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calculating the percentage of investments included in the Underlying Index. The Fund generally holds municipal bond </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities issued by California and its municipalities whose interest payments are exempt from U.S. federal and California </span><span style="color: #000000; font-family: arial; font-size: 9pt;">state income taxes and the federal alternative minimum tax (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AMT</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). As of the date of this Prospectus, interest that is exempt </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from U.S. federal income tax is also exempt from the federal Medicare contribution tax of 3.8% on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">net investment income.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> In </span><span style="color: #000000; font-family: arial; font-size: 9pt;">addition, the Fund intends to invest any cash assets in one or more municipal money market funds, which may be advised by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA or its affiliates. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IDI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">California Municipal Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in California municipal securities subjects the Fund to legal, regulatory, fiscal, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">political, economic and other risks that are specific to California and its agencies, public authorities and political subdivisions. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Unfavorable developments in any economic sector or disruptions in the broader municipal market, among other factors, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">adversely impact the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Municipal Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Municipal securities are subject to the risk that the issuer may be unable to pay the instrument’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">obligations, which would adversely affect the value of the securities. Legal, regulatory, fiscal, political, economic and other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">developments may also adversely affect the value of municipal securities. When municipal securities depend on a specific </span><span style="color: #000000; font-family: arial; font-size: 9pt;">revenue source to fund their payment obligations, the value of such securities may fluctuate as a result of actual or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipated changes in the cash flows from the revenue source or changes in the priority of the municipal obligation to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">receive the cash flows. If a security loses its tax-exempt status, its value may decline significantly.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The market for municipal bonds may be less liquid than for other types of debt securities, and it may be harder for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">buy and sell municipal bonds, especially on short notice. There may be less publicly available information about the financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">more difficult to value accurately. A default or insolvency of certain issuers of municipal bonds may be subject to proceedings </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are significantly different from corporate bankruptcy proceedings, and the Fund’s ability to recover assets may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limited.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tax Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> There is no guarantee that the Fund’s income will be exempt from U.S. federal, state or local income taxes, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">federal AMT or the federal Medicare contribution tax of 3.8% on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">net investment income.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Neither BFA nor the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">guarantees that an opinion from bond counsel about a security’s tax-exempt status is correct, and there is no assurance that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Internal Revenue Service (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) will agree with the bond counsel’s opinion. Events occurring after a municipal bond is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">issued or acquired by a Fund may result in a determination that the bond’s interest is includible in gross income, retroactively </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to the bond’s date of issuance, for purposes of U.S. federal income taxes, the federal AMT or the federal Medicare contribution </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tax. The interest on money market instruments, other cash equivalents and derivatives held by a Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">federal, state and local income taxes and the federal Medicare contribution tax.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions. A </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund that tracks an index where municipal bonds are an investment focus may experience higher tracking error than ETFs </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that do not track such indexes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <div style="float: left; margin-left: 24.0pt; margin-top: 12pt; width: 253.5pt; min-height: 127pt;"> <div style="line-height: 1.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 1pt;"> </span></div> <div style="line-height: 1.0pt; margin-top: 1pt; text-align: left;"> <div style="margin-top: 1pt;"> </div> </div> <div style="margin-top: 0.0pt;"> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-0.43%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">6.81%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-6.16%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2022</span></div> </div> </td> </tr> </table> </div> </div> Calendar Year-to-Date Return -0.0043 2026-03-31 Best Quarter 0.0681 2023-12-31 Worst Quarter -0.0616 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-10-04 0.0361 0.0050 0.0193 0.0360 0.0049 0.0192 0.0336 0.0090 0.0199 0.0392 0.0081 0.0236 0.0380 0.0067 0.0215 0.0390 2021-06-10 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">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 </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">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 sales 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.</span></div> 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 andmay 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 sales 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. iSHARES® LONG-TERM NATIONAL MUNI BOND ETFLMUB | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Long-Term National Muni Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment-grade U.S. municipal bonds with remaining maturities of 12 years or more.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund's <i>pro rata</i> share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not included in the calculation of the ratio of expenses to average net assets shown in the <i>Financial Highlights</i> section of the Fund's prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA, or its affiliates, through June 30, 2030. The contractual waiver may be terminated prior to June 30, 2030 only upon written agreement of the Trust and BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund's prospectus (the “Prospectus”). June 30, 2030 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0009 0.0000 0.0000 0.0009 0.0000 0.0009 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: 9 29 51 115 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. From inception (March 17, 2025) to the most recent fiscal year end, the Fund’s portfolio turnover rate was 11% of the average value of its portfolio. 0.11 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the ICE</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Long AMT-Free US National Municipal Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. domestic market by U.S. states and their political subdivisions. As of February 28, 2026, there were 14,297 issues in the </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index. As of February 28, 2026, a significant portion of the Underlying Index was represented by municipal bonds. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The components of the Underlying Index are likely to change over time. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index includes municipal bonds, the interest of which is exempt from federal income taxes and not subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">alternative minimum tax. Each bond in the Underlying Index must have a rating of at least BBB- by Standard &amp; Poor’s</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Global </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Ratings, Baa3 by Moody’s Investors Service, Inc., or BBB- by Fitch Ratings, Inc. A bond must be rated by at least one of these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">three rating agencies in order to qualify for the Underlying Index, and the lowest rating will be used in determining if the bond </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is investment grade. Each bond in the Underlying Index must be a constituent of an offering where the original offering </span><span style="color: #000000; font-family: arial; font-size: 9pt;">amount was at least $50 million and have a minimum par amount (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, currently outstanding face value) of $10 million. In </span><span style="color: #000000; font-family: arial; font-size: 9pt;">addition, each bond must have a minimum remaining term to final maturity greater than or equal to 12 years, at least three </span><span style="color: #000000; font-family: arial; font-size: 9pt;">years remaining until the next call date and a fixed coupon schedule (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, including zero-coupon and step-up or stepdown </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds). </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is a market-value weighted index and is subject to a capping methodology that aims at reducing index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">concentration. The Underlying Index is rebalanced on the last calendar day of the month.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calculating the percentage of investments included in the Underlying Index. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will generally hold municipal bond securities issued by state and local municipalities whose interest payments are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exempt from U.S. federal income taxes and the federal alternative minimum tax (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AMT</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">interest that is exempt from U.S. federal income tax is also exempt from the federal Medicare contribution tax of 3.8% on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">net </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment income.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> In addition, the Fund intends to invest any cash assets in one or more affiliated municipal money market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">funds, which may be advised by BFA or its affiliates. The Fund seeks to track the investment results of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">before fees and expenses of the Fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may invest in shares of other iShares funds that provide substantially similar exposure to the securities in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index. BFA will waive a portion of its management fees in an amount equal to the acquired fund fees and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">expenses, if any, attributable to the Fund's investment in other iShares funds.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IDI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Municipal Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Municipal securities are subject to the risk that the issuer may be unable to pay the instrument’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">obligations, which would adversely affect the value of the securities. Legal, regulatory, fiscal, political, economic and other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">developments may also adversely affect the value of municipal securities. When municipal securities depend on a specific </span><span style="color: #000000; font-family: arial; font-size: 9pt;">revenue source to fund their payment obligations, the value of such securities may fluctuate as a result of actual or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipated changes in the cash flows from the revenue source or changes in the priority of the municipal obligation to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">receive the cash flows. If a security loses its tax-exempt status, its value may decline significantly.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The market for municipal bonds may be less liquid than for other types of debt securities, and it may be harder for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">buy and sell municipal bonds, especially on short notice. There may be less publicly available information about the financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">more difficult to value accurately. A default or insolvency of certain issuers of municipal bonds may be subject to proceedings </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are significantly different from corporate bankruptcy proceedings, and the Fund’s ability to recover assets may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limited.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Assets Under Management (AUM) Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> From time to time, an Authorized Participant (as defined below in </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">Participant Concentration Risk</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There </span><span style="color: #000000; font-family: arial; font-size: 9pt;">can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">such levels, which could negatively impact the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">New York Municipal Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in New York municipal securities subjects the Fund to legal, regulatory, fiscal, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">political, economic and other risks that are specific to New York and its agencies, public authorities and political subdivisions. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Unfavorable developments in any economic sector or disruptions in the broader municipal market, among other factors, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">adversely impact the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Small Fund Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset </span><span style="color: #000000; font-family: arial; font-size: 9pt;">base. A Fund that holds fixed-income securities may buy smaller-sized bonds known as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">odd lots,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which may be purchased or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">sold at a discount to similar </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">round lot</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> bonds. The prices used by the Fund may differ from the value that would be realized if </span><span style="color: #000000; font-family: arial; font-size: 9pt;">these securities were sold, and the impact of such pricing differences on a Fund’s performance may be heightened when the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s size is small. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the listing exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tax consequences for its shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tax Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> There is no guarantee that the Fund’s income will be exempt from U.S. federal, state or local income taxes, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">federal AMT or the federal Medicare contribution tax of 3.8% on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">net investment income.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Neither BFA nor the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">guarantees that an opinion from bond counsel about a security’s tax-exempt status is correct, and there is no assurance that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Internal Revenue Service (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) will agree with the bond counsel’s opinion. Events occurring after a municipal bond is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">issued or acquired by a Fund may result in a determination that the bond’s interest is includible in gross income, retroactively </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to the bond’s date of issuance, for purposes of U.S. federal income taxes, the federal AMT or the federal Medicare contribution </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tax. The interest on money market instruments, other cash equivalents and derivatives held by a Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">federal, state and local income taxes and the federal Medicare contribution tax.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report.</span></div> As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report. iSHARES® MBS ETF MBB | Nasdaq Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares MBS ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of investment-grade, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mortgage-backed pass-through securities issued and/or guaranteed by U.S. government agencies.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses. BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">management fee such that the Fund’s total annual fund operating expenses after the fee waiver will not exceed 0.04% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">through June 30, 2027. The contractual waiver may be terminated prior to June 30, 2027 only upon written agreement of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust and BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> June 30, 2027 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0004 0.0000 0.0004 0.0000 0.0004 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: 4 13 23 51 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 153% of the average value of its portfolio. 1.53 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Bloomberg U.S. MBS Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the performance of investment-grade (as determined by Bloomberg Index Services Limited (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Bloomberg</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">)) mortgage-backed pass-through securities (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">MBS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) issued and/or guaranteed by U.S. government agencies or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">sponsored entities. The Underlying Index includes fixed-rate MBS issued by the Government National Mortgage Association </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">GNMA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Ginnie Mae</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), Federal National Mortgage Association (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fannie Mae</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and Federal Home Loan Mortgage </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Corporation (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Freddie Mac</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) that have 30-, 20-, or 15-year maturities. All securities in the Underlying Index must have a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">remaining weighted average maturity of at least one year. In addition, the securities in the Underlying Index must be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">denominated in U.S. dollars and must be non-convertible. The Underlying Index is market capitalization-weighted and the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities in the Underlying Index are updated on the last business day of each month. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">As of February 28, 2026, there were 1,047 issues in the Underlying Index. As of February 28, 2026, approximately 100% of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds represented in the Underlying Index were U.S. agency MBS. Most transactions in MBS occur through standardized </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">settlement (to-be-announced (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">TBA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) transactions). The Fund may enter into such contracts for fixed-rate pass-through </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities on a regular basis. The Fund, pending settlement of such contracts, will invest its assets in liquid, short-term </span><span style="color: #000000; font-family: arial; font-size: 9pt;">instruments, including shares of money market funds advised by BFA or its affiliates. The Fund will assume its </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">pro rata</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> share </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the fees and expenses of any money market fund that it may invest in, in addition to the Fund's own fees and expenses. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund may also acquire interests in mortgage pools through means other than such standardized contracts for future delivery.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and TBAs that have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic characteristics that are substantially identical to the economic characteristics of the component securities of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index that BFA believes will help the Fund track the Underlying Index.  The Fund will invest no more than 10% of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its assets in futures, options and swaps contracts that BFA believes will help the Fund track the Underlying Index as well as in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed income securities other than the types included in the Underlying Index, but which BFA believes will help the Fund track </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index.  Cash and cash equivalent investments associated with a TBA position will be treated as part of that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">position for purposes of calculating the percentage of investments in the component securities of the Underlying Index. Cash </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Bloomberg, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and TBAs that have economic characteristics that are substantially identical to the economic characteristics of the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">U.S. Agency Mortgage-Backed Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> MBS represent interests in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">pools</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> of mortgages and are subject to interest </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rate, prepayment, and extension risk. MBS may be issued or guaranteed by the U.S. government or one of its agencies or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">sponsored entities. Some MBS may not be backed by the full faith and credit of the U.S. government and thus represent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater credit risk. MBS react differently than other bonds to changes in interest rates due to prepayment and extension risks. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">MBS. MBS prices may reflect adverse economic and market conditions. MBS are subject to the risk of default on the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">underlying mortgage loans, particularly during periods of economic downturn. The default or bankruptcy of a counterparty to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a TBA transaction would expose the Fund to possible losses.  </span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Extension Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and potentially in the value of the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">High Portfolio Turnover Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> High portfolio turnover is considered by the Fund to mean turnover of greater than 100% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">annually. Portfolio turnover (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 9pt;">., the sale of securities or other assets and reinvestment in other securities or assets) generally </span><span style="color: #000000; font-family: arial; font-size: 9pt;">involves transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other costs. In addition, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">sale of securities by the Fund may result in the realization of taxable capital gains, including short-term capital gains. Higher </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio turnover may cause the Fund to incur additional transaction costs, which have the effect of reducing the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment return, and may result in different tax consequences for shareholders compared to a fund with lower portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">turnover.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Prepayment Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">debt obligation’s maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">default, resulting in a decline in the Fund’s income or return potential.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">0.45%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">7.33%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-5.33%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">September 30, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0045 2026-03-31 Best Quarter 0.0733 2023-12-31 Worst Quarter -0.0533 2022-09-30 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-03-13 0.0845 0.0008 0.0149 0.0658 -0.0112 0.0038 0.0496 -0.0046 0.0065 0.0758 0.0006 0.0244 0.0858 0.0015 0.0159 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">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 sales 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.</span></div> 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 sales 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. iSHARES® NATIONAL MUNI BOND ETF MUB | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares National Muni Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment-grade U.S. municipal bonds.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may incur </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Acquired Fund Fees and Expenses.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Acquired Fund Fees and Expenses reflect the Fund’s pro rata share </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”).  </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other series of the Trust and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">iShares, Inc. through June 30, 2027. The contractual waiver may be terminated prior to June 30, 2027 only upon written </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreement of the Trust and BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). June 30, 2027 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0005 0.0000 0.0000 0.0005 0.0000 0.0005 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: 5 16 28 64 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 11% of the average value of its portfolio. 0.11 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the ICE</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> AMT-Free US National Municipal Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which measures the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">domestic market by U.S. states and their political subdivisions. As of February 28, 2026, there were 26,009 issues in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index. As of February 28, 2026, a significant portion of the Underlying Index was represented by municipal bonds. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The components of the Underlying Index are likely to change over time. </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index includes municipal bonds, the interest of which is exempt from federal income taxes and not subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">alternative minimum tax. Each bond in the Underlying Index must have a rating of at least BBB- by Standard &amp; Poor’s</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Global </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Ratings, Baa3 by Moody’s Investors Service, Inc., or BBB- by Fitch Ratings, Inc. A bond must be rated by at least one of these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">three rating agencies in order to qualify for the Underlying Index, and the lowest rating will be used in determining if the bond </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is investment grade. Each bond in the Underlying Index must be a constituent of an offering where the original offering </span><span style="color: #000000; font-family: arial; font-size: 9pt;">amount was at least $100 million and have a minimum par amount (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, currently outstanding face value) of $15 million.  In </span><span style="color: #000000; font-family: arial; font-size: 9pt;">addition, each bond must have a minimum remaining term to final maturity greater than or equal to one calendar month to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">be included in the Underlying Index. The Underlying Index is a market-value weighted index and is subject to a capping </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodology that aims at reducing index concentration. The Underlying Index is rebalanced on the last calendar day of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">month.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calculating the percentage of investments included in the Underlying Index. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will generally hold municipal bond securities issued by state and local municipalities whose interest payments are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exempt from U.S. federal income taxes and the federal alternative minimum tax (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AMT</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">interest that is exempt from U.S. federal income tax is also exempt from the federal Medicare contribution tax of 3.8% on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">net </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment income.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> In addition, the Fund intends to invest any cash assets in one or more affiliated municipal money market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">funds, which may be advised by BFA or its affiliates. The Fund seeks to track the investment results of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">before fees and expenses of the Fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may invest in shares of other iShares funds that provide substantially similar exposure to the securities in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index. BFA will waive a portion of its management fees in an amount equal to the acquired fund fees and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">expenses, if any, attributable to the Fund's investment in other iShares funds.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IDI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Municipal Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Municipal securities are subject to the risk that the issuer may be unable to pay the instrument’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">obligations, which would adversely affect the value of the securities. Legal, regulatory, fiscal, political, economic and other </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">developments may also adversely affect the value of municipal securities. When municipal securities depend on a specific </span><span style="color: #000000; font-family: arial; font-size: 9pt;">revenue source to fund their payment obligations, the value of such securities may fluctuate as a result of actual or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipated changes in the cash flows from the revenue source or changes in the priority of the municipal obligation to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">receive the cash flows. If a security loses its tax-exempt status, its value may decline significantly.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The market for municipal bonds may be less liquid than for other types of debt securities, and it may be harder for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">buy and sell municipal bonds, especially on short notice. There may be less publicly available information about the financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">more difficult to value accurately. A default or insolvency of certain issuers of municipal bonds may be subject to proceedings </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are significantly different from corporate bankruptcy proceedings, and the Fund’s ability to recover assets may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limited.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">New York Municipal Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in New York municipal securities subjects the Fund to legal, regulatory, fiscal, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">political, economic and other risks that are specific to New York and its agencies, public authorities and political subdivisions. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Unfavorable developments in any economic sector or disruptions in the broader municipal market, among other factors, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">adversely impact the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tax Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> There is no guarantee that the Fund’s income will be exempt from U.S. federal, state or local income taxes, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">federal AMT or the federal Medicare contribution tax of 3.8% on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">net investment income.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Neither BFA nor the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">guarantees that an opinion from bond counsel about a security’s tax-exempt status is correct, and there is no assurance that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Internal Revenue Service (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) will agree with the bond counsel’s opinion. Events occurring after a municipal bond is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">issued or acquired by a Fund may result in a determination that the bond’s interest is includible in gross income, retroactively </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to the bond’s date of issuance, for purposes of U.S. federal income taxes, the federal AMT or the federal Medicare contribution </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">tax. The interest on money market instruments, other cash equivalents and derivatives held by a Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">federal, state and local income taxes and the federal Medicare contribution tax.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions. A </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund that tracks an index where municipal bonds are an investment focus may experience higher tracking error than ETFs </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that do not track such indexes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index, which is also the Fund's Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index, which is also the Fund's Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-0.23%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">6.99%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-5.60%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0023 2026-03-31 Best Quarter 0.0699 2023-12-31 Worst Quarter -0.0560 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-09-07 0.0369 0.0077 0.0213 0.0368 0.0077 0.0213 0.0348 0.0117 0.0220 0.0390 0.0087 0.0229 <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">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 sales 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.</span></div> 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 sales 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. iSHARES® NEW YORK MUNI BOND ETF NYF | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares New York Muni Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index substantially composed </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of investment-grade municipal bonds issued in the State of New York.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1,2 0.0009 0.0000 0.0009 The expense information in the table has been restated to reflect current fees. 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: 9 29 51 115 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 9% of the average value of its portfolio. 0.09 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the ICE</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> AMT-Free New York Plus Municipal Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which generally measures the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the U.S. domestic market by the state of New York and its political subdivisions. The Underlying Index includes a 5% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">weighting to U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by states </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other than New York and such states' political subdivisions. As of February 28, 2026, there were 6,725 issues from New York </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and 21,700 issues from U.S. states excluding New York in the Underlying Index. As of February 28, 2026, a significant portion </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index was represented by municipal bonds. The components of the Underlying Index are likely to change </span><span style="color: #000000; font-family: arial; font-size: 9pt;">over time. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index includes municipal bonds issued in the State of New York (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">State</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">New York</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), the interest of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which is exempt from Federal income taxes and not subject to alternative minimum tax. Each bond in the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">must have a rating of at least BBB- by Standard &amp; Poor’s</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Global Ratings, Baa3 by Moody’s Investors Service, Inc., or BBB- by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fitch Ratings, Inc. A bond must be rated by at least one of these three rating agencies in order to qualify for the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index, and the lowest rating will be used in determining if the bond is investment grade. Each bond in the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">must be a constituent of an offering where the original offering amount was at least $20 million and have a minimum par </span><span style="color: #000000; font-family: arial; font-size: 9pt;">amount (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, currently outstanding face value) of $5 million. In addition, each bond must have a minimum remaining term to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">final maturity greater than or equal to one calendar month to be included in the Underlying Index. The Underlying Index also </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">includes municipal bonds issued in U.S. states other than New York that are subject to the same selection criteria. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index is a market-value weighted index and is subject to a capping methodology that aims at reducing index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">concentration. The Underlying Index is rebalanced on the last calendar day of the month.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calculating the percentage of investments included in the Underlying Index. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund generally holds municipal bond securities issued by New York and its municipalities whose interest payments are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exempt from U.S. federal and New York state income taxes and the federal alternative minimum tax (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AMT</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). As of the date of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">this Prospectus, interest that is exempt from U.S. federal income tax is also exempt from the federal Medicare contribution tax </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of 3.8% on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">net investment income.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> In addition, the Fund intends to invest any cash assets in one or more affiliated </span><span style="color: #000000; font-family: arial; font-size: 9pt;">municipal money market funds, which may be advised by BFA or its affiliates. The Fund seeks to track the investment results </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IDI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">New York Municipal Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in New York municipal securities subjects the Fund to legal, regulatory, fiscal, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">political, economic and other risks that are specific to New York and its agencies, public authorities and political subdivisions. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Unfavorable developments in any economic sector or disruptions in the broader municipal market, among other factors, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">adversely impact the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Municipal Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Municipal securities are subject to the risk that the issuer may be unable to pay the instrument’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">obligations, which would adversely affect the value of the securities. Legal, regulatory, fiscal, political, economic and other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">developments may also adversely affect the value of municipal securities. When municipal securities depend on a specific </span><span style="color: #000000; font-family: arial; font-size: 9pt;">revenue source to fund their payment obligations, the value of such securities may fluctuate as a result of actual or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipated changes in the cash flows from the revenue source or changes in the priority of the municipal obligation to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">receive the cash flows. If a security loses its tax-exempt status, its value may decline significantly.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The market for municipal bonds may be less liquid than for other types of debt securities, and it may be harder for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">buy and sell municipal bonds, especially on short notice. There may be less publicly available information about the financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">more difficult to value accurately. A default or insolvency of certain issuers of municipal bonds may be subject to proceedings </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are significantly different from corporate bankruptcy proceedings, and the Fund’s ability to recover assets may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limited.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tax Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> There is no guarantee that the Fund’s income will be exempt from U.S. federal, state or local income taxes, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">federal AMT or the federal Medicare contribution tax of 3.8% on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">net investment income.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Neither BFA nor the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">guarantees that an opinion from bond counsel about a security’s tax-exempt status is correct, and there is no assurance that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Internal Revenue Service (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) will agree with the bond counsel’s opinion. Events occurring after a municipal bond is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">issued or acquired by a Fund may result in a determination that the bond’s interest is includible in gross income, retroactively </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to the bond’s date of issuance, for purposes of U.S. federal income taxes, the federal AMT or the federal Medicare contribution </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tax. The interest on money market instruments, other cash equivalents and derivatives held by a Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">federal, state and local income taxes and the federal Medicare contribution tax.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions. A </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund that tracks an index where municipal bonds are an investment focus may experience higher tracking error than ETFs </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that do not track such indexes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-0.15%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">7.34%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-5.74%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0015 2026-03-31 Best Quarter 0.0734 2023-12-31 Worst Quarter -0.0574 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-10-04 0.0348 0.0072 0.0194 0.0348 0.0072 0.0193 0.0330 0.0109 0.0203 0.0392 0.0081 0.0237 0.0362 0.0088 0.0211 0.0390 2021-06-10 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">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 sales 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.</span></div> 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 sales 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. iSHARES® SHORT-TERM NATIONAL MUNI BOND ETF SUB | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Short-Term National Muni Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment-grade U.S. municipal bonds with remaining maturities between one month and five years.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0007 0.0000 0.0007 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: 7 23 40 90 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 29% of the average value of its portfolio. 0.29 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the ICE</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Short Maturity AMT-Free US National Municipal Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of short maturity U.S. dollar denominated investment grade </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and their political subdivisions. As of February 28, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">2026, there were 21,176 issues in the Underlying Index. As of February 28, 2026, a significant portion of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">was represented by municipal bonds. The components of the Underlying Index are likely to change over time. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index includes municipal bonds, the interest of which is exempt from federal income taxes and not subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">alternative minimum tax. Each bond in the Underlying Index must have a rating of at least BBB- by Standard &amp; Poor’s</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Global </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Ratings, Baa3 by Moody’s Investors Service, Inc., or BBB- by Fitch Ratings, Inc. A bond must be rated by at least one of these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">three rating agencies in order to qualify for the Underlying Index, and the lowest rating will be used in determining if the bond </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is investment grade. Each bond in the Underlying Index must be a constituent of an offering where the original offering </span><span style="color: #000000; font-family: arial; font-size: 9pt;">amount was at least $50 million and have a minimum par amount (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, currently outstanding face value) of $5 million.  