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2026-06-23 0001100663 ist:S000101600Member 2026-06-23 2026-06-23 false 2026-06-23 497 0001100663 2026-06-23 N-1A <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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares iBonds 2030 Term High Yield and Income ETF, iShares iBonds 2031 Term High Yield and Income ETF, iShares iBonds 2032 Term High Yield and Income ETF and iShares iBonds 2033 Term High Yield and Income ETF, the following changes apply: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The last sentence of the fifth paragraph of the Principal Investment Strategies section of each Fund’s Summary Prospectus and Prospectus will be deleted and replaced with the following sentence: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">In the final year of the Underlying Index’s term, any principal and interest paid by index constituents is treated as follows: (1) during the first six months of the final year, the Underlying Index reinvests proceeds pro‑rata into the remaining bonds in the Underlying Index, and (2) during the last six months of the final year, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares iBonds 2030 Term High Yield and Income ETF, iShares iBonds 2031 Term High Yield and Income ETF, iShares iBonds 2032 Term High Yield and Income ETF and iShares iBonds 2033 Term High Yield and Income ETF, the following changes apply: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The last sentence of the fifth paragraph of the Principal Investment Strategies section of each Fund’s Summary Prospectus and Prospectus will be deleted and replaced with the following sentence: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">In the final year of the Underlying Index’s term, any principal and interest paid by index constituents is treated as follows: (1) during the first six months of the final year, the Underlying Index reinvests proceeds pro‑rata into the remaining bonds in the Underlying Index, and (2) during the last six months of the final year, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares iBonds 2030 Term High Yield and Income ETF, iShares iBonds 2031 Term High Yield and Income ETF, iShares iBonds 2032 Term High Yield and Income ETF and iShares iBonds 2033 Term High Yield and Income ETF, the following changes apply: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The last sentence of the fifth paragraph of the Principal Investment Strategies section of each Fund’s Summary Prospectus and Prospectus will be deleted and replaced with the following sentence: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">In the final year of the Underlying Index’s term, any principal and interest paid by index constituents is treated as follows: (1) during the first six months of the final year, the Underlying Index reinvests proceeds pro‑rata into the remaining bonds in the Underlying Index, and (2) during the last six months of the final year, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares iBonds 2030 Term High Yield and Income ETF, iShares iBonds 2031 Term High Yield and Income ETF, iShares iBonds 2032 Term High Yield and Income ETF and iShares iBonds 2033 Term High Yield and Income ETF, the following changes apply: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The last sentence of the fifth paragraph of the Principal Investment Strategies section of each Fund’s Summary Prospectus and Prospectus will be deleted and replaced with the following sentence: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">In the final year of the Underlying Index’s term, any principal and interest paid by index constituents is treated as follows: (1) during the first six months of the final year, the Underlying Index reinvests proceeds pro‑rata into the remaining bonds in the Underlying Index, and (2) during the last six months of the final year, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares iBonds 2030 Term High Yield and Income ETF, iShares iBonds 2031 Term High Yield and Income ETF, iShares iBonds 2032 Term High Yield and Income ETF and iShares iBonds 2033 Term High Yield and Income ETF, the following changes apply: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The last sentence of the fifth paragraph of the Principal Investment Strategies section of each Fund’s Summary Prospectus and Prospectus will be deleted and replaced with the following sentence: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">In the final year of the Underlying Index’s term, any principal and interest paid by index constituents is treated as follows: (1) during the first six months of the final year, the Underlying Index reinvests proceeds pro‑rata into the remaining bonds in the Underlying Index, and (2) during the last six months of the final year, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares iBonds 2030 Term High Yield and Income ETF, iShares iBonds 2031 Term High Yield and Income ETF, iShares iBonds 2032 Term High Yield and Income ETF and iShares iBonds 2033 Term High Yield and Income ETF, the following changes apply: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The last sentence of the fifth paragraph of the Principal Investment Strategies section of each Fund’s Summary Prospectus and Prospectus will be deleted and replaced with the following sentence: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">In the final year of the Underlying Index’s term, any principal and interest paid by index constituents is treated as follows: (1) during the first six months of the final year, the Underlying Index reinvests proceeds pro‑rata into the remaining bonds in the Underlying Index, and (2) during the last six months of the final year, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares iBonds 2030 Term High Yield and Income ETF, iShares iBonds 2031 Term High Yield and Income ETF, iShares iBonds 2032 Term High Yield and Income ETF and iShares iBonds 2033 Term High Yield and Income ETF, the following changes apply: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The last sentence of the fifth paragraph of the Principal Investment Strategies section of each Fund’s Summary Prospectus and Prospectus will be deleted and replaced with the following sentence: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">In the final year of the Underlying Index’s term, any principal and interest paid by index constituents is treated as follows: (1) during the first six months of the final year, the Underlying Index reinvests proceeds pro‑rata into the remaining bonds in the Underlying Index, and (2) during the last six months of the final year, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares iBonds 2030 Term High Yield and Income ETF, iShares iBonds 2031 Term High Yield and Income ETF, iShares iBonds 2032 Term High Yield and