0001100663 2026-06-23 2026-06-23 0001100663 ist:S000085271Member 2026-06-23 2026-06-23 0001100663 ist:S000089552Member 2026-06-23 2026-06-23 0001100663 ist:S000095365Member 2026-06-23 2026-06-23 false 2026-06-23 497 0001100663 N-1A 2026-06-23 <div style="margin-top:0pt;margin-bottom:0pt;font-size:24pt;font-family:arial;font-weight:bold;text-align:center;">iShares<sup style="font-size:75%;vertical-align:top">®</sup> </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">iShares Trust </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated June 23, 2026 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) for the iShares Large Cap 10% Target Buffer Jun ETF (TENJ), iShares Large Cap Max Buffer Jun ETF (MAXJ) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings ascribed to them in each Fund’s Prospectus and SAI. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome Period as estimated by the Fund’s investment adviser using information available as of the date of this supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be included in a supplement filing following the close of business on the last business day of the current Outcome Period. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:99%;border-spacing:0px"> <tr> <td style="width:31%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:21%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:46%;"></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Fund (Ticker)</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center;"><span style="font-weight:bold">Upcoming Outcome<br/>Period</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-weight:bold">Estimated Approximate Cap Range</span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">iShares Large Cap 10% Target</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">Buffer Jun ETF (TENJ)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Jul. 1, 2026</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:10pt;font-family:arial;text-align:center;">to Jun. 30, 2027</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">17.55% - 19.59% (gross of management fee)</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">17.05% - 19.09% (net of management fee)</div> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">iShares Large Cap Max Buffer</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">Jun ETF (MAXJ)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Jul. 1, 2026</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:10pt;font-family:arial;text-align:center;">to Jun. 30, 2027</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">7.55% - 8.59% (gross of management fee)</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">7.05% - 8.09% (net of management fee)</div> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">iShares Large Cap Accelerated</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">Outcome ETF (TWOX)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Jul. 1, 2026</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:10pt;font-family:arial;text-align:center;">to Sep. 30, 2026</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">6.07% - 7.99% (gross of management fee)</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">5.95% - 7.86% (net of management fee)</div> </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">If you have any questions, please call 1‑800‑iShares (1‑800‑474‑2737). </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;">iShares<sup style="font-size:75%;vertical-align:top">®</sup> is a registered trademark of BlackRock Fund Advisors and its affiliates. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:24pt;font-family:arial;font-weight:bold;text-align:center;">iShares<sup style="font-size:75%;vertical-align:top">®</sup> </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">iShares Trust </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated June 23, 2026 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) for the iShares Large Cap 10% Target Buffer Jun ETF (TENJ), iShares Large Cap Max Buffer Jun ETF (MAXJ) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings ascribed to them in each Fund’s Prospectus and SAI. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome Period as estimated by the Fund’s investment adviser using information available as of the date of this supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be included in a supplement filing following the close of business on the last business day of the current Outcome Period. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:99%;border-spacing:0px"> <tr> <td style="width:31%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:21%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:46%;"></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Fund (Ticker)</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center;"><span style="font-weight:bold">Upcoming Outcome<br/>Period</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-weight:bold">Estimated Approximate Cap Range</span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">iShares Large Cap 10% Target</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">Buffer Jun ETF (TENJ)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Jul. 1, 2026</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:10pt;font-family:arial;text-align:center;">to Jun. 30, 2027</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">17.55% - 19.59% (gross of management fee)</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">17.05% - 19.09% (net of management fee)</div> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">iShares Large Cap Max Buffer</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">Jun ETF (MAXJ)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Jul. 1, 2026</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:10pt;font-family:arial;text-align:center;">to Jun. 30, 2027</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">7.55% - 8.59% (gross of management fee)</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">7.05% - 8.09% (net of management fee)</div> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">iShares Large Cap Accelerated</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">Outcome ETF (TWOX)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Jul. 1, 2026</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:10pt;font-family:arial;text-align:center;">to Sep. 30, 2026</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">6.07% - 7.99% (gross of management fee)</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">5.95% - 7.86% (net of management fee)</div> </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">If you have any questions, please call 1‑800‑iShares (1‑800‑474‑2737). </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;">iShares<sup style="font-size:75%;vertical-align:top">®</sup> is a registered trademark of BlackRock Fund Advisors and its affiliates. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:24pt;font-family:arial;font-weight:bold;text-align:center;">iShares<sup style="font-size:75%;vertical-align:top">®</sup> </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">iShares Trust </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated June 23, 2026 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) for the iShares Large Cap 10% Target Buffer Jun ETF (TENJ), iShares Large Cap Max Buffer Jun ETF (MAXJ) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings ascribed to them in each Fund’s Prospectus and SAI. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome Period as estimated by the Fund’s investment adviser using information available as of the date of this supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be included in a supplement filing following the close of business on the last business day of the current Outcome Period. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:99%;border-spacing:0px"> <tr> <td style="width:31%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:21%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:46%;"></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Fund (Ticker)</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center;"><span style="font-weight:bold">Upcoming Outcome<br/>Period</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-weight:bold">Estimated Approximate Cap Range</span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">iShares Large Cap 10% Target</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">Buffer Jun ETF (TENJ)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Jul. 1, 2026</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:10pt;font-family:arial;text-align:center;">to Jun. 30, 2027</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">17.55% - 19.59% (gross of management fee)</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">17.05% - 19.09% (net of management fee)</div> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">iShares Large Cap Max Buffer</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">Jun ETF (MAXJ)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Jul. 1, 2026</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:10pt;font-family:arial;text-align:center;">to Jun. 30, 2027</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">7.55% - 8.59% (gross of management fee)</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">7.05% - 8.09% (net of management fee)</div> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">iShares Large Cap Accelerated</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">Outcome ETF (TWOX)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Jul. 1, 2026</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:10pt;font-family:arial;text-align:center;">to Sep. 30, 2026</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">6.07% - 7.99% (gross of management fee)</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">5.95% - 7.86% (net of management fee)</div> </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">If you have any questions, please call 1‑800‑iShares (1‑800‑474‑2737). </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;">iShares<sup style="font-size:75%;vertical-align:top">®</sup> is a registered trademark of BlackRock Fund Advisors and its affiliates. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:24pt;font-family:arial;font-weight:bold;text-align:center;">iShares<sup style="font-size:75%;vertical-align:top">®</sup> </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">iShares Trust </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated June 23, 2026 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) for the iShares Large Cap 10% Target Buffer Jun ETF (TENJ), iShares Large Cap Max Buffer Jun ETF (MAXJ) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings ascribed to them in each Fund’s Prospectus and SAI. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome Period as estimated by the Fund’s investment adviser using information available as of the date of this supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be included in a supplement filing following the close of business on the last business day of the current Outcome Period. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;width:99%;border-spacing:0px"> <tr> <td style="width:31%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:21%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:46%;"></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-weight:bold">Fund (Ticker)</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center;"><span style="font-weight:bold">Upcoming Outcome<br/>Period</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-weight:bold">Estimated Approximate Cap Range</span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">iShares Large Cap 10% Target</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">Buffer Jun ETF (TENJ)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Jul. 1, 2026</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:10pt;font-family:arial;text-align:center;">to Jun. 30, 2027</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">17.55% - 19.59% (gross of management fee)</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">17.05% - 19.09% (net of management fee)</div> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">iShares Large Cap Max Buffer</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">Jun ETF (MAXJ)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Jul. 1, 2026</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:10pt;font-family:arial;text-align:center;">to Jun. 30, 2027</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">7.55% - 8.59% (gross of management fee)</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">7.05% - 8.09% (net of management fee)</div> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:3pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> <td colspan="2" style="BORDER-RIGHT:0.75pt solid #000000;height:3pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:3pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">iShares Large Cap Accelerated</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">Outcome ETF (TWOX)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;text-align:center;">Jul. 1, 2026</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:10pt;font-family:arial;text-align:center;">to Sep. 30, 2026</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:3pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">6.07% - 7.99% (gross of management fee)</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:arial;text-align:center;">5.95% - 7.86% (net of management fee)</div> </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">If you have any questions, please call 1‑800‑iShares (1‑800‑474‑2737). </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;">iShares<sup style="font-size:75%;vertical-align:top">®</sup> is a registered trademark of BlackRock Fund Advisors and its affiliates. </div> iShares Trust