In </span><span style="color: #000000; font-family: arial; font-size: 9pt;">addition, each bond must have a remaining term to final maturity that is less than five years and greater than or equal to one </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calendar month to be included in the Underlying Index. The Underlying Index is a market-value weighted index and is subject </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to a capping methodology that aims at reducing index concentration. The Underlying Index is rebalanced on the last calendar </span><span style="color: #000000; font-family: arial; font-size: 9pt;">day of the month. </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Under normal circumstances, the Fund will seek to maintain a weighted average maturity that is less than three years. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Weighted average maturity is a U.S. dollar-weighted average of the remaining term to maturity of the underlying securities in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s portfolio.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calculating the percentage of investments included in the Underlying Index. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will generally hold municipal bond securities issued by state and local municipalities whose interest payments are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exempt from U.S. federal income taxes and the federal alternative minimum tax (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AMT</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). As of the date of this Prospectus, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">interest that is exempt from U.S. federal income tax is also exempt from the federal Medicare contribution tax of 3.8% on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">net </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment income.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> In addition, the Fund intends to invest any cash assets in one or more affiliated municipal money market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">funds, which may be advised by BFA or its affiliates. The Fund seeks to track the investment results of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by ICE Data Indices, LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IDI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Municipal Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Municipal securities are subject to the risk that the issuer may be unable to pay the instrument’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">obligations, which would adversely affect the value of the securities. Legal, regulatory, fiscal, political, economic and other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">developments may also adversely affect the value of municipal securities. When municipal securities depend on a specific </span><span style="color: #000000; font-family: arial; font-size: 9pt;">revenue source to fund their payment obligations, the value of such securities may fluctuate as a result of actual or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipated changes in the cash flows from the revenue source or changes in the priority of the municipal obligation to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">receive the cash flows. If a security loses its tax-exempt status, its value may decline significantly.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The market for municipal bonds may be less liquid than for other types of debt securities, and it may be harder for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">buy and sell municipal bonds, especially on short notice. There may be less publicly available information about the financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">more difficult to value accurately. A default or insolvency of certain issuers of municipal bonds may be subject to proceedings </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are significantly different from corporate bankruptcy proceedings, and the Fund’s ability to recover assets may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limited.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tax Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> There is no guarantee that the Fund’s income will be exempt from U.S. federal, state or local income taxes, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">federal AMT or the federal Medicare contribution tax of 3.8% on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">net investment income.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Neither BFA nor the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">guarantees that an opinion from bond counsel about a security’s tax-exempt status is correct, and there is no assurance that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Internal Revenue Service (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) will agree with the bond counsel’s opinion. Events occurring after a municipal bond is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">issued or acquired by a Fund may result in a determination that the bond’s interest is includible in gross income, retroactively </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to the bond’s date of issuance, for purposes of U.S. federal income taxes, the federal AMT or the federal Medicare contribution </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tax. The interest on money market instruments, other cash equivalents and derivatives held by a Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">federal, state and local income taxes and the federal Medicare contribution tax.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions. A </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund that tracks an index where municipal bonds are an investment focus may experience higher tracking error than ETFs </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that do not track such indexes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">0.30%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">2.92%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-2.54%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0030 2026-03-31 Best Quarter 0.0292 2023-12-31 Worst Quarter -0.0254 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2008-11-05 0.0369 0.0135 0.0145 0.0369 0.0135 0.0145 0.0319 0.0140 0.0143 0.0392 0.0081 0.0237 0.0375 0.0145 0.0162 0.0390 2021-06-10 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">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 sales 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.</span></div> 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 sales 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. iSHARES® BROAD USD FLOATING RATE LOAN ETF USLN | Cboe BZX Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Broad USD Floating Rate Loan ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. dollar-denominated leveraged loans.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may incur </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Acquired Fund Fees and Expenses.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Acquired Fund Fees and Expenses reflect the Fund’s pro rata share </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Prospectus</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">).  </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">advised by BFA, or its affiliates, through June 28, 2030. The contractual waiver may be terminated prior to June 28, 2030 only </span><span style="color: #000000; font-family: arial; font-size: 9pt;">upon written agreement of the Trust and BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> The impact ofAcquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses toaverage net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the“Prospectus”).  June 28, 2030 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0040 0.0000 0.0003 0.0043 -0.0003 0.0040 Based on estimated amounts for the current fiscal year. Based on estimated amounts for the current fiscal year. Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing inother funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of yourshares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that theFund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,your costs would be: 41 128 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or“turnsover”its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes whenFund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or inthe Example, affect the Fund’s performance. Because the Fund’s inception date (March 3, 2026) is after the most recent fiscalyear end, there is no reportable turnover. Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar LSTA US Leveraged Loan Broad Select Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which was developed by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). The Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is a market value-weighted index designed to measure the performance of a subset of the U.S. dollar-denominated, senior </span><span style="color: #000000; font-family: arial; font-size: 9pt;">secured institutional floating rate loan market.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;"> Floating rate loans, which are also known as leveraged loans or bank loans, provide for periodic adjustment in the interest </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rate paid on the loan and are typically senior secured, below-investment grade instruments. These loans are characterized by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">higher interest rates due to the increased risk associated with lending to borrowers with higher debt levels. They are often </span><span style="color: #000000; font-family: arial; font-size: 9pt;">used for refinancing debt, merger and acquisitions funding, or recapitalization. Such loans typically are secured by collateral </span><span style="color: #000000; font-family: arial; font-size: 9pt;">such as borrowers’ property, equipment or intellectual property. Borrowers of floating rate loans operate in various industries </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and geographic areas, including non-U.S. jurisdictions.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;"> To be eligible for inclusion in the Underlying Index, a loan must be a USD-denominated institutional first lien loan with (i) a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">par amount outstanding of at least $1 billion, (ii) at least 18 months to final maturity and (iii) a rating of BB+ or lower by S&amp;P </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Global Ratings. Defaulted, D-rated, non-rated and payment in kind loans are excluded. Eligible loans must have at least 125 </span><span style="color: #000000; font-family: arial; font-size: 9pt;">basis points of spread above the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">base rate,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which the Index Provider defines as the average of the 30-day rolling average of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">1-month CME Term SOFR and the 90-day rolling average of 3-month CME Term SOFR.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;"> All loans in the Underlying Index must be syndicated in the United States, but issuers may be domiciled or operate outside </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the U.S. Constituent weights are subject to a 2% issuer cap.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Underlying Index is reconstituted and rebalanced weekly. Existing constituents with less than 12 months remaining to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">final maturity or a par amount outstanding of less than $900 million are removed at each rebalance and reconstitution. Loans </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that default, are downgraded to a D rating, are repaid or are no longer priced are removed at the next rebalance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally purchases loans from banks or other financial institutions through an assignment, in which the existing </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lender transfers its rights, interests and obligations in the assigned loan to the Fund. The Fund also generally sells loans that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">it holds through an assignment. In addition, the Fund may acquire or sell an interest in a loan through a participation, which </span><span style="color: #000000; font-family: arial; font-size: 9pt;">involves buying or selling a portion of a loan from another lender.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;"> As of February 28, 2026, there were 496 issues in the Underlying Index. As of February 28, 2026, a significant portion of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index was represented by loans to companies in the consumer goods and services, industrials and technology </span><span style="color: #000000; font-family: arial; font-size: 9pt;">industries or sectors. The components of the Underlying Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the components of the Underlying Index. The Fund may hold loans that have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not yet entered the Underlying Index or that have been removed from the Underlying Index. For liquidity purposes, the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may invest in other types of instruments, including high-yield securities, derivatives (including interest rate futures and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">swaps), ETFs, short-term government notes, repurchase agreements, commercial paper, non-index loans, high-quality </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateralized loan obligations and cash. The Fund may also hold interest rate swaps or other derivatives for hedging </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment results of the Underlying Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may acquire and hold common stocks, warrants or other equity securities (or rights to acquire such securities or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">warrants) in unit offerings with fixed income securities, in connection with an amendment, waiver, conversion or exchange of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed income securities, in connection with the bankruptcy or workout of a distressed fixed income security, or upon the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exercise of a right or warrant obtained on account of a fixed income security.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Morningstar, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the composition and relative weightings of the loans in the Underlying Index and publishes information regarding the market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value of the Underlying Index.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the components of the Underlying Index. The Fund may hold loans that have not yet entered the Underlying Index or that have been removed from the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail thatof other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Leveraged Loans Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Like other high yield debt instruments, leveraged loans are subject to increased risk of default in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payment of principal and interest. Some leveraged loans are not as easily purchased or sold as publicly traded securities, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">customary form of new and/or restructured leveraged loans is known as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">covenant lite</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> loans, which include contractual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">provisions that are more favorable to borrowers and offer less protection for lenders such as the Fund. Consequently, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its holdings of loans with financial maintenance covenants, which may result in losses. The settlement period for some </span><span style="color: #000000; font-family: arial; font-size: 9pt;">leveraged loans may be more than seven days.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">There is less readily available, reliable information about most senior loans than is the case for many other types of securities. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">event of the need to sell a loan and which may make it difficult to value a loan.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">An economic downturn generally leads to a higher non-payment rate for loans, and a loan may lose significant value before a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">default occurs. Although leveraged loans generally are secured by specific collateral, such collateral may decline in value or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">become illiquid, which would adversely affect the loan’s value. There can be no assurance that the liquidation of such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral could be readily liquidated. To the extent that a loan is collateralized by stock in the borrower or its subsidiaries, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">such stock may lose all of its value in the event of the borrower’s bankruptcy. Senior loans are subject to the risk that a court </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">such loans.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">High Yield Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Debt securities that are rated below investment grade (commonly referred to as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">junk bonds</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">debt securities that are unrated are generally considered to be speculative. Compared to higher-quality debt securities, high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yield securities are subject to a greater risk of default, illiquidity, price volatility and valuation uncertainty. Such investments </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a regular trading market, prepayment risk, and lack of publicly available information.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Assets Under Management (AUM) Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> From time to time, an Authorized Participant (as defined below in </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">Participant Concentration Risk</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There </span><span style="color: #000000; font-family: arial; font-size: 9pt;">can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">such levels, which could negatively impact the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Consumer Goods and Services Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Consumer goods and services companies face risks related to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to brand or reputation, economic slowdown and labor shortages, among other things.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Extension Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and potentially in the value of the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Floating Rate Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Securities with floating or variable interest rates can be less sensitive to interest rate changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. Although </span><span style="color: #000000; font-family: arial; font-size: 9pt;">floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">default risk, which could impair their value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industrial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Industrial companies face a number of risks, including supply chain and distribution disruptions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability </span><span style="color: #000000; font-family: arial; font-size: 9pt;">claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and currencies. The performance of such companies may also be affected by technological developments, labor relations, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">legislative and regulatory changes, government spending policies, and changes in domestic and international economies.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Prepayment Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">debt obligation’s maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">default, resulting in a decline in the Fund’s income or return potential.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Small Fund Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset </span><span style="color: #000000; font-family: arial; font-size: 9pt;">base. A Fund that holds fixed-income securities may buy smaller-sized bonds known as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">odd lots,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which may be purchased or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">sold at a discount to similar </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">round lot</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> bonds. The prices used by the Fund may differ from the value that would be realized if </span><span style="color: #000000; font-family: arial; font-size: 9pt;">these securities were sold, and the impact of such pricing differences on a Fund’s performance may be heightened when the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s size is small. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the listing exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tax consequences for its shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Technology Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Technology companies and companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense </span><span style="color: #000000; font-family: arial; font-size: 9pt;">competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 9pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Until the Fund reaches greater scale, it may experience higher tracking error than is typical for similar index ETFs.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">U.S. Treasury Obligations Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color: #000000; font-family: arial; font-size: 9pt;">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report.</span></div> As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report. iSHARES® CORE 5-10 YEAR USD BOND ETF IMTB | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Core 5-10 Year USD Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">dollar-denominated bonds that are rated either investment-grade or high yield with remaining effective maturities between </span><span style="color: #000000; font-family: arial; font-size: 9pt;">five and ten years.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses. </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may incur </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Acquired Fund Fees and Expenses.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Acquired Fund Fees and Expenses reflect the Fund’s pro rata share </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”).  </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies advised by BFA, or its affiliates, through February 28, 2031. The contractual waiver may be terminated prior to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">February 28, 2031 only upon written agreement of the Trust and BFA.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). February 28, 2031 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0006 0.0000 0.0001 0.0007 -0.0001 0.0006 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: 6 19 34 85 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 265% of the average value of its portfolio. 