Income ETF and iShares iBonds 2033 Term High Yield and Income ETF, the following changes apply: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The last sentence of the fifth paragraph of the Principal Investment Strategies section of each Fund’s Summary Prospectus and Prospectus will be deleted and replaced with the following sentence: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">In the final year of the Underlying Index’s term, any principal and interest paid by index constituents is treated as follows: (1) during the first six months of the final year, the Underlying Index reinvests proceeds pro‑rata into the remaining bonds in the Underlying Index, and (2) during the last six months of the final year, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2030 Term Corporate ETF and iShares iBonds Dec 2031 Term Corporate ETF, the following changes apply to each Fund’s Summary Prospectus and Prospectus: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The third and fourth sentences of the fifth paragraph and the entire sixth paragraph of the Principal Investment Strategies section will be deleted and replaced with the following sentences: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">During this final six month period, the Underlying Index will no longer be updated or rebalanced and existing bond weights will be allowed to float based on changes in market value. During this period, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest throughout the remaining life of the Underlying Index. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2030 Term Corporate ETF and iShares iBonds Dec 2031 Term Corporate ETF, the following changes apply to each Fund’s Summary Prospectus and Prospectus: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The third and fourth sentences of the fifth paragraph and the entire sixth paragraph of the Principal Investment Strategies section will be deleted and replaced with the following sentences: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">During this final six month period, the Underlying Index will no longer be updated or rebalanced and existing bond weights will be allowed to float based on changes in market value. During this period, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest throughout the remaining life of the Underlying Index. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2030 Term Corporate ETF and iShares iBonds Dec 2031 Term Corporate ETF, the following changes apply to each Fund’s Summary Prospectus and Prospectus: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The third and fourth sentences of the fifth paragraph and the entire sixth paragraph of the Principal Investment Strategies section will be deleted and replaced with the following sentences: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">During this final six month period, the Underlying Index will no longer be updated or rebalanced and existing bond weights will be allowed to float based on changes in market value. During this period, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest throughout the remaining life of the Underlying Index. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2030 Term Corporate ETF and iShares iBonds Dec 2031 Term Corporate ETF, the following changes apply to each Fund’s Summary Prospectus and Prospectus: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The third and fourth sentences of the fifth paragraph and the entire sixth paragraph of the Principal Investment Strategies section will be deleted and replaced with the following sentences: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">During this final six month period, the Underlying Index will no longer be updated or rebalanced and existing bond weights will be allowed to float based on changes in market value. During this period, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest throughout the remaining life of the Underlying Index. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2030 Term Corporate ETF and iShares iBonds Dec 2031 Term Corporate ETF, the following changes apply to each Fund’s Summary Prospectus and Prospectus: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The third and fourth sentences of the fifth paragraph and the entire sixth paragraph of the Principal Investment Strategies section will be deleted and replaced with the following sentences: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">During this final six month period, the Underlying Index will no longer be updated or rebalanced and existing bond weights will be allowed to float based on changes in market value. During this period, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest throughout the remaining life of the Underlying Index. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds Dec 2032 Term Corporate ETF, iShares iBonds Dec 2033 Term Corporate ETF, iShares iBonds Dec 2034 Term Corporate ETF, iShares iBonds Dec 2035 Term Corporate ETF and iShares iBonds Dec 2036 Term Corporate ETF, the following changes apply to each Fund’s Summary Prospectus and Prospectus: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The third, fourth and fifth sentences of the fourth paragraph of the Principal Investment Strategies section will be deleted and replaced with the following sentences: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">During this final six month period, the Underlying Index will no longer be updated or rebalanced and existing bond weights will be allowed to float based on changes in market value. During this period, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest throughout the remaining life of the Underlying Index. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds Dec 2032 Term Corporate ETF, iShares iBonds Dec 2033 Term Corporate ETF, iShares iBonds Dec 2034 Term Corporate ETF, iShares iBonds Dec 2035 Term Corporate ETF and iShares iBonds Dec 2036 Term Corporate ETF, the following changes apply to each Fund’s Summary Prospectus and Prospectus: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The third, fourth and fifth sentences of the fourth paragraph of the Principal Investment Strategies section will be deleted and replaced with the following sentences: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">During this final six month period, the Underlying Index will no longer be updated or rebalanced and existing bond weights will be allowed to float based on changes in market value. During this period, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest throughout the remaining life of the Underlying Index. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds Dec 2032 Term Corporate ETF, iShares iBonds Dec 2033 Term Corporate ETF, iShares iBonds Dec 2034 Term Corporate ETF, iShares iBonds Dec 2035 Term Corporate ETF and iShares iBonds Dec 2036 Term Corporate ETF, the following changes apply to each Fund’s Summary Prospectus and Prospectus: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The third, fourth and fifth sentences of the fourth paragraph of the Principal Investment Strategies section will be deleted and replaced with the following sentences: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">During this final six month period, the Underlying Index will no longer be updated or rebalanced and existing bond weights will be allowed to float based on changes in market value. During this period, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest throughout the remaining life of the Underlying Index. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds Dec 2032 Term Corporate ETF, iShares iBonds Dec 2033 Term Corporate ETF, iShares iBonds Dec 2034 Term Corporate ETF, iShares iBonds Dec 2035 Term Corporate ETF and iShares iBonds Dec 2036 Term Corporate ETF, the following changes apply to each Fund’s Summary Prospectus and Prospectus: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The third, fourth and fifth sentences of the fourth paragraph of the Principal Investment Strategies section will be deleted and replaced with the following sentences: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">During this final six month period, the Underlying Index will no longer be updated or rebalanced and existing bond weights will be allowed to float based on changes in market value. During this period, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest throughout the remaining life of the Underlying Index. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds Dec 2032 Term Corporate ETF, iShares iBonds Dec 2033 Term Corporate ETF, iShares iBonds Dec 2034 Term Corporate ETF, iShares iBonds Dec 2035 Term Corporate ETF and iShares iBonds Dec 2036 Term Corporate ETF, the following changes apply to each Fund’s Summary Prospectus and Prospectus: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The third, fourth and fifth sentences of the fourth paragraph of the Principal Investment Strategies section will be deleted and replaced with the following sentences: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">During this final six month period, the Underlying Index will no longer be updated or rebalanced and existing bond weights will be allowed to float based on changes in market value. During this period, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest throughout the remaining life of the Underlying Index. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2030 Term Corporate ETF and iShares iBonds Dec 2031 Term Corporate ETF, the following changes apply to each Fund’s Summary Prospectus and Prospectus: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The third and fourth sentences of the fifth paragraph and the entire sixth paragraph of the Principal Investment Strategies section will be deleted and replaced with the following sentences: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">During this final six month period, the Underlying Index will no longer be updated or rebalanced and existing bond weights will be allowed to float based on changes in market value. During this period, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest throughout the remaining life of the Underlying Index. </div><div style="margin-top:0pt;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><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, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">Prospectus and Statement of Additional Information (“SAI”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;font-weight:bold;text-align:center;">for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The following changes will take effect on or around June 30, 2026: </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF, iShares iBonds 2030 Term High Yield and Income ETF, iShares iBonds 2031 Term High Yield and Income ETF, iShares iBonds 2032 Term High Yield and Income ETF and iShares iBonds 2033 Term High Yield and Income ETF, the following changes apply: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The last sentence of the fifth paragraph of the Principal Investment Strategies section of each Fund’s Summary Prospectus and Prospectus will be deleted and replaced with the following sentence: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">In the final year of the Underlying Index’s term, any principal and interest paid by index constituents is treated as follows: (1) during the first six months of the final year, the Underlying Index reinvests proceeds pro‑rata into the remaining bonds in the Underlying Index, and (2) during the last six months of the final year, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2030 Term Corporate ETF and iShares iBonds Dec 2031 Term Corporate ETF, the following changes apply to each Fund’s Summary Prospectus and Prospectus: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The third and fourth sentences of the fifth paragraph and the entire sixth paragraph of the Principal Investment Strategies section will be deleted and replaced with the following sentences: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">During this final six month period, the Underlying Index will no longer be updated or rebalanced and existing bond weights will be allowed to float based on changes in market value. During this period, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest throughout the remaining life of the Underlying Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">For the iShares iBonds Dec 2032 Term Corporate ETF, iShares iBonds Dec 2033 Term Corporate ETF, iShares iBonds Dec 2034 Term Corporate ETF, iShares iBonds Dec 2035 Term Corporate ETF and iShares iBonds Dec 2036 Term Corporate ETF, the following changes apply to each Fund’s Summary Prospectus and Prospectus: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:4%;vertical-align:top;text-align:left;">1.</td> <td style="font-size:8pt;width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The third, fourth and fifth sentences of the fourth paragraph of the Principal Investment Strategies section will be deleted and replaced with the following sentences: </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;margin-left:11%;font-size:10pt;font-family:arial;">During this final six month period, the Underlying Index will no longer be updated or rebalanced and existing bond weights will be allowed to float based on changes in market value. During this period, interest and principal cash flows are not reinvested and are presumed to be held in cash while earning no interest throughout the remaining life of the Underlying Index. </div><div style="margin-top:0pt;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