2.65 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Bloomberg U.S. Universal 5-10 Year Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment-grade or high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yield (as determined by Bloomberg Index Services Limited (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Bloomberg</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">)) with remaining effective </span><span style="color: #000000; font-family: arial; font-size: 9pt;">maturities between five and ten years. The Underlying Index includes U.S. Treasury bonds, government-related bonds (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. and non-U.S. agencies, sovereign, quasi-sovereign, supranational and local authority debt), investment-grade and high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yield U.S. corporate bonds, mortgage-backed pass-through securities (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">MBS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), commercial mortgage-backed securities </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMBS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), asset-backed securities (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">ABS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), Eurodollar bonds (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, U.S. dollar-denominated bonds issued by foreign issuers </span><span style="color: #000000; font-family: arial; font-size: 9pt;">outside the U.S.), bonds registered with the SEC or exempt from registration at the time of issuance, or offered pursuant to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Rule 144A under the Securities Act of 1933, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1933 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) with or without registration rights (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Rule 144A </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Bonds</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and emerging market bonds. The Underlying Index is a subset of the Bloomberg U.S. Universal Index. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">As of February 28, 2026, there were 6,003 issues in the Underlying Index. As of February 28, 2026, a significant portion of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index was represented by MBS and U.S. Treasury securities. MBS eligible for the index include 20-year and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">30-year mortgages because their effective duration has historically been more consistent with the duration of non-callable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">5-10 year bonds due to prepayments. The components of the Underlying Index are likely to change over time. The securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index must be denominated in U.S. dollars and non-convertible. Excluded from the Underlying Index are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tax-exempt municipal securities, coupon issues that have been stripped from bonds, structured notes, private placements </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(excluding Rule 144A Bonds) and inflation-linked bonds.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and to-be-announced </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">TBAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) that have economic characteristics that are substantially identical to the economic characteristics of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index.  The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">TBA position will be treated as part of that position for purposes of calculating the percentage of investments in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">component securities of the Underlying Index. Cash and cash equivalent investments associated with a derivative position </span><span style="color: #000000; font-family: arial; font-size: 9pt;">will be treated as part of that position for the purposes of calculating the percentage of investments included in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Bloomberg, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and to-be-announced transactions (“TBAs”) that have economic characteristics that are substantially identical to the economic characteristics of the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span></div><div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Extension Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and potentially in the value of the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">High Portfolio Turnover Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> High portfolio turnover is considered by the Fund to mean turnover of greater than 100% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">annually. Portfolio turnover (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 9pt;">., the sale of securities or other assets and reinvestment in other securities or assets) generally </span><span style="color: #000000; font-family: arial; font-size: 9pt;">involves transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other costs. In addition, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">sale of securities by the Fund may result in the realization of taxable capital gains, including short-term capital gains. Higher </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio turnover may cause the Fund to incur additional transaction costs, which have the effect of reducing the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment return, and may result in different tax consequences for shareholders compared to a fund with lower portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">turnover.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Prepayment Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">debt obligation’s maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">default, resulting in a decline in the Fund’s income or return potential.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in China.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color: #000000; font-family: arial; font-size: 9pt;">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span></div><div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese economy and markets and the Fund’s investments.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">with its objective to track the performance of the Underlying Index.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">have limited legal remedies.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> in their structure as a result of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color: #000000; font-family: arial; font-size: 9pt;">considerations.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the China Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">. The Fund invests directly in the domestic bond market in the People’s Republic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of China (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">PRC</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China Interbank Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) through the Bond Connect trading channel. All bonds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMU</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which holds such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially </span><span style="color: #000000; font-family: arial; font-size: 9pt;">altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Russia. </span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investing in Russian securities involves significant risks, including legal, regulatory, currency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">settlement of portfolio transactions and loss of the Fund’s ownership rights in its portfolio securities as a result of the system </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of share registration and custody in Russia. Governments, including the U.S., the U.K., the E.U., and many other countries have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities, and jurisdictions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may also institute broader sanctions on Russia. Russia has issued a number of countersanctions, some of which restrict the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distribution of profits by limited liability companies (e.g., dividends), and prohibit Russian persons from entering into </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions with designated persons from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">unfriendly states</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> as well as the export of raw materials or other products from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Russia to certain sanctioned persons.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble </span><span style="color: #000000; font-family: arial; font-size: 9pt;">against the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, import and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export restrictions, tariffs or cyberattacks on the Russian government, Russian companies, or Russian individuals, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">politicians, may impact Russia’s economy and Russian companies in which the Fund invests. Actual and threatened </span><span style="color: #000000; font-family: arial; font-size: 9pt;">responses to Russian military action may also impact the markets for certain Russian commodities, such as oil and natural </span><span style="color: #000000; font-family: arial; font-size: 9pt;">gas, as well as other sectors of the Russian economy, and are likely to have collateral impacts on such sectors globally. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Russian companies may be unable to pay dividends and, if they pay dividends, the Fund may be unable to receive them. As a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">result of sanctions, the Fund is currently restricted from trading in Russian securities, including those in its portfolio, and the </span></div><div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index has removed Russian securities. It is unknown when, or if, sanctions may be lifted or the Fund’s ability to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">trade in Russian securities will resume.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Saudi Arabia.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">political stability in Saudi Arabia.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian </span><span style="color: #000000; font-family: arial; font-size: 9pt;">government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of Fund transactions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">U.S. Agency Mortgage-Backed Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> MBS represent interests in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">pools</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> of mortgages and are subject to interest </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rate, prepayment, and extension risk. MBS may be issued or guaranteed by the U.S. government or one of its agencies or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">sponsored entities. Some MBS may not be backed by the full faith and credit of the U.S. government and thus represent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater credit risk. MBS react differently than other bonds to changes in interest rates due to prepayment and extension risks. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">MBS. MBS prices may reflect adverse economic and market conditions. MBS are subject to the risk of default on the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">underlying mortgage loans, particularly during periods of economic downturn. The default or bankruptcy of a counterparty to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a TBA transaction would expose the Fund to possible losses.  </span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">U.S. Treasury Obligations Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color: #000000; font-family: arial; font-size: 9pt;">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span></div><div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">0.02%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">7.32%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-5.77%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0002 2026-03-31 Best Quarter 0.0732 2023-12-31 Worst Quarter -0.0577 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2016-11-01 0.0871 0.0023 0.0193 0.0676 -0.0123 0.0058 0.0512 -0.0045 0.0089 0.0758 0.0006 0.0201 0.0891 0.0027 0.0201 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">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 sales 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.</span></div> 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 sales 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. iSHARES® CORE 10+ YEAR USD BOND ETF ILTB | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Core 10+ Year USD Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">dollar-denominated bonds that are rated either investment grade or high-yield with remaining maturities greater than ten </span><span style="color: #000000; font-family: arial; font-size: 9pt;">years.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0006 0.0000 0.0006 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: 6 19 34 77 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 13% of the average value of its portfolio. 0.13 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Bloomberg U.S. Universal 10+ Year Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which </span><span style="color: #000000; font-family: arial; font-size: 9pt;">measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment-grade or high yield (as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">determined by Bloomberg Index Services Limited (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Bloomberg</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">)) with remaining maturities greater </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than ten years. The Underlying Index includes U.S. Treasury bonds, government-related bonds (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, U.S. and non-U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agencies, sovereign, quasi-sovereign, supranational and local authority debt), investment-grade and high yield U.S. corporate </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds, Eurodollar bonds (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, U.S. dollar-denominated bonds issued by foreign issuers outside the U.S.), bonds registered with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the SEC or exempt from registration at the time of issuance, or offered pursuant to Rule 144A under the Securities Act of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">1933, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1933 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) with or without registration rights (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Rule 144A Bonds</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and emerging market bonds. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index is a subset of the Bloomberg U.S. Universal Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">As of February 28, 2026, there were approximately 4,485 issues in the Underlying Index. As of February 28, 2026, a significant </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portion of the Underlying Index was represented by U.S. Treasury securities. The components of the Underlying Index are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">likely to change over time. The securities in the Underlying Index must have at least 10 years remaining to maturity, or at least </span><span style="color: #000000; font-family: arial; font-size: 9pt;">10 years remaining to the first call date in the case of callable perpetual securities.  In addition, the securities in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index must be denominated in U.S. dollars and be non-convertible. Excluded from the Underlying Index are </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">tax-exempt municipal securities, coupon issues that have been stripped from bonds, structured notes and private placements </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(excluding Rule 144A Bonds). The Underlying Index is market capitalization-weighted and is rebalanced on the last day of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">month.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and to-be-announced </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">TBAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) that have economic characteristics that are substantially identical to the economic characteristics of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index.  The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">TBA position will be treated as part of that position for purposes of calculating the percentage of investments in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">component securities of the Underlying Index. Cash and cash equivalent investments associated with a derivative position </span><span style="color: #000000; font-family: arial; font-size: 9pt;">will be treated as part of that position for the purposes of calculating the percentage of investments included in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Bloomberg, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and to-be-announced transactions (“TBAs”) that have economic characteristics that are substantially identical to the economic characteristics of the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Extension Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and potentially in the value of the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in China.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color: #000000; font-family: arial; font-size: 9pt;">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese economy and markets and the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">with its objective to track the performance of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">have limited legal remedies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> in their structure as a result of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color: #000000; font-family: arial; font-size: 9pt;">considerations.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the China Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">. The Fund invests directly in the domestic bond market in the People’s Republic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of China (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">PRC</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China Interbank Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) through the Bond Connect trading channel. All bonds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMU</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which holds such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially </span><span style="color: #000000; font-family: arial; font-size: 9pt;">altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Russia. </span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investing in Russian securities involves significant risks, including legal, regulatory, currency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">settlement of portfolio transactions and loss of the Fund’s ownership rights in its portfolio securities as a result of the system </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of share registration and custody in Russia. Governments, including the U.S., the U.K., the E.U., and many other countries have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities, and jurisdictions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may also institute broader sanctions on Russia. Russia has issued a number of countersanctions, some of which restrict the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distribution of profits by limited liability companies (e.g., dividends), and prohibit Russian persons from entering into </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions with designated persons from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">unfriendly states</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> as well as the export of raw materials or other products from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Russia to certain sanctioned persons.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble </span><span style="color: #000000; font-family: arial; font-size: 9pt;">against the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, import and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export restrictions, tariffs or cyberattacks on the Russian government, Russian companies, or Russian individuals, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">politicians, may impact Russia’s economy and Russian companies in which the Fund invests. Actual and threatened </span><span style="color: #000000; font-family: arial; font-size: 9pt;">responses to Russian military action may also impact the markets for certain Russian commodities, such as oil and natural </span><span style="color: #000000; font-family: arial; font-size: 9pt;">gas, as well as other sectors of the Russian economy, and are likely to have collateral impacts on such sectors globally. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Russian companies may be unable to pay dividends and, if they pay dividends, the Fund may be unable to receive them. As a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">result of sanctions, the Fund is currently restricted from trading in Russian securities, including those in its portfolio, and the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index has removed Russian securities. It is unknown when, or if, sanctions may be lifted or the Fund’s ability to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">trade in Russian securities will resume.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Saudi Arabia.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">political stability in Saudi Arabia.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian </span><span style="color: #000000; font-family: arial; font-size: 9pt;">government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of Fund transactions.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">U.S. Treasury Obligations Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color: #000000; font-family: arial; font-size: 9pt;">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 5pt;">-0.78%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">13.10%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-12.56%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0078 2026-03-31 Best Quarter 0.1310 2023-12-31 Worst Quarter -0.1256 2022-06-30 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2009-12-08 0.0716 -0.0427 0.0240 0.0507 -0.0590 0.0073 0.0421 -0.0383 0.0115 0.0758 0.0006 0.0244 0.0739 -0.0420 0.0248 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> on distributions.</span></div> 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 sales 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. iSHARES® CORE U.S. AGGREGATE BOND ETF AGG | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Core U.S. Aggregate Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">total U.S. investment-grade bond market.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”).  BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA, or its affiliates, through June 30, 2027. The contractual waiver may be terminated prior to June 30, 2027 only upon written agreement of the Trust and BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). June 30, 2027 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0003 0.0000 0.0000 0.0003 0.0000 0.0003 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: 3 10 17 39 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 62% of the average value of its portfolio. 0.62 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Bloomberg U.S. Aggregate Bond Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which </span><span style="color: #000000; font-family: arial; font-size: 9pt;">measures the performance of the total U.S. investment-grade (as determined by Bloomberg Index Services Limited (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Bloomberg</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">)) bond market. As of February 28, 2026, there were 13,972 issues in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index includes investment-grade U.S. Treasury bonds, government-related bonds, corporate bonds, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mortgage-backed pass-through securities (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">MBS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), commercial mortgage-backed securities (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMBS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and asset-backed </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">securities (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">ABS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) that are publicly offered for sale in the U.S. As of February 28, 2026, a significant portion of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index was represented by MBS and U.S. Treasury securities. The components of the Underlying Index are likely to change over </span><span style="color: #000000; font-family: arial; font-size: 9pt;">time.  </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The securities in the Underlying Index must have $300 million or more of outstanding face value and must have at least one </span><span style="color: #000000; font-family: arial; font-size: 9pt;">year remaining to maturity, with the exception of amortizing securities such as ABS and MBS, which have lower minimum </span><span style="color: #000000; font-family: arial; font-size: 9pt;">thresholds as defined by Bloomberg. In addition, the securities in the Underlying Index must be denominated in U.S. dollars </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and must be fixed-rate, non-convertible and taxable. Certain types of securities, such as state and local government series </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds, structured notes with embedded swaps or other special features, private placements, floating-rate securities and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds that have been issued in one country's currency but are traded outside of that country in a different monetary and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulatory system (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">e.g.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, Eurobonds), are excluded from the Underlying Index. The Underlying Index is market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capitalization-weighted, and the securities in the Underlying Index are updated on the last business day of each month.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. fixed-rate agency MBS are issued by entities such as the Government National Mortgage Association (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Ginnie Mae</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Federal National Mortgage Association (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fannie Mae</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), and the Federal Home Loan Mortgage Corporation (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Freddie Mac</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and are backed by pools of mortgages. Most transactions in fixed-rate MBS occur through standardized contracts for future </span><span style="color: #000000; font-family: arial; font-size: 9pt;">delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(to-be-announced (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">TBA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) transactions). The Fund may enter into such contracts on a regular basis. The Fund, pending </span><span style="color: #000000; font-family: arial; font-size: 9pt;">settlement of such contracts, will invest its assets in high-quality, liquid short-term instruments, including shares of money </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market funds advised by BFA or its affiliates. The Fund will assume its </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">pro rata</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> share of the fees and expenses of any money </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market fund that it may invest in, in addition to the Fund's own fees and expenses. The Fund may also acquire interests in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mortgage pools through means other than such standardized contracts for future delivery.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and TBAs that have</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">economic characteristics that are substantially identical to the economic characteristics of the component securities of the</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index that BFA believes will help the Fund track the Underlying Index.  The Fund will invest no more than 10% of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its assets in futures, options and swaps contracts that BFA believes will help the Fund track the Underlying Index as well as in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed income securities other than the types included in the Underlying Index, but which BFA believes will help the Fund track </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index. Cash and cash equivalent investments associated with a TBA position will be treated as part of that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">position for purposes of calculating the percentage of investments in the component securities of the Underlying Index. Cash </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Bloomberg, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and TBAs that haveeconomic characteristics that are substantially identical to the economic characteristics of the component securities of theUnderlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in theUnderlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Extension Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and potentially in the value of the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Prepayment Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">debt obligation’s maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">default, resulting in a decline in the Fund’s income or return potential.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in China.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color: #000000; font-family: arial; font-size: 9pt;">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese economy and markets and the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">with its objective to track the performance of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">have limited legal remedies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> in their structure as a result of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color: #000000; font-family: arial; font-size: 9pt;">considerations.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the China Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">. The Fund invests directly in the domestic bond market in the People’s Republic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of China (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">PRC</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China Interbank Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) through the Bond Connect trading channel. All bonds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMU</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which holds such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially </span><span style="color: #000000; font-family: arial; font-size: 9pt;">altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">U.S. Agency Mortgage-Backed Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> MBS represent interests in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">pools</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> of mortgages and are subject to interest </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rate, prepayment, and extension risk. MBS may be issued or guaranteed by the U.S. government or one of its agencies or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">sponsored entities. Some MBS may not be backed by the full faith and credit of the U.S. government and thus represent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater credit risk. MBS react differently than other bonds to changes in interest rates due to prepayment and extension risks. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">MBS. MBS prices may reflect adverse economic and market conditions. MBS are subject to the risk of default on the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">underlying mortgage loans, particularly during periods of economic downturn. The default or bankruptcy of a counterparty to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a TBA transaction would expose the Fund to possible losses.  </span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">U.S. Treasury Obligations Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color: #000000; font-family: arial; font-size: 9pt;">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">0.04%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">6.69%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-5.86%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0004 2026-03-31 Best Quarter 0.0669 2023-12-31 Worst Quarter -0.0586 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2003-09-22 0.0719 -0.0038 0.0197 0.0550 -0.0158 0.0084 0.0423 -0.0081 0.0101 0.0758 0.0006 0.0244 0.0730 -0.0036 0.0201 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">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 sales 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.</span></div> 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 sales 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. iSHARES® ESG ADVANCED UNIVERSAL USD BOND ETF EUSB | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares ESG Advanced Universal USD Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of U.S. dollar-denominated bonds that are rated either investment-grade or high-yield from issuers with a favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">environmental, social and governance rating as identified by the index provider, while applying extensive screens for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">involvement in controversial activities.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”).  BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA, or its affiliates, through June 30, 2030. The contractual waiver may be terminated prior to June 30, 2030 only upon written agreement of the Trust and BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). June 30, 2030 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0012 0.0000 0.0000 0.0012 0.0000 0.0012 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: 12 39 68 154 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 87% of the average value of its portfolio. 0.87 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investments results of the Bloomberg MSCI US Universal Choice ESG Screened Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which has been developed by Bloomberg Finance L.P. and its affiliates (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Bloomberg</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) with environmental, social and governance (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">ESG</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) rating inputs from MSCI Solutions LLC (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">MSCI Solutions</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">pursuant to an agreement between MSCI Solutions and Bloomberg Index Services Limited (a subsidiary of Bloomberg) or an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affiliate. The Underlying Index is a modified market value-weighted index designed to reflect the performance of U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">dollar-denominated, taxable bonds with favorable ESG ratings (as determined by MSCI Solutions) while applying extensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">screens, including, for example, a screen which focuses on removing fossil fuel exposure. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">To construct the Underlying Index, Bloomberg begins with the Bloomberg U.S. Universal Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Parent Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Parent Index includes securities with at least one year until final maturity, without regard to optionality features such as call </span><span style="color: #000000; font-family: arial; font-size: 9pt;">provisions or conversion provisions. The Parent Index includes Treasury securities, government-related securities (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 9pt;">., U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and non-U.S. agency debt securities, and non-U.S. sovereign, quasi-sovereign, supranational and local authority debt), </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment-grade and high yield (as well as unrated) corporate bonds, U.S. agency mortgage-backed pass-through securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">MBS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), commercial mortgage-backed securities, asset backed securities, Eurodollar bonds, bonds registered with the SEC </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or exempt from registration at the time of issuance or offered pursuant to Rule 144A with or without registration rights and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. dollar-denominated emerging market bonds.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">From the Parent Index, Bloomberg excludes issuers with unfavorable ESG ratings, as calculated by MSCI Solutions, and then </span><span style="color: #000000; font-family: arial; font-size: 9pt;">further excludes securities of issuers involved in adult entertainment, alcohol, gambling, tobacco, genetic engineering, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">controversial weapons, nuclear weapons, civilian firearms, conventional weapons, palm oil, private prisons, predatory lending, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and nuclear power based on revenue or percentage of revenue thresholds for certain categories (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">e.g.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, $500 million or 50%) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and categorical exclusions for others (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">e.g.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, nuclear weapons). Bloomberg screens companies with involvement in fossil fuels </span><span style="color: #000000; font-family: arial; font-size: 9pt;">by excluding any company in the Bloomberg energy sector and all companies with an industry tie to fossil fuels such as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">thermal coal, oil and gas—in particular, reserve ownership, related revenues and power generation. Additionally, Bloomberg </span><span style="color: #000000; font-family: arial; font-size: 9pt;">excludes companies involved in very serious business controversies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">For each industry, MSCI Solutions identifies key ESG issues that can lead to unexpected costs for entities in the medium- to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">long-term (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">e.g</span><span style="color: #000000; font-family: arial; font-size: 9pt;">., climate change, resource scarcity, demographic shifts). MSCI Solutions then calculates the size of each </span><span style="color: #000000; font-family: arial; font-size: 9pt;">entity's exposure to each key issue based on the entity's business segment and geographic risk and analyzes the extent to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which such entities have developed robust strategies and programs to manage ESG risks and opportunities. MSCI </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Solutions scores entities based on both their risk exposure and risk management. To score well on a key issue, MSCI </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Solutions assesses management practices, management performance (through demonstrated track record and other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">quantitative performance indicators), governance structures, and/or implications in controversies, which all may be taken as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a proxy for overall management quality. Controversies, including, among other things, issues involving anti-competitive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">practices, toxic emissions and waste, and health and safety, occurring within the last three years lead to a deduction from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">overall management score on each issue. Using a sector-specific key issue weighting model, entities are rated and ranked in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to their industry peers. Key issues and weights are reviewed at the end of each calendar year. Corporate </span><span style="color: #000000; font-family: arial; font-size: 9pt;">governance is always weighted and analyzed for all entities. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">As of February 28, 2026, there were 10,338 issues in the Underlying Index. As of February 28, 2026, a significant portion of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index was represented by U.S. agency MBS and U.S. Treasury bonds. The components of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are likely to change over time. The securities in the Underlying Index are updated on the last business day of each month.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and in investments that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">have economic characteristics that are substantially identical to the component securities of the Underlying Index (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, TBAs), </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA believes will help the Fund track the Underlying Index. The Fund will invest no more than 10% of its assets in futures, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">options, and swaps contracts that BFA believes will help the Fund track the Underlying Index as well as in fixed income </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities other than the types included in the Underlying Index, but which BFA believes will help the Fund track the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index.  Cash and cash equivalent investments associated with a derivative position will be treated as part of that </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">track the investment results of the Underlying Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Bloomberg, MSCI Solutions or their affiliates, which are</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA, pursuant to an agreement between MSCI Solutions and Bloomberg Index Services Limited (a subsidiary of Bloomberg) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or an affiliate. The Index Provider determines the composition and relative weightings of the components of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of the Underlying Index (i.e., TBAs), and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">ESG Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level </span><span style="color: #000000; font-family: arial; font-size: 9pt;">ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless </span><span style="color: #000000; font-family: arial; font-size: 9pt;">remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">constraints at all times.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Extension Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and potentially in the value of the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Prepayment Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">debt obligation’s maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">default, resulting in a decline in the Fund’s income or return potential.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in China.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color: #000000; font-family: arial; font-size: 9pt;">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese economy and markets and the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">with its objective to track the performance of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">have limited legal remedies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> in their structure as a result of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color: #000000; font-family: arial; font-size: 9pt;">considerations.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the China Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">. The Fund invests directly in the domestic bond market in the People’s Republic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of China (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">PRC</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China Interbank Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) through the Bond Connect trading channel. All bonds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMU</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which holds such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially </span><span style="color: #000000; font-family: arial; font-size: 9pt;">altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Russia. </span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investing in Russian securities involves significant risks, including legal, regulatory, currency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">settlement of portfolio transactions and loss of the Fund’s ownership rights in its portfolio securities as a result of the system </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of share registration and custody in Russia. Governments, including the U.S., the U.K., the E.U., and many other countries have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities, and jurisdictions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may also institute broader sanctions on Russia. Russia has issued a number of countersanctions, some of which restrict the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distribution of profits by limited liability companies (e.g., dividends), and prohibit Russian persons from entering into </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions with designated persons from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">unfriendly states</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> as well as the export of raw materials or other products from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Russia to certain sanctioned persons.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble </span><span style="color: #000000; font-family: arial; font-size: 9pt;">against the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, import and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export restrictions, tariffs or cyberattacks on the Russian government, Russian companies, or Russian individuals, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">politicians, may impact Russia’s economy and Russian companies in which the Fund invests. Actual and threatened </span><span style="color: #000000; font-family: arial; font-size: 9pt;">responses to Russian military action may also impact the markets for certain Russian commodities, such as oil and natural </span><span style="color: #000000; font-family: arial; font-size: 9pt;">gas, as well as other sectors of the Russian economy, and are likely to have collateral impacts on such sectors globally. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Russian companies may be unable to pay dividends and, if they pay dividends, the Fund may be unable to receive them. As a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">result of sanctions, the Fund is currently restricted from trading in Russian securities, including those in its portfolio, and the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index has removed Russian securities. It is unknown when, or if, sanctions may be lifted or the Fund’s ability to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">trade in Russian securities will resume.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Saudi Arabia.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">political stability in Saudi Arabia.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian </span><span style="color: #000000; font-family: arial; font-size: 9pt;">government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of Fund transactions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">U.S. Agency Mortgage-Backed Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> MBS represent interests in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">pools</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> of mortgages and are subject to interest </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rate, prepayment, and extension risk. MBS may be issued or guaranteed by the U.S. government or one of its agencies or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">sponsored entities. Some MBS may not be backed by the full faith and credit of the U.S. government and thus represent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater credit risk. MBS react differently than other bonds to changes in interest rates due to prepayment and extension risks. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">MBS. MBS prices may reflect adverse economic and market conditions. MBS are subject to the risk of default on the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">underlying mortgage loans, particularly during periods of economic downturn. The default or bankruptcy of a counterparty to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a TBA transaction would expose the Fund to possible losses.  </span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">U.S. Treasury Obligations Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color: #000000; font-family: arial; font-size: 9pt;">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-0.08%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">6.64%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-5.87%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0008 2026-03-31 Best Quarter 0.0664 2023-12-31 Worst Quarter -0.0587 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2020-06-23 0.0728 -0.0009 0.0024 0.0560 -0.0122 -0.0082 0.0428 -0.0056 -0.0028 0.0758 0.0006 0.0049 0.0748 0.0004 0.0038 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">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 sales 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.</span></div> 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 sales 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. iSHARES® ESG AWARE U.S. AGGREGATE BOND ETF EAGG | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares ESG Aware U.S. Aggregate Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. dollar-denominated, investment-grade bonds from issuers generally evaluated for favorable environmental, social and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">governance practices while seeking to exhibit risk and return characteristics similar to those of the broad U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">dollar-denominated investment-grade bond market.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may incur </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Acquired Fund Fees and Expenses.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Acquired Fund Fees and Expenses reflect the Fund’s pro rata share </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”).  </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies advised by BFA, or its affiliates, through June 30, 2029. The contractual waiver may be terminated prior to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">June 30, 2029 only upon written agreement of the Trust and BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). June 30, 2029 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0010 0.0000 0.0000 0.0010 0.0000 0.0010 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: 10 32 56 128 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 94% of the average value of its portfolio. 0.94 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Bloomberg MSCI US Aggregate ESG Focus Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which has been developed by Bloomberg Finance L.P. and its affiliates (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Bloomberg</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">environmental, social and governance (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">ESG</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) rating inputs from MSCI Solutions LLC (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">MSCI Solutions</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) pursuant to an </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">agreement between MSCI Solutions and Bloomberg Index Services Limited (a subsidiary of Bloomberg) or an affiliate. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index is an optimized fixed-income index designed to reflect the performance of U.S. dollar-denominated, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment-grade (as determined by the Index Provider) bonds from issuers generally evaluated for favorable ESG practices </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(as determined by MSCI Solutions), while seeking to exhibit risk and return characteristics similar to those of the Bloomberg </span><span style="color: #000000; font-family: arial; font-size: 9pt;">US Aggregate Bond Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Parent Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index includes investment-grade U.S. Treasury bonds, non-securitized government-related bonds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">government-related bonds</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), corporate bonds, mortgage-backed pass-through securities (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">MBS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), commercial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mortgage-backed securities (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMBS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and asset-backed securities (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">ABS</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) that are publicly offered for sale in the U.S.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">To construct the Underlying Index, the Index Provider begins with the Parent Index and replicates its U.S. Treasury bond, MBS, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMBS and ABS exposures. These exposures are preserved at the weights of the Parent Index and are not subject to the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider’s optimization process, which is a quantitative process that seeks to determine optimal weights for securities to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">maximize exposure to securities of entities with higher MSCI Solutions ratings, while seeking to exhibit risk and return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics similar to the Parent Index. At each quarterly review, the Underlying Index must have an ESG score of at least </span><span style="color: #000000; font-family: arial; font-size: 9pt;">10% better than that of the Parent Index, as determined by Bloomberg and MSCI. For the remaining constituents of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Parent Index (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 9pt;">., corporate bonds and government-related bonds), the Index Provider excludes securities of entities involved </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the business of tobacco, entities involved with controversial weapons, producers and retailers of civilian firearms, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies involved in certain fossil fuels-related activity (such as the production of thermal coal, thermal coal-based power </span><span style="color: #000000; font-family: arial; font-size: 9pt;">generation and extraction of oil sands) based on revenue or percentage of revenue thresholds for certain categories (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">e.g., </span><span style="color: #000000; font-family: arial; font-size: 9pt;">$20 </span><span style="color: #000000; font-family: arial; font-size: 9pt;">million or 5%) and categorical exclusions for others (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">e.g., </span><span style="color: #000000; font-family: arial; font-size: 9pt;">controversial weapons). The Index Provider also excludes entities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">involved in very severe business controversies (in each case as determined by MSCI Solutions), and securities of entities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">without an MSCI Solutions rating, and then follows the Index Provider’s optimization process.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">For each industry, MSCI Solutions identifies key ESG issues that can lead to substantial costs or opportunities for entities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">e.g.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, climate change, resource scarcity, demographic shifts). MSCI Solutions then rates each entity’s exposure to each key </span><span style="color: #000000; font-family: arial; font-size: 9pt;">issue based on the entity’s business segment and geographic risk and analyzes the extent to which entities have developed </span><span style="color: #000000; font-family: arial; font-size: 9pt;">robust strategies and programs to manage ESG risks and opportunities. MSCI Solutions scores entities based on both their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk exposure and risk management. To score well on a key issue, MSCI Solutions assesses management practices, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">management performance (through demonstrated track record and other quantitative performance indicators), governance </span><span style="color: #000000; font-family: arial; font-size: 9pt;">structures, and/or implications in controversies, which all may be taken as a proxy for overall management quality. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Controversies, including, among other things, issues involving anti-competitive practices, toxic emissions and waste, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">health and safety, occurring within the last three years lead to a deduction from the overall management score on each issue. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Using a sector-specific key issue weighting model, entities are rated and ranked in comparison to their industry peers. Key </span><span style="color: #000000; font-family: arial; font-size: 9pt;">issues and weights are reviewed at the end of each calendar year. Corporate governance is always weighted and analyzed for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">all entities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The securities in the Underlying Index must have at least one year remaining to maturity, with the exception of amortizing </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities such as ABS and MBS, which have lower thresholds as defined by the Index Provider. In addition, the securities in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index must be denominated in U.S. dollars and must be fixed-rate and nonconvertible. Certain types of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities, such as state and local government series bonds, structured notes with embedded swaps or other special features, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">private placements (other than those offered pursuant to Rule 144A or Regulation S promulgated under the Securities Act of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">1933, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1933 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">)), floating rate securities and bonds that have been issued in one country’s currency but </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are traded outside of that country in a different monetary and regulatory system (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">e.g.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, Eurobonds), are excluded from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index. The securities in the Underlying Index are updated on the last business day of each month.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;"> As of February 28, 2026, there were 7,563 issues in the Underlying Index. As of February 28, 2026, a significant portion of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index was represented by MBS and U.S. Treasury securities. The components of the Underlying Index are likely to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change over time.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. fixed-rate agency MBS are securities issued by entities such as the Government National Mortgage Association (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Ginnie </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Mae</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), the Federal National Mortgage Association (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fannie Mae</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), and the Federal Home Loan Mortgage Corporation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Freddie Mac</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and are backed by pools of mortgages. U.S. fixed-rate agency MBS exposure does not receive any MSCI </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Solutions rating as the Index Provider believes that U.S. fixed-rate agency MBS exposure is neither additive nor decremental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to the Underlying Index's ESG rating profile. As such, based on currently available data, the Index Provider believes U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-rate agency MBS exposure is ESG neutral and not inconsistent with an ESG focused exposure. Most transactions in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-rate MBS occur through standardized contracts for future delivery in which the exact mortgage pools to be delivered are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not specified until a few days prior to settlement (to-be-announced (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">TBA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) transactions). The Fund may enter into such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">contracts on a regular basis. The Fund, pending settlement of such contracts, will invest its assets in high-quality, liquid </span><span style="color: #000000; font-family: arial; font-size: 9pt;">short-term instruments, including shares of money market funds advised by BFA or its affiliates. The Fund will assume its pro </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rata share of the fees and expenses of any money market fund that it may invest in, in addition to the Fund’s own fees and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">expenses. The Fund may also acquire interests in mortgage pools through means other than such standardized contracts for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">future delivery.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and in investments that</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">have economic characteristics that are substantially identical to the component securities of the Underlying Index (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, TBAs),</span> <span style="color: #000000; font-family: arial; font-size: 9pt;">and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA believes will help the Fund track the Underlying Index. The Fund will invest no more than 10% of its assets in futures, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">options, and swaps contracts that BFA believes will help the Fund track the Underlying Index as well as in fixed income </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities other than the types included in the Underlying Index, but which BFA believes will help the Fund track the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index.  Cash and cash equivalent investments associated with a derivative position will be treated as part of that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">track the investment results of the Underlying Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Bloomberg, MSCI Solutions or their affiliates, which are</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA, pursuant to an agreement between MSCI Solutions and Bloomberg Index Services Limited (a subsidiary of Bloomberg) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or an affiliate. The Index Provider determines the composition and relative weightings of the components of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and in investments thathave economic characteristics that are substantially identical to the component securities of the Underlying Index (i.e., TBAs),and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">ESG Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level </span><span style="color: #000000; font-family: arial; font-size: 9pt;">ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless </span><span style="color: #000000; font-family: arial; font-size: 9pt;">remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">constraints at all times.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Extension Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and potentially in the value of the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Prepayment Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">debt obligation’s maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">default, resulting in a decline in the Fund’s income or return potential.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in China.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color: #000000; font-family: arial; font-size: 9pt;">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese economy and markets and the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">with its objective to track the performance of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">have limited legal remedies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> in their structure as a result of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color: #000000; font-family: arial; font-size: 9pt;">considerations.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the China Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">. The Fund invests directly in the domestic bond market in the People’s Republic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of China (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">PRC</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China Interbank Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) through the Bond Connect trading channel. All bonds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMU</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which holds such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially </span><span style="color: #000000; font-family: arial; font-size: 9pt;">altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">U.S. Agency Mortgage-Backed Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> MBS represent interests in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">pools</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> of mortgages and are subject to interest </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rate, prepayment, and extension risk. MBS may be issued or guaranteed by the U.S. government or one of its agencies or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">sponsored entities. Some MBS may not be backed by the full faith and credit of the U.S. government and thus represent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater credit risk. MBS react differently than other bonds to changes in interest rates due to prepayment and extension risks. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">MBS. MBS prices may reflect adverse economic and market conditions. MBS are subject to the risk of default on the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">underlying mortgage loans, particularly during periods of economic downturn. The default or bankruptcy of a counterparty to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a TBA transaction would expose the Fund to possible losses.  </span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">U.S. Treasury Obligations Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color: #000000; font-family: arial; font-size: 9pt;">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">0.03%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">6.68%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-5.86%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0003 2026-03-31 Best Quarter 0.0668 2023-12-31 Worst Quarter -0.0586 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2018-10-18 0.0713 -0.0048 0.0217 0.0542 -0.0162 0.0103 0.0419 -0.0086 0.0118 0.0758 0.0006 0.0258 0.0734 -0.0036 0.0229 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">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 sales 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.</span></div> 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 sales 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. iSHARES® GOVERNMENT/CREDIT BOND ETF GBF | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Government/Credit Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">dollar-denominated government, government-related and investment-grade U.S. corporate bonds.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0020 0.0000 0.0020 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: 20 64 113 255 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of its portfolio. 0.20 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Bloomberg U.S. Government/Credit Bond Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government-related bonds (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 9pt;">., </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. and foreign agencies, sovereign, supranational and local authority debt) and investment-grade (as determined by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Bloomberg Index Services Limited (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Bloomberg</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">)) U.S. corporate bonds that have a remaining maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of greater than or equal to one year. As of February 28, 2026, there were 10,082 issues in the Underlying Index. As of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">February 28, 2026, a significant portion of the Underlying Index was represented by U.S. Treasury securities. The components </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index are likely to change over time.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index consists of U.S. government, government-related and investment-grade U.S. credit securities that have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater than or equal to one year remaining to maturity and have $300 million or more of outstanding face value. In addition, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities in the Underlying Index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Excluded from the Underlying Index are certain special issues such as targeted investor notes, state and local government </span><span style="color: #000000; font-family: arial; font-size: 9pt;">series bonds and coupon issues that have been stripped from bonds. Also excluded from the Underlying Index are structured </span><span style="color: #000000; font-family: arial; font-size: 9pt;">notes with embedded swaps or other special features, private placements, floating-rate securities and bonds that have been </span><span style="color: #000000; font-family: arial; font-size: 9pt;">issued in one country's currency but are traded outside of that country in a different monetary and regulatory system (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">e.g.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Eurobonds). The Underlying Index is market capitalization-weighted and the securities in the Underlying Index are updated </span><span style="color: #000000; font-family: arial; font-size: 9pt;">on the last business day of each month.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Bloomberg, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">U.S. Treasury Obligations Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color: #000000; font-family: arial; font-size: 9pt;">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span></div><div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span></div><div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in China.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color: #000000; font-family: arial; font-size: 9pt;">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese economy and markets and the Fund’s investments.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">with its objective to track the performance of the Underlying Index.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">have limited legal remedies.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> in their structure as a result of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color: #000000; font-family: arial; font-size: 9pt;">considerations.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the China Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">. The Fund invests directly in the domestic bond market in the People’s Republic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of China (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">PRC</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China Interbank Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) through the Bond Connect trading channel. All bonds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMU</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which holds such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially </span><span style="color: #000000; font-family: arial; font-size: 9pt;">altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-0.15%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">6.48%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-6.26%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0015 2026-03-31 Best Quarter 0.0648 2023-12-31 Worst Quarter -0.0626 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-01-05 0.0659 -0.0081 0.0194 0.0495 -0.0194 0.0088 0.0388 -0.0110 0.0103 0.0758 0.0006 0.0244 0.0688 -0.0059 0.0216 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">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 sales 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.</span></div> 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 sales 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. iSHARES® INTERMEDIATE GOVERNMENT/CREDIT BOND ETF GVI | Cboe BZX Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Intermediate Government/Credit Bond ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">composed of U.S. dollar-denominated government, government-related and investment-grade U.S. corporate bonds with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">remaining maturities between one and ten years.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the tables and examples below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0020 0.0000 0.0020 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: 20 64 113 255 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21% of the average value of its portfolio. 0.21 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Bloomberg U.S. Intermediate Government/Credit Bond Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government-related </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 9pt;">., U.S. and non-U.S. agencies, sovereign, supranational and local authority debt) and investment-grade (as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">determined by Bloomberg Index Services Limited (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Bloomberg</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">)) U.S. corporate bonds that have a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">remaining maturity of greater than one year and less than ten years. As of February 28, 2026, there were 6,518 issues in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index. As of February 28, 2026, a significant portion of the Underlying Index was represented by U.S. Treasury </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The components of the Underlying Index are likely to change over time. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index consists of U.S. government, government-related and investment-grade U.S. credit securities that have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater than one year and less than ten years remaining to maturity and have $300 million or more of outstanding face value. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">In addition, the securities in the Underlying Index must be denominated in U.S. dollars and must be fixed-rate and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-convertible. Excluded from the Underlying Index are certain special issues such as targeted investor notes, state and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">local government series bonds and coupon issues that have been stripped from bonds. Also excluded from the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index are structured notes with embedded swaps or other special features, private placements, floating-rate securities and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds that have been issued in one country's currency but are traded outside of that country in a different monetary and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulatory system (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">e.g.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, Eurobonds). The Underlying Index is market capitalization-weighted and the securities in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index are updated on the last business day of each month.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color: #000000; font-family: arial; font-size: 9pt;">variability, duration (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund track the Underlying Index.  The Fund will invest no more than 10% of its assets in futures, options and swaps contracts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that BFA believes will help the Fund track the Underlying Index as well as in fixed income securities other than the types </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.  Cash and cash </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equivalent investments associated with a derivative position will be treated as part of that position for the purposes of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Bloomberg, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color: #000000; font-family: arial; font-size: 9pt;">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">U.S. Treasury Obligations Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span><span style="color: #000000; font-family: arial; font-size: 9pt;">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Interest Rate Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Credit Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Call Risk. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">call</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or repay </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color: #000000; font-family: arial; font-size: 9pt;">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color: #000000; font-family: arial; font-size: 9pt;">features.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Income Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color: #000000; font-family: arial; font-size: 9pt;">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in China.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color: #000000; font-family: arial; font-size: 9pt;">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese economy and markets and the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">with its objective to track the performance of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">have limited legal remedies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> in their structure as a result of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color: #000000; font-family: arial; font-size: 9pt;">considerations.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the China Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">. The Fund invests directly in the domestic bond market in the People’s Republic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of China (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">PRC</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">China Interbank Bond Market</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) through the Bond Connect trading channel. All bonds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">traded through Bond Connect are registered in the name of the PRC’s Central Moneymarkets Unit (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">CMU</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which holds such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">bonds as a nominee owner. The precise nature and rights of the Fund as the beneficial owner of bonds traded in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market through CMU as nominee are relatively new and untested areas of PRC law, and the exact nature of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s remedies and methods of enforcement of its rights and interests under PRC law are uncertain.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank Bond Market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may result in the prices of certain bonds fluctuating significantly. Also, the systems used to trade through Bond Connect may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not function as expected. Trading through Bond Connect is also subject to regulatory risks, including laws and regulations </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that are subject to change. There can be no assurance that Bond Connect or its features or systems will not be materially </span><span style="color: #000000; font-family: arial; font-size: 9pt;">altered, suspended, discontinued or abolished. The Fund may be subject to additional taxation if certain tax exemptions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">under PRC tax regulations are withdrawn or amended. Any taxes arising from or to the Fund may be directly borne by, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">indirectly passed on to, the Fund, which may substantially impact its NAV. Investing through Bond Connect subjects the Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to currency risk, to the extent that currency rates used for Bond Connect are different than the rates used in the China </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Interbank Bond Market.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-0.01%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">4.46%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2023</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 30.63pt;"> <div style="display: flex; white-space: nowrap; width: 30.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-4.50%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0001 2026-03-31 Best Quarter 0.0446 2023-12-31 Worst Quarter -0.0450 2022-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-01-05 0.0670 0.0077 0.0210 0.0519 -0.0029 0.0114 0.0395 0.0012 0.0119 0.0758 0.0006 0.0244 0.0697 0.0096 0.0229 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">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 sales 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.</span></div> 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 sales 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. iSHARES® TOTAL USD FIXED INCOME MARKET ETFBTOT | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares Total USD Fixed Income Market ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index that provides </span><span style="color:#000000;font-family:arial;font-size:9pt">comprehensive exposure to U.S. dollar-denominated fixed income securities that are rated either investment-grade or high </span><span style="color:#000000;font-family:arial;font-size:9pt">yield.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may incur </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Acquired Fund Fees and Expenses.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> Acquired Fund Fees and Expenses reflect the Fund's </span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">pro rata</span><span style="color:#000000;font-family:arial;font-size:9pt"> share </span><span style="color:#000000;font-family:arial;font-size:9pt">of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of </span><span style="color:#000000;font-family:arial;font-size:9pt">Acquired Fund Fees and Expenses is included in the Fund's total return but is not included in the Fund's ratio of expenses to </span><span style="color:#000000;font-family:arial;font-size:9pt">average net assets. Both figures are shown in the </span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">Financial Highlights</span><span style="color:#000000;font-family:arial;font-size:9pt"> section of the Fund's prospectus (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Prospectus</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount </span><span style="color:#000000;font-family:arial;font-size:9pt">equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other registered investment </span><span style="color:#000000;font-family:arial;font-size:9pt">companies advised by BFA, or its affiliates, through June 28, 2030. The contractual waiver may be terminated prior to </span><span style="color:#000000;font-family:arial;font-size:9pt">June 28, 2030 only upon written agreement of the Trust and BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the tables and examples below.</span></div> The impact of Acquired Fund Fees and Expenses is included in the Fund's total return but is not included in the Fund's ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund's prospectus (the “Prospectus”). June 28, 2030 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0009 0.0000 0.0001 0.0010 -0.0001 0.0009 Based on estimated amounts for the current fiscal year. Based on estimated amounts for the current fiscal year. 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: 9 29 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 the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. From inception (December 10, 2025) to the most recent fiscal year end, the Fund’s portfolio turnover rate was 17% of the average value of its portfolio. 0.17 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Bloomberg U.S. Total Fixed Income Market Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of U.S. dollar-denominated fixed income securities that are rated either </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">investment-grade or high yield (as determined by Bloomberg Index Services Limited (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Bloomberg</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">)). </span><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index includes fixed and floating rate U.S. Treasury bonds, U.S. Treasury Inflation-Protected Securities </span><span style="color:#000000;font-family:arial;font-size:9pt">(</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">TIPS</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), government-related bonds, investment-grade and high yield U.S. corporate bonds, securitized assets, fixed and </span><span style="color:#000000;font-family:arial;font-size:9pt">floating rate notes and corporate bonds, leveraged loans, Eurodollar bonds, bonds registered with the SEC or exempt from </span><span style="color:#000000;font-family:arial;font-size:9pt">registration at the time of issuance or offered pursuant to Rule 144A with or without registration rights and U.S. dollar- </span><span style="color:#000000;font-family:arial;font-size:9pt">denominated emerging market bonds.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The securities in the Underlying Index must be denominated in U.S. dollars. The Underlying Index consisted of securities from </span><span style="color:#000000;font-family:arial;font-size:9pt">110 countries or regions as of February 28, 2026. As of February 28, 2026, there were 22,707 issues in the Underlying Index. </span><span style="color:#000000;font-family:arial;font-size:9pt">As of February 28, 2026, a significant portion of the Underlying Index was represented by U.S. agency mortgage-backed </span><span style="color:#000000;font-family:arial;font-size:9pt">securities and U.S. Treasury bonds. The components of the Underlying Index are likely to change over time.  </span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better </span><span style="color:#000000;font-family:arial;font-size:9pt">after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">BFA uses a representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy </span><span style="color:#000000;font-family:arial;font-size:9pt">that involves investing in a representative sample of securities or other instruments that collectively has an investment profile </span><span style="color:#000000;font-family:arial;font-size:9pt">similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return </span><span style="color:#000000;font-family:arial;font-size:9pt">variability, duration (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, an instrument's price sensitivity to a change in interest rates), maturity or credit ratings and yield) </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and to-be-announced </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">TBAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) that have economic characteristics that are substantially identical to the economic characteristics of </span><span style="color:#000000;font-family:arial;font-size:9pt">the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income </span><span style="color:#000000;font-family:arial;font-size:9pt">securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">track the Underlying Index as well as in fixed income securities other than the types included in the Underlying Index, but </span><span style="color:#000000;font-family:arial;font-size:9pt">which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a </span><span style="color:#000000;font-family:arial;font-size:9pt">TBA position will be treated as part of that position for purposes of calculating investments in the component securities of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that </span><span style="color:#000000;font-family:arial;font-size:9pt">position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to </span><span style="color:#000000;font-family:arial;font-size:9pt">track the investment results of the Underlying Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Bloomberg, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and BFA. The Index Provider determines </span><span style="color:#000000;font-family:arial;font-size:9pt">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color:#000000;font-family:arial;font-size:9pt">market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political </span><span style="color:#000000;font-family:arial;font-size:9pt">subdivisions are not considered to be issued by members of any industry.</span></div> The Fund will invest at least 80% of its assets in the component securities of the Underlying Index and to-be-announced transactions (“TBAs”) that have economic characteristics that are substantially identical to the economic characteristics of the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in fixed income securities of the types included in the Underlying Index that BFA believes will help the Fund track the Underlying Index. 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 to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Credit Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or </span><span style="color:#000000;font-family:arial;font-size:9pt">unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor </span><span style="color:#000000;font-family:arial;font-size:9pt">its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial </span><span style="color:#000000;font-family:arial;font-size:9pt">condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the </span><span style="color:#000000;font-family:arial;font-size:9pt">securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of </span><span style="color:#000000;font-family:arial;font-size:9pt">factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for </span><span style="color:#000000;font-family:arial;font-size:9pt">fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. </span><span style="color:#000000;font-family:arial;font-size:9pt">Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in </span><span style="color:#000000;font-family:arial;font-size:9pt">value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility </span><span style="color:#000000;font-family:arial;font-size:9pt">and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or </span><span style="color:#000000;font-family:arial;font-size:9pt">negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset-Backed and Mortgage-Backed Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Asset-backed securities (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">ABS</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and mortgage-backed securities </span><span style="color:#000000;font-family:arial;font-size:9pt">(</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">MBS</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (residential and commercial) represent interests in </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">pools</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> of mortgages or other assets, including consumer loans or </span><span style="color:#000000;font-family:arial;font-size:9pt">receivables held in trust. ABS and MBS are subject to credit, interest rate, call, extension, valuation and liquidity risk. These </span><span style="color:#000000;font-family:arial;font-size:9pt">securities, in most cases, are not backed by the full faith and credit of the U.S. government and are subject to the risk of </span><span style="color:#000000;font-family:arial;font-size:9pt">default on the underlying asset or mortgage, particularly during periods of economic downturn. Small movements in interest </span><span style="color:#000000;font-family:arial;font-size:9pt">rates (both increases and decreases) may quickly and significantly reduce the value of certain ABS and MBS. For MBS issued </span><span style="color:#000000;font-family:arial;font-size:9pt">or guaranteed by the U.S. government or one of its agencies or sponsored entities, the default or bankruptcy of a counterparty </span><span style="color:#000000;font-family:arial;font-size:9pt">to a TBA transaction would expose the Fund to possible losses.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Assets Under Management (AUM) Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> From time to time, an Authorized Participant (as defined below in </span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">Participant Concentration Risk</span><span style="color:#000000;font-family:arial;font-size:9pt">), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There </span><span style="color:#000000;font-family:arial;font-size:9pt">can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at </span><span style="color:#000000;font-family:arial;font-size:9pt">such levels, which could negatively impact the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Call Risk. </span><span style="color:#000000;font-family:arial;font-size:9pt">During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">call</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or repay </span><span style="color:#000000;font-family:arial;font-size:9pt">the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower </span><span style="color:#000000;font-family:arial;font-size:9pt">yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable </span><span style="color:#000000;font-family:arial;font-size:9pt">features.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Cash Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> If a significant amount of the Fund’s assets is invested in cash and cash equivalents, the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">underperform other funds that do not similarly invest in cash and cash equivalents for investment purposes and/or to </span><span style="color:#000000;font-family:arial;font-size:9pt">collateralize derivative instruments. Further, the Fund may face increased credit risk with respect to the bank or other </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">counterparty holding such assets and the risk that the counterparty may be unable or unwilling (or perceived as such) to </span><span style="color:#000000;font-family:arial;font-size:9pt">honor its obligations.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Corporate Loans Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Commercial banks and other financial institutions or institutional investors make corporate loans to </span><span style="color:#000000;font-family:arial;font-size:9pt">companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change </span><span style="color:#000000;font-family:arial;font-size:9pt">in response to changes in market interest rates such as the Secured Overnight Financing Rate (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">SOFR</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), or the prime rates of </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in </span><span style="color:#000000;font-family:arial;font-size:9pt">market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. </span><span style="color:#000000;font-family:arial;font-size:9pt">As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to </span><span style="color:#000000;font-family:arial;font-size:9pt">meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity </span><span style="color:#000000;font-family:arial;font-size:9pt">needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks and other lenders. The </span><span style="color:#000000;font-family:arial;font-size:9pt">corporate loans in which the Fund invests are usually rated below investment grade.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Credit Spread Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Credit spread risk is the risk that credit spreads (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, the difference in yield between securities that have </span><span style="color:#000000;font-family:arial;font-size:9pt">differences in credit quality or other factors) may increase, which may reduce the market values of certain or all of the Fund's </span><span style="color:#000000;font-family:arial;font-size:9pt">securities.  While the Fund may employ strategies to mitigate credit spread risk, these strategies may not be successful.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Extension Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly </span><span style="color:#000000;font-family:arial;font-size:9pt">than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund’s income </span><span style="color:#000000;font-family:arial;font-size:9pt">and potentially in the value of the Fund’s investments.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Fixed-to-Floating Rate Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund invests in fixed-to-floating rate securities, which are securities that have </span><span style="color:#000000;font-family:arial;font-size:9pt">an initial term with a fixed dividend or coupon rate and following this initial term bear a floating rate. Securities which include </span><span style="color:#000000;font-family:arial;font-size:9pt">a floating or variable interest rate component can be less sensitive to interest rate changes than securities with fixed interest </span><span style="color:#000000;font-family:arial;font-size:9pt">rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Although </span><span style="color:#000000;font-family:arial;font-size:9pt">floating rate securities can be less sensitive to interest rate risk than fixed-rate securities, they are subject to the risks </span><span style="color:#000000;font-family:arial;font-size:9pt">applicable to hybrid and preferred securities more generally.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Floating Rate Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Securities with floating or variable interest rates can be less sensitive to interest rate changes </span><span style="color:#000000;font-family:arial;font-size:9pt">than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as </span><span style="color:#000000;font-family:arial;font-size:9pt">comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. Although </span><span style="color:#000000;font-family:arial;font-size:9pt">floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and </span><span style="color:#000000;font-family:arial;font-size:9pt">default risk, which could impair their value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">High Yield Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Debt securities that are rated below investment grade (commonly referred to as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">junk bonds</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and </span><span style="color:#000000;font-family:arial;font-size:9pt">debt securities that are unrated are generally considered to be speculative. Compared to higher-quality debt securities, high </span><span style="color:#000000;font-family:arial;font-size:9pt">yield securities are subject to a greater risk of default, illiquidity, price volatility and valuation uncertainty. Such investments </span><span style="color:#000000;font-family:arial;font-size:9pt">may be subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of </span><span style="color:#000000;font-family:arial;font-size:9pt">a regular trading market, prepayment risk, and lack of publicly available information.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Illiquid Investments Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An illiquid investment is any investment that the Fund reasonably expects cannot be sold or </span><span style="color:#000000;font-family:arial;font-size:9pt">disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the </span><span style="color:#000000;font-family:arial;font-size:9pt">investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce its returns because the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund may be unable to transact at advantageous times or prices. In addition, if the Fund is limited in its ability to sell illiquid </span><span style="color:#000000;font-family:arial;font-size:9pt">investments during periods when shareholders are redeeming their shares, it will need to sell liquid securities to meet </span><span style="color:#000000;font-family:arial;font-size:9pt">redemption requests and illiquid securities will become a larger portion of the Fund’s holdings. During periods of market </span><span style="color:#000000;font-family:arial;font-size:9pt">volatility, liquidity in the market for Fund shares may be impacted by the liquidity in the market for the underlying securities or </span><span style="color:#000000;font-family:arial;font-size:9pt">other assets held by the Fund, which could lead to Fund shares trading at a premium or discount to the Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Income Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is </span><span style="color:#000000;font-family:arial;font-size:9pt">prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional </span><span style="color:#000000;font-family:arial;font-size:9pt">bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity </span><span style="color:#000000;font-family:arial;font-size:9pt">for the bond no longer matches the Underlying Index’s stated maturity guidelines.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Inflation-Indexed Bonds Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The principal value of an investment in the Fund is not protected or otherwise guaranteed by </span><span style="color:#000000;font-family:arial;font-size:9pt">virtue of the Fund’s investments in inflation-indexed bonds. The value of inflation-indexed securities generally fluctuates with </span><span style="color:#000000;font-family:arial;font-size:9pt">changes in real interest rates, decreasing when real interest rates rise and increasing when real interest rates fall. Real </span><span style="color:#000000;font-family:arial;font-size:9pt">interest rates represent nominal (or stated) interest rates minus the inflation rate. In addition, interest payments on </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">inflation-indexed securities generally vary up or down along with the rate of inflation. If the Fund purchases TIPS in the </span><span style="color:#000000;font-family:arial;font-size:9pt">secondary market and the bonds’ principal values previously were adjusted upward, but then there is a period of declining </span><span style="color:#000000;font-family:arial;font-size:9pt">inflation rates, the Fund may receive at maturity less than it invested. Depending on changes in inflation rates while the Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">holds an inflation-indexed security, the Fund may earn less on the security than on a conventional bond.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Certain shareholders of the Fund, including an Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color:#000000;font-family:arial;font-size:9pt">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color:#000000;font-family:arial;font-size:9pt">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color:#000000;font-family:arial;font-size:9pt">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color:#000000;font-family:arial;font-size:9pt">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color:#000000;font-family:arial;font-size:9pt">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color:#000000;font-family:arial;font-size:9pt">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color:#000000;font-family:arial;font-size:9pt">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color:#000000;font-family:arial;font-size:9pt">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund generally does not attempt to take defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:9pt">declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended </span><span style="color:#000000;font-family:arial;font-size:9pt">results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Non-Diversification Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is classified as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">non-diversified.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> This means that, compared with funds that are </span><span style="color:#000000;font-family:arial;font-size:9pt">classified as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">diversified,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color:#000000;font-family:arial;font-size:9pt">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:arial;font-size:9pt">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color:#000000;font-family:arial;font-size:9pt">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Non-U.S. Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, </span><span style="color:#000000;font-family:arial;font-size:9pt">regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market </span><span style="color:#000000;font-family:arial;font-size:9pt">volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign </span><span style="color:#000000;font-family:arial;font-size:9pt">investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color:#000000;font-family:arial;font-size:9pt">may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less </span><span style="color:#000000;font-family:arial;font-size:9pt">publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement </span><span style="color:#000000;font-family:arial;font-size:9pt">procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">investments are made in a limited number of countries, events in those countries will have a more significant impact on the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Prepayment Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the </span><span style="color:#000000;font-family:arial;font-size:9pt">debt obligation’s maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of </span><span style="color:#000000;font-family:arial;font-size:9pt">default, resulting in a decline in the Fund’s income or return potential.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in Saudi Arabia.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency, </span><span style="color:#000000;font-family:arial;font-size:9pt">security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum </span><span style="color:#000000;font-family:arial;font-size:9pt">exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more </span><span style="color:#000000;font-family:arial;font-size:9pt">developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include, </span><span style="color:#000000;font-family:arial;font-size:9pt">among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in </span><span style="color:#000000;font-family:arial;font-size:9pt">international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in </span><span style="color:#000000;font-family:arial;font-size:9pt">governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic </span><span style="color:#000000;font-family:arial;font-size:9pt">unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of </span><span style="color:#000000;font-family:arial;font-size:9pt">political stability in Saudi Arabia.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian </span><span style="color:#000000;font-family:arial;font-size:9pt">government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There </span><span style="color:#000000;font-family:arial;font-size:9pt">are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to </span><span style="color:#000000;font-family:arial;font-size:9pt">transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited </span><span style="color:#000000;font-family:arial;font-size:9pt">number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing </span><span style="color:#000000;font-family:arial;font-size:9pt">of Fund transactions.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Small Fund Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset </span><span style="color:#000000;font-family:arial;font-size:9pt">base. A Fund that holds fixed-income securities may buy smaller-sized bonds known as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">odd lots,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which may be purchased or </span><span style="color:#000000;font-family:arial;font-size:9pt">sold at a discount to similar </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">round lot</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> bonds. The prices used by the Fund may differ from the value that would be realized if </span><span style="color:#000000;font-family:arial;font-size:9pt">these securities were sold, and the impact of such pricing differences on a Fund’s performance may be heightened when the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s size is small. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by </span><span style="color:#000000;font-family:arial;font-size:9pt">the listing exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative </span><span style="color:#000000;font-family:arial;font-size:9pt">tax consequences for its shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or </span><span style="color:#000000;font-family:arial;font-size:9pt">limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions. </span><span style="color:#000000;font-family:arial;font-size:9pt">Until the Fund reaches greater scale, it may experience higher tracking error than is typical for similar index ETFs. A Fund that </span><span style="color:#000000;font-family:arial;font-size:9pt">tracks an index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such </span><span style="color:#000000;font-family:arial;font-size:9pt">indexes. A Fund that tracks an index where high yield securities are an investment focus may experience higher tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">than ETFs that do not track such indexes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">U.S. Agency Mortgage-Backed Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> MBS represent interests in </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">pools</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> of mortgages and are subject to interest </span><span style="color:#000000;font-family:arial;font-size:9pt">rate, prepayment, and extension risk. MBS may be issued or guaranteed by the U.S. government or one of its agencies or </span><span style="color:#000000;font-family:arial;font-size:9pt">sponsored entities. Some MBS may not be backed by the full faith and credit of the U.S. government and thus represent </span><span style="color:#000000;font-family:arial;font-size:9pt">greater credit risk. MBS react differently than other bonds to changes in interest rates due to prepayment and extension risks. </span><span style="color:#000000;font-family:arial;font-size:9pt">Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain </span><span style="color:#000000;font-family:arial;font-size:9pt">MBS. MBS prices may reflect adverse economic and market conditions. MBS are subject to the risk of default on the </span><span style="color:#000000;font-family:arial;font-size:9pt">underlying mortgage loans, particularly during periods of economic downturn. The default or bankruptcy of a counterparty to </span><span style="color:#000000;font-family:arial;font-size:9pt">a TBA transaction would expose the Fund to possible losses.  </span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">U.S. Treasury Obligations Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, </span><span style="color:#000000;font-family:arial;font-size:9pt">times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value </span><span style="color:#000000;font-family:arial;font-size:9pt">of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and </span><span style="color:#000000;font-family:arial;font-size:9pt">credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Valuation Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color:#000000;font-family:arial;font-size:9pt">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color:#000000;font-family:arial;font-size:9pt">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color:#000000;font-family:arial;font-size:9pt">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color:#000000;font-family:arial;font-size:9pt">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color:#000000;font-family:arial;font-size:9pt">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report.</span></div> As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any. The ICE BofA 10+ Year US Corporate Index (Spliced) reflects the performance of the Bloomberg U.S. Long Credit Index through July 31, 2018; the standard pricing variant of the ICE BofA 10+ Year US Corporate Index from August 1, 2018 through February 28, 2021; the 4 PM pricing variant of the ICE BofA 10+ Year US Corporate Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE BofA 10+ Year US Corporate Index which now utilizes pricing as of 4 PM, thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any. Based on estimated amounts for the current fiscal year. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The ICE BofA US Corporate Index (Spliced) reflects the performance of the Bloomberg U.S. Credit Bond Index through July 31, 2018; the standard pricing variant of the ICE BofA US Corporate Index from August 1, 2018 through February 28, 2021; the 4 PM pricing variant of the ICE BofA US Corporate Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE BofA US Corporate Index which now utilizes pricing as of 4 PM, thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The ICE BofA 1-5 Year US Corporate Index (Spliced) reflects the performance of the Bloomberg U.S. 1-3 Year Credit Bond Index through July 31, 2018; the standard pricing variant of the ICE BofA 1-5 Year US Corporate Index from August 1, 2018 through February 28, 2021; the 4 PM pricing variant of the ICE BofA 1-5 Year US Corporate Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE BofA 1-5 Year US Corporate Index, which now utilizes pricing as of 4 PM, thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any. The ICE Short US Treasury Securities Index (Spliced) reflects the performance of the Barclays U.S. Short Treasury Bond Index through June 30, 2016; the standard pricing variant of the ICE Short US Treasury Securities Index from July 1, 2016 through February 28, 2021; the 4 PM pricing variant of the ICE Short US Treasury Securities Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE Short US Treasury Securities Index which now utilizes pricing as of 4 PM, thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any. The ICE 0-3 Month US Treasury Securities Index (Spliced) reflects the standard pricing variant of the ICE 0-3 Month US Treasury Securities Index through February 28, 2021; the 4 PM pricing variant of the ICE 0-3 Month US Treasury Securities Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE 0-3 Month US Treasury Securities Index, which now utilizes pricing as of 4 PM, thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The ICE U.S. Treasury 1-3 Year Bond Index (Spliced) reflects the performance of the Barclays U.S. 1-3 Year Treasury Bond Index through March 31, 2016; the standard pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index from April 1, 2016 through February 28, 2021; the 4 PM pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index which now utilizes pricing as of 4 PM, thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The ICE U.S. Treasury 3-7 Year Bond Index (Spliced) reflects the performance of the Barclays U.S. 3-7 Year Treasury Bond Index through March 31, 2016; the standard pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index from April 1, 2016 through February 28, 2021; the 4 PM pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index, which now utilizes pricing as of 4 PM, thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The ICE U.S. Treasury 7-10 Year Bond Index (Spliced) reflects the performance of the Barclays U.S. 7-10 Year Treasury Bond Index through March 31, 2016; the standard pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index from April 1, 2016 through February 28, 2021; the 4 PM pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index, which now utilizes pricing as of 4 PM, thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The ICE U.S. Treasury 10-20 Year Bond Index (Spliced) reflects the performance of the Barclays U.S. 10-20 Year Treasury Bond Index through June 30, 2016; the standard pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index from July 1, 2016 through February 28, 2021; the 4 PM pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index which now utilizes pricing as of 4 PM, thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The ICE U.S. Treasury 20+ Year Bond Index (Spliced) reflects the performance of the Barclays U.S. 20+ Year Treasury Bond Index through March 31, 2016; the standard pricing variant of the ICE U.S. Treasury 20+ Year Bond Index from April 1, 2016 through February 28, 2021; the 4 PM pricing variant of the ICE U.S. Treasury 20+ Year Bond Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE U.S. Treasury 20+ Year Bond Index which now utilizes pricing as of 4 PM, thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The ICE BofA Long US Treasury Principal STRIPS Index (Spliced) reflects the standard pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index through February 28, 2021; the 4 PM pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index, which now utilizes pricing as of 4 PM, thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The ICE BofA 5-10 Year US Corporate Index (Spliced) reflects the performance of the Bloomberg U.S. Intermediate Credit Bond Index through July 31, 2018; the standard pricing variant of the ICE BofA 5-10 Year US Corporate Index from August 1, 2018 through February 28, 2021; the 4 PM pricing variant of the ICE BofA 5-10 Year US Corporate Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE BofA 5-10 Year US Corporate Index which now utilizes pricing as of 4 PM, thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Fund began comparing its performance to the ICE BofA US Municipal Securities Index on February 28, 2026, as it represents the US national municipal securities market, and will no longer compare its performance to the ICE AMT-Free US National Municipal Index effective approximately one year from February 28, 2026. The ICE AMT-Free California Municipal Index (Spliced) reflects the performance of the S&P California AMT-Free Municipal Bond Index through September 14, 2021 and the ICE AMT-Free California Municipal Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. The inception date of the ICE AMT-Free US National Municipal Index was June 10, 2021. Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any. The ICE AMT-Free US National Municipal Index (Spliced) reflects the performance of the S&P National AMT-Free Municipal Bond Index through September 14, 2021 and the ICE AMT-Free US National Municipal Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. The expense information in the table has been restated to reflect current fees. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Fund began comparing its performance to the ICE BofA US Municipal Securities Index on February 28, 2026, as it represents the US national municipal securities market, and will no longer compare its performance to the ICE AMT-Free US National Municipal Index effective approximately one year from February 28, 2026. The ICE AMT-Free New York Plus Municipal Index (Spliced) reflects the performance of the S&P New York AMT-Free Municipal Bond Index through September 14, 2021 and the ICE AMT-Free New York Plus Municipal Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. The inception date of the ICE AMT-Free US National Municipal Index was June 10, 2021. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Fund began comparing its performance to the ICE BofA US Municipal Securities Index on February 28, 2026, as it represents the US national municipal securities market, and will no longer compare its performance to the ICE AMT-Free US National Municipal Index effective approximately one year from February 28, 2026. The ICE Short Maturity AMT-Free US National Municipal Index (Spliced) reflects the performance of the S&P Short Term National AMT-Free Municipal Bond Index through September 14, 2021 and the ICE Short Maturity AMT-Free US National Municipal Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. The inception date of the ICE AMT-Free US National Municipal Index was June 10, 2021. Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any. Based on estimated amounts for the current fiscal year. Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.